Manipal Payment & Identity Solutions IPO
LISTEDMAINBOARDListing Performance
▼ 2.65%
Issue Price
₹339
Listing Price
₹330
Listed On
17 Sep 2026
- Price Band
- ₹322 – ₹339
- Lot Size
- 44
- Lot Value
- ₹14,916
- Open Date
- 09 Sep09 Sep 2026
- Close Date
- 11 Sep11 Sep 2026
- Min Investment
- ₹14,916
About Manipal Payment & Identity Solutions
Manufactures and personalizes payment cards (plastic and metal), provides variable data printing services, smart tagging and IoT solutions, holograms, coated products, and other security printed products for financial institutions and enterprises.
Use of IPO Proceeds
Promoters
Tonse Gautham Pai
T. Satish U. Pai
Sandhya S. Pai
Investment Analysis
Quick Analysis: 6 strengths · 6 risk factors· Exchange: Equity
Strengths (6)
- •Among largest payment card manufacturers globally and in India as of Fiscal 2026
- •Long-standing relationships with marquee customers including private banks, PSBs, and fintech companies
- •Expansive product portfolio powered by innovation offering comprehensive payment solutions
- •Technology-driven facilities and operations with focus on security compliance
- •Experienced management team with committed employee base backed by Manipal Group
- •Diversified customer base of over 300 customers with 61% relationships exceeding five years
Risk Factors (6)
- •First public offer with no formal market history; offer price may not reflect actual post-listing market price or trading activity.
- •Non-GAAP financial measures included lack standard methodology, may vary from industry standards, and limit comparability with peers.
- •Industry data derived from commissioned F&S Report based on estimates and assumptions that may prove incorrect.
- •Equity investments involve high degree of risk; investors may lose entire investment if business performance deteriorates.
- •Company did not fulfill SEBI ICDR Regulations 6(1)(a) eligibility requirements, requiring book building compliance under 6(2).
- •Promoter selling shareholder assumes no responsibility for company statements, business disclosures, or operational matters in prospectus.
Investor Quota
Approx. shares reserved per category
Estimated from total issue size; actual reserved lots are set in the RHP.
Application Lot Sizes
Retail caps at ₹2,00,000 (13 lots here). S-HNI is ₹2L–₹10L, B-HNI is above ₹10L.
| Category | 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 |
Subscription Status
Subscription data will appear once bidding begins.
Allotment Statistics
Basis of Allotment
Category-wise subscription & allotment ratio
Weigh your chances
IPO Timeline
Issue Opens
09 Sep 2026 · Wed
Issue Closes
11 Sep 2026 · Fri
Bidding Cut-off (UPI Mandate)
11 Sep 2026 · 5:00 PM IST
Allotment
15 Sep 2026 · Tue
Listing
17 Sep 2026 · Thu
Issue Opens
09 Sep 2026 · Wed
Issue Closes
11 Sep 2026 · Fri
Bidding Cut-off (UPI Mandate)
11 Sep 2026 · 5:00 PM IST
Allotment
15 Sep 2026 · Tue
Listing
17 Sep 2026 · Thu
IPO Details
| Registrar | MUFG Intime India Private Limited |
| Exchange | Equity |
| ISIN | — |
| Face Value | ₹2 |
| Issue Size | ₹805.00 Cr |
| Fresh Issue | ₹320.00 Cr |
| OFS Size | — |
| Lead Managers | Motilal Oswal Investment Advisors Limited, Axis Capital Limited, ICICI Securities Limited, IIFL Capital Services Limited, Nuvama Wealth Management Limited |
3-Year Financial Summary
Revenue trend
↑ FY24→FY25
| Fiscal Year | Revenue (₹Cr) | PAT (₹Cr) | EPS | P/E | ROE |
|---|---|---|---|---|---|
| FY25 | 1,256.07 | 282.21 | — | — | — |
| FY24 | 1,247.52 | 249.17 | — | — | — |
Detailed Line Items (₹ Cr)
| Line Item | FY24 | FY25 |
|---|---|---|
| EBITDA | 355.57 | 408.77 |
From the company's offer document (DRHP/RHP); restated figures where available.
Check the valuation yourself
Company Fundamentals
10 sections extracted from this filingCapital Structure
| Authorised Capital | — |
| Issued Capital | — |
| Paid-up Capital | ₹4.45 Cr |
| Equity Shares (Pre-Issue) | — |
| Equity Shares (Post-Issue) | — |
Source: Manipal Payment & Identity Solutions offer document (DRHP/RHP).
Shareholding Pattern
Pre-Issue
Pre-Issue not disclosed in this filing.Not separately disclosed in Manipal Payment & Identity Solutions's filing.
Post-Issue
Post-Issue not disclosed in this filing.Not separately disclosed in Manipal Payment & Identity Solutions's filing.
Source: Manipal Payment & Identity Solutions offer document (DRHP/RHP).
Reservations & OFS
Investor Reservation
- QIB75.00%
- NII / HNI15.00%
- Retail10.00%
OFS Selling Shareholders
- Promoter Selling Shareholder1,43,06,785 sh
Source: Manipal Payment & Identity Solutions offer document (DRHP/RHP).
Board & Management
Board of Directors (8)
- Kukkundoor Girish Kini₹1.58 Cr p.a.
Executive Director and Chief Executive Officer
- Tonse Gautham Pai
Director (Non-Executive)
- Abhay Anant Gupte
Director (Non-Executive)
Bachelor's degree in science from Savitribhai Phule Pune University, Maharashtra; Master's degree in science in mathematics from Indian Institute of Technology, Delhi; Executive program in exponential technologies from Singularity University, California
More than 35 years in information technology and financial services industries
- Baikadi Narahari
Director (Non-Executive)
Bachelor's degree in business management from University of Mysore, Karnataka
More than 39 years in payment cards and printing industry
- Ramachandra Kasargod Kamath₹0.20 Cr p.a.
Independent Director
Bachelor's degree in commerce from University of Mysore, Karnataka; Certificated associate of Indian Institute of Bankers; Honorary fellowship of Indian Institute of Banking and Finance
Several years of experience in banking and financial services sector
- Padmaja Shailen Ruparel₹0.12 Cr p.a.
Independent Director
Post-graduate diploma in business management from Institute of Modern Management
- Rohan Ajila₹0.10 Cr p.a.
Independent Director
Bachelor's degree in business administration in finance from University of Houstan, Texas; Master's degree in business administration from University of Houstan – Clear Lake, Texas
Over 9 years of experience in private equity
- Binoy Sandip Parikh₹0.12 Cr p.a.
Independent Director
Bachelor's degree in commerce from Ahmedabad University, Gujarat; Final examination for bachelor's degree in law from Gujarat University, Gujarat; Associate of ICAI
More than 8 years of experience in mergers and acquisitions, family arrangement and succession planning
Key Managerial Personnel (2)
- Dattatri Manjunatha Hardur
Company Secretary and Compliance Officer
- Arun Bhaskar
Chief Information Security Officer
Diploma in electronics and communication engineering from Department of Technical Education, Government of Karnataka
More than 27 years in information technology industry
Source: Manipal Payment & Identity Solutions offer document (DRHP/RHP).
Industry & Market
One of the largest manufacturers of payment cards globally and in India in Fiscal 2026
Per Frost and Sullivan, a report commissioned by the company (not independent).
Peer Comparison
| Company | P/E | EPS | RoNW % | NAV |
|---|---|---|---|---|
| Manipal Payment and Identity Solutions Limited | — | 11.53 | 22.93 | 48.84 |
Material Litigation
Tonse Gautham Pai (Promoter and Director) and Primacy Industries Private Limited (Group Company) provided personal and corporate guarantees for MVP Group International Inc.'s credit facilities; the bank invoked these guarantees totaling USD 77.46 million and USD 22.20 million respectively, leading to insolvency proceedings against Tonse Gautham Pai and ongoing litigation in the Karnataka High Court with an interim stay granted as of July 12, 2024.
Registrar (RTA)
SEBI-registered Registrar & Transfer Agent — handles allotment and refunds.
Registrar:MUFG Intime India Private Limited→Lead Managers (BRLMs)
Click any merchant banker for their full IPO track record (positive listing rate, average gain, IPOs managed).
Documents
Frequently Asked Questions
When is the Manipal Payment & Identity Solutions IPO opening?
The Manipal Payment & Identity Solutions IPO opens on 09 Sep 2026 and closes on 11 Sep 2026. Check this page for the latest updates as we refresh every 30 minutes.
What is the price band of the Manipal Payment & Identity Solutions IPO?
The price band for the Manipal Payment & Identity Solutions IPO is ₹322 to ₹339. The final price is announced after the book-building process and is confirmed before listing.
What is the lot size and minimum investment for the Manipal Payment & Identity Solutions IPO?
The minimum lot size is 44 shares with a minimum investment of ₹14,916. Retail investors can apply for up to the retail limit defined by SEBI.
What is the GMP of Manipal Payment & Identity Solutions IPO today?
The latest Grey Market Premium for Manipal Payment & Identity Solutions is ₹1 (+0.29%). GMP is unofficial data and is not a guarantee of listing price.
When will the Manipal Payment & Identity Solutions IPO list on NSE and BSE?
The Manipal Payment & Identity Solutions IPO is expected to list on 17 Sep 2026 on Equity. Actual listing day trading begins at the start of the normal market session.
How can I check the Manipal Payment & Identity Solutions IPO allotment status?
The registrar for this IPO is MUFG Intime India Private Limited. You can check your allotment status on the registrar's portal using your PAN, application number, or DP ID. We link to the registrar directly on our allotment page after the allotment date.
Is the Manipal Payment & Identity Solutions IPO a mainboard or SME issue?
Manipal Payment & Identity Solutions is a mainboard IPO that will list on the main NSE and BSE boards. Mainboard IPOs are open to retail investors with a minimum application of one lot.
How do I apply for the Manipal Payment & Identity Solutions IPO?
You can apply for the Manipal Payment & Identity Solutions IPO through any SEBI-registered broker such as Zerodha, Upstox, or Angel One using UPI or ASBA while the issue is open for bidding.
What is the GMP-implied price of Manipal Payment & Identity Solutions IPO?
The GMP-implied price (unofficial, not a forecast) is ₹340: the upper price band of ₹339 plus the latest grey market premium of ₹1, as of 28 Sep 2026, 01:01 PM IST. GMP is unofficial grey market data, and the actual listing price can differ from it.
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