Manipal Payment & Identity Solutions IPO- Complete Overview
Manipal Payment & Identity Solutions IPO is a Mainboard IPO with an issue size of Rs. 805 Cr by Manipal Payment & Identity Solutions Limited, which serves banks, fintechs, non-banking financial companies, and governments in both local and foreign markets with payment, identification, security, smart tagging, and Internet of Things (IoT) solutions.
Payment cards, check solutions, wearables with payment capabilities, Near-Field Communication (NFC)/Quick Response (QR) codes, and digital automation systems are some of its payment options.
Driving licenses, registration certificates, national identity cards, and transportation management systems are some of its identification solutions. Secure logistics, insurance policy personalization, premium notifications, and renewal letters are some of its secure solutions.
State Bank of India, Canara Bank, Bank of India, Jammu and Kashmir Bank, Central Bank of India, Indian Bank, HDFC Bank, ICICI Bank, Axis Bank, Kotak Mahindra Bank, Federal Bank, and City Union Bank are some of its clients.
This new IPO is to be launched on 09 Sep 2026, and its ‘initial public offering’ will end on 11 Sep 2026.
Manipal Payment & Identity Solutions IPO Details
This Mainline IPO comprises a combination of a fresh issue of 0.94 crore shares (Rs. 320 Cr) and an offer for sale of 1.43 crore shares (Rs. 485 Cr). The Manipal Payment & Identity Solutions IPO listing date (expected) might be Thursday, Sep 17, 2026, and the listing on the BSE and NSE.
The Manipal Payment & Identity Solutions IPO price band is Rs. 322 to Rs. 339.
IPO Timetable (Tentative)
The Manipal Payment & Identity Solutions IPO date is from 09 Sep to 11 Sep, with IPO allotment on Sep 15, refund initiation on Sep 16, and listing on Sep 17, 2026.
|
Events |
Date |
|
IPO Opening Date |
Sep 09, 2026 |
|
IPO Closing Date |
Sep 11, 2026 |
|
IPO Allotment Date |
Sep 15, 2026 |
|
Refund Initiation |
Sep 16, 2026 |
|
IPO Listing Date |
Sep 17, 2026 |
If you want to apply for the IPO, click to open a Demat Account.
Industry Overview & Outlook
Manipal Payment & Identity Solutions Company Financial Performance
(Amount in Cr)
|
Particulars |
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 |
Cash Flows
The cash flows for various activities are shown below:
(Amount in Mn)
|
Net Cash Flow In Multiple Activities |
31 Mar 2026 |
31 Mar 2025 |
31 Mar 2024 |
|
Net Cash Flow Operating Activities |
2,076.68 |
2,843.80 |
3,085.67 |
|
Net Cash Flow Investing Activities |
2,430.68 |
(5,861.26) |
(758.80) |
|
Net Cash Flow Financing Activities |
(3,275.06) |
(1,727.89) |
2,670.19 |
Manipal Payment & Identity Solutions IPO- Business Model
Revenue comes almost entirely from the sale of products and related services to banks, fintechs, and governments (domestic + export).
Domestic vs Export (Fiscal 2026):
Domestic: ~92.79% (of which Government projects: 15.26%, Non-Government: 77.53%)
Export: 7.21% (₹956.97 million) — growing rapidly (from 1.41% in FY24). Exports go to the UK, UAE, Singapore, Nigeria, South Africa, Nepal, Sri Lanka, Europe, etc.
-
Cards (especially banking payment cards) are the dominant revenue driver (~57%).
-
Government identity projects contribute a meaningful but declining share (15–25% range).
-
Export revenue is the fastest-growing segment.
-
High customer concentration: Top 10 customers contributed ~58–62% of revenue in the last three years.
-
Profitability is strong (EBITDA margin ~33.6% in FY26; PAT ~₹2,535 million).
Revenue Bifurcation
(Source : RHP)
The Objective of the Issue
-
Capital Expenditure on Equipment. ~ Rs. 238.43 Cr.
-
General Corporate Purposes.
Peers of Manipal Payment & Identity Solutions
|
Name of the Company |
Face Value (₹ per share) |
EPS Basic (₹) |
P/E (x) |
|
Seshaasai Technologies Limited |
10 |
15.45 |
24.97 |
Evaluation of P/E Ratio
Considering the period ended on FY 2026 with an EPS of Rs. 11.53 from the last year, the resulting P/E ratio is 29.40x.
Manipal Payment & Identity Solutions IPO Valuation
|
KPI |
Value (Mar 31, 2026) |
|
ROE |
29.35% |
|
ROCE |
32.69% |
|
Debt/Equity |
0.00 |
|
RoNW |
22.93% |
|
PAT Margin |
18.68% |
|
EBITDA Margin |
33.60% |
IPO's Strengths
-
The company was ranked the highest in India and 14th globally for payment card shipments with chips and magstripe in 2023, and stands among the top 10 card manufacturers for Mastercard.
-
As of June 2025, it is a leading producer of national identity cards in India (billing over 1 billion cards in 12 regional languages) and partners with the Ministry of Road Transport and Highways (MORTH) for polycarbonate driving licenses.
-
The firm demonstrates robust profitability and return ratios, showing a return on net worth (RONW) of 22.93%, an ROCE of 32.69%, and an EBITDA margin of 33.6%.
IPO's Weaknesses
-
The company is susceptible to contract renewals because a sizable amount of its income depends on important financial partners, governmental organizations, and international payment networks.
-
A significant portion of the ₹805 crore offering size is allocated to the promoters' ₹485 crore OFS, which means that a significant amount of IPO proceeds will not go straight into the company's balance sheet for expansion.
-
During the shift to fiscal 2026, the company's net earnings decreased year over year, which may have been caused by pricing competition or input cost pressures.
Manipal Payment & Identity Solutions IPO GMP Today
Manipal Payment & Identity Solutions IPO GMP is Rs. 29 as of September 05, 2026, when this information was written. With the upper price band of Rs. 339, Manipal Payment & Identity Solutions IPO's estimated listing price is Rs. 368. The expected listing gain/loss per share is 8.55%.
IPO Other Details
|
IPO Opening & Closing Date |
09 Sep 2026 to 11 Sep 2026 |
|
Face Value |
Rs. 2 per Share |
|
Issue Price |
Rs. 322 to Rs. 339 |
|
Lot Size |
44 Shares |
|
Issue Size |
2,37,46,313 shares (Rs. 805 Cr) |
|
Offer for Sale |
1,43,06,785 shares (Rs. 485 Cr) |
|
Fresh Issue |
94,39,528 shares (Rs. 320 Cr) |
|
Listing At |
BSE, NSE |
|
Issue Type |
Book Built Issue IPO |
|
Registrar |
MUFG Intime India Pvt. Ltd. |
IPO Grey Market Premium
The current IPO GMP is available at our live IPO GMP page, where you can get the GMP today for open Mainboard and SME IPOs.
Manipal Payment & Identity Solutions IPO Lot Size
The IPO allows retail investors to invest in a minimum and maximum of 1 Lot (44 Shares) amounting to Rs. 14916 and 13 Lots (572 Shares) for Rs. 1,93,908, respectively, while for HNI investors, the minimum Lot is 14 (616 Shares) amounting to Rs. 2,08,824.
|
Minimum Lot Investment (Retail) |
1 Lot |
|
Maximum Lot Investment (Retail) |
13 Lots |
|
S-HNI (Minimum) |
14 Lots |
|
S-HNI (Maximum) |
67 Lots |
|
B-HNI (Minimum) |
68 Lots |
Manipal Payment & Identity Solutions IPO Reservation
|
Institutional Share Portion |
75% |
|
Retail Investors' Share Portion |
10% |
|
Non-Institutional Shares Portion |
15% |
Promoters and Management of Manipal Payment & Identity Solutions Ltd.
- Tonse Gautham Pai
- T.Satish U.Pai
- Sandhya S.Pai
- Manipal Technologies Ltd.
- Manipal Media Network Ltd.
- Tridevitha Consultancy Services Pvt. Ltd.
- Tridevita Family Trust 2017
|
Pre-Issue Promoter Shareholding |
62.1% |
|
Post-Issue Promoter Shareholding |
53.92% |
IPO Lead Managers
- Motilal Oswal Investment Advisors Ltd.
Dividend Policy
The company has paid a dividend of Rs. 1 per Equity Share in FY24.
Manipal Payment & Identity Solutions IPO Review: Subscribe or Avoid?
The company is a leading Indian player in payment cards (strong market share in debit/credit cards) with diversified offerings in identity solutions, secure printing, and IoT/tax stamps. It has delivered consistent revenue growth, healthy EBITDA margins (~33.6% in FY26), strong ROCE/ROE, and near-zero debt, supported by long-term relationships with major banks and government projects.
Before making any decision to subscribe or avoid, you should consult your SEBI-registered financial advisor.
Manipal Payment & Identity Solutions IPO News
Manipal Payment & Identity Solutions DRHP
Manipal Payment & Identity Solutions RHP
Manipal Payment & Identity Solutions IPO Allotment Status
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Finowings IPO Analysis
Hope you enjoyed the Finowings IPO Analysis. We tried our best to give every required detail about the company that you should know before applying to the IPO.
You must consult your financial advisor before making any financial decisions.
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DISCLAIMER: This blog is NOT any buy or sell recommendation. No investment or trading advice is given. The content is purely for educational and information purposes only. Always consult your eligible financial advisor for investment-related decisions.
