Manipal Payment and Identity Solutions IPO

Manipal Payment & Identity Solutions IPO is a book-built issue of ₹805.00 crores. The IPO includes a fresh issue of 94.40 lakh shares worth ₹320.00 crores and an offer for sale of 1.43 crore shares worth ₹485.00 crores.

The IPO will open for subscription on September 9, 2026, and close on September 11, 2026. The allotment is expected to be finalized on September 15, 2026. The company plans to list its shares on both NSE and BSE, with the tentative listing date set for September 17, 2026.

The IPO has a price band of ₹322 to ₹339 per share. The lot size is 44 shares, meaning retail investors need to apply for at least 44 shares. At the upper price band of ₹339, the minimum investment required is ₹14,916.

Motilal Oswal Investment Advisors Ltd. is the book running lead manager for the IPO, while MUFG Intime India Pvt. Ltd. is the registrar.

About Manipal Payment & Identity Solutions

Manipal Payment and Identity Solutions Ltd. (MPISL) is India’s largest company in the banking and smart card manufacturing space. It provides end-to-end card services—starting from designing and making the cards to personalising and delivering them to customers like banks, fintech firms, and government organisations. 

The company has also expanded internationally, with operations in the UK, Europe, Asia-Pacific, and the Middle East & Africa. 

MPISL runs 10 advanced manufacturing facilities with 19 production units spread across 11 cities in India.

Industry Outlook

1. The financial services industry in India is expected to grow steadily due to higher incomes, fast digital adoption, and increasing financial awareness.
2. Mutual funds and wealth management will continue to expand as more retail investors participate and the number of wealthy individuals rises.
3. The insurance sector has strong long-term potential because insurance penetration in India is still low compared to global levels.
4. The banking industry will grow further supported by digital banking, new branches, and government initiatives like Jan Dhan and UPI.
5. There is increasing demand for debit cards, credit cards, and identity solutions as more bank accounts are opened across the country.
6. Better asset quality and falling NPAs show that banks are financially stronger, supporting future credit expansion.
7. Digital payments, fintech solutions, and technology-driven financial products will keep rising as India moves toward a more digital economy.
8. Growing financial inclusion is encouraging innovation in payments, lending, and identity-based services.
9. ATM usage remains high despite slower ATM growth, indicating continued demand for cash-based transactions.

Manipal Payment & Identity Solutions IPO Objectives

The company plans to allocate the net proceeds from the issuance to the following purposes:

1. The company plans to raise ₹4,000 million (₹400 crore) through the fresh issue. In the OFS, the promoter Manipal Technologies Limited will sell 1.75 crore shares.
2. The fresh issue amount of ₹4,000 million was approved by the company’s Board on November 1, 2025. After deducting offer-related expenses, the remaining funds (“Net Proceeds”) will be used for business purposes.
3. The company may also raise up to ₹800 million through a Pre-IPO placement before filing the Red Herring Prospectus. If this happens, the fresh issue size will be reduced. This Pre-IPO placement will be done only if laws allow it and will not exceed 20% of the fresh issue size.

Financial Performance of Manipal Payment & Identity Solutions

Manipal Payment & Identity Solutions Peer Comparison

Strengths and Opportunities for Manipal Payment & Identity Solutions IPO

1. MPISL is among the largest payment card manufacturers in India and globally, with a strong presence in both chip and magstripe cards.
2. The company held around 36.2% of the credit card market and 31.2% of the debit card market in India in FY2025.
3. Exports products to countries including the UK, Singapore, Bahrain, Hong Kong, Oman, Maldives, Mauritius, South Africa, Bangladesh, Brazil, Bolivia, Nigeria, Nepal, Sri Lanka, UAE, and parts of Europe.
4. Serves over 220 customers, including private banks, public sector banks (PSBs), fintechs, and government agencies.
5. 72% of customers have been with the company for over five years, ensuring revenue stability and insights into customer needs.
6. Capable of producing 30.17 million cards in three months (as of June 2025).
7. Provides bundled solutions, including cards, cheques, secure logistics, and instant issuance solutions, enhancing convenience and reducing costs for banks.
8. Offers credit, debit, prepaid, gift, and customised cards, including innovative products like rPVC, metal cards, contactless smart cards, and wearable payment devices.

Risks and Threats for Manipal Payment & Identity Solutions IPO

1. The company relies heavily on its top 10 customers, contributing over 69% of revenue in the recent quarter and 61–70% in past fiscals.
2. Revenue is dependent on a few key banking, fintech, and government clients, making the business sensitive to changes in their demand.
3. About 60–64% of raw material costs come from top suppliers. Delays or price increases from these suppliers could disrupt manufacturing and reduce profitability.
4. A significant portion of revenue comes from the sale of payment cards. Any problems in this business segment, such as production or technological issues, may adversely affect overall performance.
5. Promoters and group companies have provided personal and corporate guarantees for loans of a related group company (MVP).
6. Planned acquisitions of new and second-hand equipment carry operational, efficiency, and financial risks. Early termination of equipment leases could also affect operations.
7. Some promoter-held shares are pledged. If the pledge is invoked, it could lead to an indirect change in control and negatively impact the trading price of the company’s shares.
8. Compliance with strict security and operational standards from payment networks (e.g., MasterCard, RuPay) is required. Failure to comply could result in loss of registration or business opportunities.

Manipal Payment & Identity Solutions IPO Reservation

Manipal Payment & Identity Solutions IPO Promoter Holding

The promoters of the company are as follows: 

1. Tonse Gautham Pai
2. Sandhya S.Pai
3. T.Satish U.Pai
4. Tridevitha Consultancy Services Pvt.Ltd.
5. Manipal Technologies Ltd.
6. Tridevita Family Trust 2017.
7. Manipal Media Network Ltd.

Manipal Payment & Identity Solutions IPO Registrar and Lead Managers

Manipal Payment & Identity Solutions IPO Lead Managers

1. Motilal Oswal Investment Advisors Ltd.
2. Axis Capital Ltd.
3. ICICI Securities Ltd.
4. IIFL Capital Services Ltd.
5. Nuvama Wealth Management Ltd.

Registrar for Manipal Payment & Identity Solutions IPO 

Name: MUFG Intime India Pvt.Ltd. 

Phone: 022-49186000

Email: manipalpayment.ipo@in.mpms.mufg.com

How To Check the Allotment Status of the Manipal Payment & Identity Solutions IPO?

Steps to check IPO allotment status on Angel One’s app:

1. Log in to the Angel One app.
2. Go to the IPO Section and then to IPO Orders.
3. Select the individual IPO that you had applied for and check the allotment status.
4. Angel One will notify you of your IPO allotment status via push notification and email.

How To Apply for Manipal Payment & Identity Solutions IPO Online?

1. Login to Your Angel One Account: Open the Angel One app or website and log in with your credentials.
2. Locate the IPO Section: Navigate to the 'IPO' section on the platform.
3. Select IPO: Find and select the Manipal Payment Payment & Identity Solutions IPO from the list of open IPOs.
4. Enter the Lot Size: Specify the number of lots you want to bid for.
5. Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application.
6. Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN.

Contact Details of Manipal Payment & Identity Solutions IPO 

Address:Manipal Payment & Identity Solutions Ltd., Udayavani Building, Press Corner, Manipal, Karnataka, 576104

Phone: 0820 220 5480

Email: info@mpimanipal.com