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Manipal Payment & Identity Solutions Limited IPO
Payment Solutions · Identification Solutions · Secure Packaging · Smart Tagging & IoT
📋 Mainline IPO
Fresh + OFS
NSE, BSE
₹339
Upper Price
₹805.00 Cr
Issue Size
Sep 17, 2026
Listing Date
₹7,538.17 Cr
Market Cap (Pre)
📅 IPO Timetable
All dates tentative🟢
IPO Opens
Wednesday, 9 September 2026
Bidding starts — apply before close
🔒
IPO Closes
Friday, 11 September 2026
Last day to bid — closes at 5:00 PM IST
📊
Basis of Allotment
Tuesday, 15 September 2026
Allotment finalised by registrar
🔄
Refund & Share Credit
Wednesday, 16 September 2026
Unallotted funds returned; shares credited to demat
🏷️
Thursday, 17 September 2026
Trading begins from 10:00 AM IST
📋 IPO Details
IPO Open Date9 September 2026 (Wed)
IPO Close Date11 September 2026 (Fri)
Listing Date17 September 2026 (Thu)
Face Value₹2 per share
Price Band₹322 to ₹339
Issue Price (Upper Band)₹339 per share
Issue TypeBook Build — Fresh + OFS
Lot Size44 shares
Total Issue Size2,37,46,313 shares (₹805.00 Cr)
Fresh Issue94,39,528 shares (₹320.00 Cr)
Offer for Sale (OFS)1,43,06,785 shares (₹485.00 Cr)
Pre-Issue Shares22,23,65,000
Post-Issue Shares23,18,04,528
Promoter Holding (Pre)62.10%
Market Cap (Pre-IPO)₹7,538.17 Cr
Listing ExchangeNSE, BSE
Lead ManagerMotilal Oswal, Axis Capital, ICICI Securities, IIFL Capital, Nuvama
RegistrarMUFG Intime India Pvt.Ltd.
💰 Lot Size & Minimum Investment
At upper price ₹339| Investor Type | Lots | Shares | Amount |
|---|---|---|---|
| Retail — Minimum | 1 | 44 | ₹14,916 |
| Retail — Maximum | 13 | 572 | ₹1,93,908 |
| S-HNI (sNII) — Min | 14 | 616 | ₹2,08,824 |
| S-HNI (sNII) — Max | 67 | 2,948 | ₹9,99,372 |
| B-HNI (bNII) — Min | 68 | 2,992 | ₹10,14,288 |
⚠️ Note: Investors can bid for a minimum of 44 shares and in multiples thereof. Retail individual investors can apply up to ₹2,00,000.
👥 Investor Reservation
Allocated portion of Net OfferNot less than 75%
QIB Portion
Not more than 10%
Retail Portion
Not more than 15%
NII Portion
📊 Subscription Status
Loading…
📈 Company Financials
Restated Consolidated · ₹ Crore| Metric | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Total Assets | 1,160.90 | 1,409.67 | 1,102.71 |
| Total Income | 1,356.59 | 1,277.11 | 1,267.97 |
| PAT | 253.46 | 282.21 | 249.17 |
| EBITDA | 455.83 | 408.77 | 355.57 |
| Net Worth | 1,107.34 | 619.70 | 405.05 |
| Reserves & Surplus | 747.43 | 262.89 | 48.25 |
| Total Borrowing | 0.42 | 472.87 | 449.47 |
Income Growth
FY 2023–24₹1,267.97 Cr
FY 2024–25₹1,277.11 Cr
FY 2025–26₹1,356.59 Cr
🎯 Key Performance Indicators
29.35%
ROE
FY 2025–26
0.00
Debt/Equity
FY 2025–26
32.69%
ROCE
FY 2025–26
18.68%
PAT Margin
FY 2025–26
33.60%
EBITDA Margin
FY 2025–26
22.93%
RoNW
FY 2025–26
6.94x
Price/Book
FY 2025–26
48.84
NAV
FY 2025–26
⚖️ Valuation & EPS
Pre-IPO EPS
₹11.40
FY26 earnings + pre-issue shares
P/E: 29.74xPost-IPO EPS
₹10.93
FY26 earnings + post-issue shares
P/E: 31.02xPrice to Book Value
6.94x
At upper price band ₹339
Market Cap (Pre-IPO)
₹7,538.17 Cr
At issue price ₹339
ℹ️
Pre-IPO EPS (₹11.40) based on pre-issue shares (22,23,65,000) and FY26 restated PAT (₹253.46 Cr). Post-IPO EPS (₹10.93) accounts for the dilution resulting from the issuance of 94,39,528 fresh equity shares extending the total post-issue equity to 23,18,04,528 shares. Post-IPO Market Cap expands to ₹7,858.17 Cr at the upper issue price of ₹339.
🎯 Objects of the Issue
Net proceeds utilisation1
Capital Expenditure on Equipment
₹238.43 Cr
2
General Corporate Purposes
Balance
Total Fresh Issue Goal
₹320.00 Cr
🏢 About Manipal Payment & Identity Solutions Ltd.
Est. 2008 · Manipal, Karnataka · The Manipal GroupManipal Payment & Identity Solutions Limited, incorporated in 2008 as a key constituent of the renowned Manipal Group, is a premier technology and secure solutions provider. The company provides end-to-end payment solutions, secure identity instruments, digital packaging, and smart IoT tagging systems to premier commercial banks, fintechs, NBFCs, and government bodies across domestic and global markets.
Its flagship payment business caters to over 105 banking institutions—including marquee names such as SBI, HDFC Bank, ICICI Bank, Axis Bank, and Kotak Mahindra Bank—alongside 60 emerging fintech partners like Airtel Payments Bank, Scapia, and Revolut. The company runs 10 high-security facilities across India (Manipal, Navi Mumbai, Noida, Chennai, Howrah, and Bengaluru), 5 Central Cards Processing Centres (CCPCs) embedded in regional RTOs, and global export channels supplying payment and metal cards to over 15 countries spanning the UK, Singapore, Europe, and the Middle East, supported by 1,809 permanent and 1,509 contracted personnel.
Brand Ecosystem
💳
Payment Solutions
Credit/debit/metal cards, cheque solutions, NFC/QR codes, payment wearables, and digital automation
🆔
Identification Solutions
Driving licences, vehicle registration certificates, national IDs, and automated transit management
🔒
Secure Solutions & Packaging
Secure logistics, insurance policy personalisation, tamper-evident envelopes, and security holograms
📡
Smart Tagging & IoT
RFID tags, IoT-enabled tracking, and specialty coated products for diverse industrial use cases
Competitive Strengths
🏆Part of the highly trusted Manipal Group with entrenched brand pedigree and over 15 years of industry leadership
🏦Unrivalled banking market penetration servicing 105+ banks (including SBI, HDFC, and ICICI) and 60 top fintechs
🏗️Extensive pan-India footprint with 10 high-security manufacturing hubs, 5 CCPCs, and global export channels
📈Virtually debt-free balance sheet (₹0.42 Cr borrowings) paired with robust cash flows and a 32.69% ROCE in FY26
Company Promoters
TP
Tonse Gautham Pai, T. Satish U. Pai & Sandhya S. Pai
Promoters, Manipal Payment & Identity Solutions Ltd.
MG
Manipal Technologies Ltd. & Manipal Media Network Ltd.
Promoter Entities, Manipal Payment & Identity Solutions Ltd.
TT
Tridevitha Consultancy Services & Tridevita Family Trust 2017
Promoter Entities, Manipal Payment & Identity Solutions Ltd.
📅 Key Dates
IPO Opens09 Sep 2026
IPO Closes11 Sep 2026
Allotment15 Sep 2026
Refund & Share Credit16 Sep 2026
Listing Day17 Sep 2026
💡 Quick Summary
Price Band₹322 – ₹339
Upper Price₹339 / share
Lot Size44 shares
Min. Investment (Retail)₹14,916
Issue Size₹805.00 Cr
ListingBSE, NSE
🏦 Registrar & Lead Manager
Lead Manager
Motilal Oswal, Axis Capital, ICICI Securities, IIFL Capital, Nuvama
📍 Registered Address
Manipal Payment & Identity Solutions Ltd.
Udayavani Building, Press Corner,
Manipal, Karnataka — 576104
📞 0820 220 5480
[email protected]
Udayavani Building, Press Corner,
Manipal, Karnataka — 576104
📞 0820 220 5480
[email protected]
🛡️ Regulatory Note: Mainline IPO investments are subject to SEBI regulations. Always read the Prospectus/RHP before applying. Consult a SEBI-registered advisor before investing.
⚠️
Disclaimer: This page presents publicly available information from the Manipal Payment & Identity Solutions IPO RHP for informational purposes only. It does not constitute investment advice. IPO investments are subject to market risk. Please read all offer documents and consult a SEBI-registered advisor before investing.
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