Manipal Payment & Identity Solutions Limited IPO Price: ₹322 to ₹339 per share
IPO Dates: 9 to 11 Sept, 2026
Company Overview
Incorporated in 2008, Manipal Payment & Identity Solutions Limited is part of The Manipal Group. The Company provides payment solutions, identification solutions, secure solutions, and smart tagging and Internet of Things (IoT) solutions to banks, fintechs, non-banking finance companies and governments across domestic and international markets.
Payment Solutions
The Company’s payment solutions include payment cards, cheque solutions, Near-Field Communication (NFC)/Quick Response (QR) codes, payment-enabled wearables and digital automation solutions.
Identification Solutions
The Company’s identification solutions include driving licences, registration certificates, national identity cards and transit management solutions.
Secure Solutions
The Company’s secure solutions include secure logistics, personalisation of insurance policies, premium notices, renewal letters and marketing collaterals, as well as tamper-evident envelopes, holograms and coated products.
Smart Tagging & IoT Solutions
The Company provides smart tagging and IoT solutions and also operates a coated products business.
Customer Base
In Fiscal 2026, the Company served over 300 customers across domestic and international markets. Its payment card business served over 105 customers, including 18 private banks, 9 public sector banks, 10 small finance banks, 13 co-operative banks and 34 fintech companies.
Its customers include State Bank of India, Canara Bank, Bank of India, Jammu and Kashmir Bank, Central Bank of India, Punjab and Sind Bank, Indian Bank, HDFC Bank, ICICI Bank, Axis Bank, Kotak Mahindra Bank, Federal Bank and City Union Bank.
As of March 31, 2026, the Company had relationships with 60 fintech companies, including Airtel Payments Bank Limited and Scapia, for services such as manufacturing co-branded credit cards, debit cards and prepaid cards. It has also entered into agreements for manufacturing and personalising cards for Revolut, a global fintech and neo-bank operating in India.
Global Presence
The Company exports products such as credit cards, debit cards and metal cards to several international markets, including the UK, Singapore, Bahrain, Hong Kong, Oman, Maldives, Mauritius, South Africa, Bangladesh, Brazil, Nigeria, Nepal, Sri Lanka, Bolivia, the UAE and certain countries in Europe.
Manufacturing & Operational Facilities
As of the date of the Red Herring Prospectus, the Company served its customers through 10 facilities across India. These include card manufacturing facilities and personalisation bureaus in Manipal, Karnataka, personalisation and cheque printing facilities in Navi Mumbai, Noida and Chennai, a cheque printing facility in Howrah, and three facilities for smart tagging, IoT solutions and coated products in Manipal and Bengaluru.
Central Cards Processing Centres
The Company operates Central Cards Processing Centres (CCPCs) at five locations: Port Blair, Raipur, Mumbai, Nagpur and Aurangabad. At these centres, the Company captures biometrics and prints driving licences and registration certificates at the respective RTO premises.
Workforce
As of March 31, 2026, Manipal Payment & Identity Solutions Limited had 1,809 permanent employees and 1,509 contracted employees.
Bidding Starts In
Manipal Payment & Identity Solutions Limited IPO Specifics:
| IPO Date | 9 to 11 Sep, 2026 |
| Listing Date | Thu, Sep 17, 2026T |
| Face Value | ₹2 per share |
| Price Band | ₹322 to ₹339 |
| Lot Size | 44 Shares |
| Sale Type | Fresh capital cum OFS |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Total Issue Size | 2,37,46,313 shares (agg. up to ₹805 Cr) |
| Fresh Issue | 94,39,528 shares (agg. up to ₹320 Cr) |
| Offer for Sale | 1,43,06,785 shares of ₹2 (agg. up to ₹485 Cr) |
| Share Holding Pre Issue | 22,23,65,000 shares |
| Share Holding Post Issue | 23,18,04,528 shares |
Manipal Payment & Identity Solutions IPO Timetable (Important Dates)
| Event | Date |
|---|---|
| IPO Open | Wed, Sep 9, 2026 |
| IPO Close | Fri, Sep 11, 2026 |
| Allotment | Tue, Sep 15, 2026 |
| Refund | Wed, Sep 16, 2026 |
| Credit of Shares | Wed, Sep 16, 2026 |
| Listing | Thu, Sep 17, 2026 |
Manipal Payment & Identity Solutions Limited IPO Lot Size
Bidders have the opportunity to bid for a minimum of 44 shares, with the option to increase in multiples. The table below outlines the minimum and maximum investment thresholds for both retail investors and High Net Worth Individuals (HNIs), specifying the corresponding number of shares and amounts involved.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 44 | ₹14,916 |
| Retail (Max) | 13 | 572 | ₹1,93,908 |
| S-HNI (Min) | 14 | 616 | ₹2,08,824 |
| S-HNI (Max) | 67 | 2,948 | ₹9,99,372 |
| B-HNI (Min) | 68 | 2,992 | ₹10,14,288 |
Manipal Payment & Identity Solutions Limited IPO Reservation
| Investor Category | Shares |
|---|---|
| QIB | Not less than 75% of the Offer |
| Retail | Not more than 10% of the Offer |
| NII | Not more than 15% of the Offer |
Manipal Payment & Identity Solutions Limited IPO Financial Information
| Particulars (₹ Cr) | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Assets | 1,160.90 | 1,409.67 | 1,102.71 |
| Total Income | 1,356.59 | 1,277.11 | 1,267.97 |
| Profit After Tax | 253.46 | 282.21 | 249.17 |
| EBITDA | 455.83 | 408.77 | 355.57 |
| NET Worth | 1,107.34 | 619.70 | 405.05 |
| Reserves and Surplus | 747.43 | 262.89 | 48.25 |
| Total Borrowing | 0.42 | 472.87 | 449.47 |
Key Performance Indicator- Manipal Payment & Identity Solutions Limited IPO
| KPI | Mar 31, 2026 | Mar 31, 2025 |
|---|---|---|
| ROE | 29.35% | 55.08% |
| ROCE | 32.69% | 33.97% |
| Debt/Equity | 0.00 | 0.76 |
| RoNW | 22.93% | 45.54% |
| PAT Margin | 18.68% | 22.10% |
| EBITDA Margin | 33.60% | 32.01% |
| NAV | 48.84 | 29.68 |
| Price to Book Value | 6.94 | 11.42 |
| Valuation Metric | Pre IPO | Post IPO |
|---|---|---|
| EPS (₹) | 11.40 | 10.93 |
| P/E (x) | 29.74 | 31.02 |
| Market Cap at Offer Price | ₹7,538Cr. | ₹7,858.17 Cr |
Prospectus Links:
Prospectus: Official documents that provide detailed information about the IPO and the company.
Manipal Payment & Identity Solutions Limited IPO RHP
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