Manipal Payment & Identity Solutions IPO: Fintech Firm’s Public Issue Opens For Subscription- Should You Apply

The initial public offering (IPO) of Manipal Payment & Identity Solutions opened for subscription on September 9, 2026. The IPO consists of a fresh issue of 9.44 million shares worth Rs 320 crore and an offer for sale (OFS) of 14.30 million shares worth Rs 485 crore. The bidding window for the fintech firm’s public issue is scheduled to close on September 11, 2026.

Manipal Payment & Identity Solutions IPO: Offer Size And Selling Shareholders

The promoters of the company include Tonse Gautham Pai, T.Satish U.Pai, Sandhya S.Pai, Manipal Technologies, Manipal Media Network, Tridevitha Consultancy Services, and Tridevita Family Trust 2017. The shareholding of the promoters before the issue was 62.10 per cent; once the stock lists, the shareholding will reduce to 53.92 per cent. The selling shareholders in the OFS include Manipal Technologies.

Manipal Payment & Identity Solutions IPO: Price Band And Lot Size

Manipal Payment & Identity Solutions has set the price band for its public issue at Rs 322-339 per share. Retail investors can apply for a minimum of 44 shares, which amounts to a minimum investment of Rs 14,916.

Small non-institutional investors (sNII) can apply for a minimum of 14 lots or 616 shares, aggregating to Rs 2,08,824. Big NIIs (bNIIs) have to bid for a minimum of 68 lots or 2,992 shares, amounting to Rs 10,14,288.

Manipal Payment & Identity Solutions IPO: Anchor Investors

Ahead of its IPO, the company raised Rs 119 crore from anchor investors on September 8. The company allotted 3.51 million equity shares to 36 anchor investors at Rs 339 per share, which is the upper end of the price band. The anchor book saw participation from Motilal Oswal Mutual Fund, Baroda BNP Paribas Mutual Fund and ITI Mutual Fund.

Manipal Payment & Identity Solutions IPO: Subscription

The fintech firm’s public issue saw tepid demand in the first few hours of the opening of the bidding window. At the time of writing, investors cumulatively applied for 868,692 shares compared to the 13.06 million shares offered for subscription, booking the issue seven per cent.

Retail individual investors (RIIs) applied for 689,612 shares compared to the 2.37 million shares offered for subscription, booking their quota 29 per cent. NIIs applied for 179,080 shares compared to the 3.56 million shares set aside for the category, booking their quota five per cent. Qualified institutional buyers (QIBs) have not placed any bids so far. The fintech firm has reserved 7.12 million shares for the category.

Manipal Payment & Identity Solutions IPO: GMP

The current trends in the grey market premium (GMP) for Manipal Payment & Identity Solutions shares indicate a premium of Rs 37 above the upper end of the price band. Since the upper end of the price band is Rs 339, the estimated listing price for the stock is Rs 376, indicating an expected listing gain of 10.91 per cent per share.

Manipal Payment & Identity Solutions IPO: Key Financials

The company’s total income stood at Rs 1,356.59 crore in the financial year ended March 31, 2026, up by 6.22 per cent compared to Rs 1,277.11 crore in the preceding fiscal. The company posted a profit after tax (PAT) of Rs 253.46 crore in the same period, down by 10.18 per cent compared to the preceding fiscal, in which it posted a PAT of Rs 282.21 crore. The net worth of the company stood at Rs 1,107.34 crore in the fiscal year ended March 31, 2026, compared to the company’s net worth of Rs 619.70 crore in the preceding fiscal.

Manipal Payment & Identity Solutions: Business Model

Manipal Payment and Identity Solutions generates revenue from the sale of manufactured and traded cards, cheque books, identity cards, tax stamps, holograms, thermal products, and RFID products. The company also provides services, such as card personalisation. It serves a diverse group of customers in the banking and finance sectors, including public sector banks, co-operative banks, small finance banks (SFBs), payment banks, fintech companies, and various government departments.

Manipal Payment & Identity Solutions: Competitors

The company faces competition from newly-established competitors and product suppliers. Its listed peer company in the Indian market is Seshaasai Technologies. 

Manipal Payment & Identity Solutions IPO: Should You Apply?

Investors should assess the risks and strengths related to the company’s business before applying in the bidding window: 

Manipal Payment & Identity Solutions IPO: Key Risks

• The company’s top 10 customers accounted for 58.67 per cent of its revenue from operations in fiscal 2026, posing a significant risk if any key client relationships are lost.

•  A rapid shift towards digital payments, such as the Unified Payments Interface (UPI) and mobile wallets, poses a direct threat to the transaction volume and demand for traditional physical debit cards and cheque books. 

•  Five of the company’s 10 facilities across India, including both of its card manufacturing facilities, are located in the state of Karnataka, exposing it to geographical concentration risks.

Manipal Payment & Identity Solutions IPO: Key Strengths

• The company has a diversified product and service portfolio, including metal and plastic cards, smart tagging, Internet of Things (IoT) solutions, and secure logistics.

• The company has domestic infrastructure with 10 facilities spread across India, including locations in Manipal, Chennai, Noida, and Navi Mumbai.  

• The business has an expanding global footprint, exporting its products to multiple international markets such as the UK, Singapore, the UAE, South Africa, and Brazil. 

Manipal Payment & Identity Solutions IPO: Objective

Manipal Payment & Identity Solutions plans to use Rs 238.43 crore of the net proceeds for capital expenditure. These funds will be utilised for purchasing and setting up new and second-hand equipment for its card manufacturing facilities, personalisation bureaus, cheque printing facilities, and IoT solutions across various locations.