SEBI approved the IPO of Manipal Payment & Identity Solutions Ltd. on September 2, 2025. With this approval, the company can move ahead with the process of launching its IPO, depending on market conditions and other required permissions. The approval will remain valid for 12 months.
The IPO will be a Book-Build Issue, which includes a fresh issue of ₹400 crore and an offer for sale of up to 1.75 crore shares.
The company plans to list its shares on both NSE and BSE. Motilal Oswal Investment Advisors Ltd. will manage the IPO, and MUFG Intime India Pvt. Ltd. will act as the registrar. Details such as the IPO dates, price band, and lot size have not been announced yet.
Manipal Payment and Identity Solutions IPO Objectives
The company plans to allocate the net proceeds from the issuance to the following purposes:
- 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.
- 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.
- 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.
Industry Outlook
- The financial services industry in India is expected to grow steadily due to higher incomes, fast digital adoption, and increasing financial awareness.
- Mutual funds and wealth management will continue to expand as more retail investors participate and the number of wealthy individuals rises.
- The insurance sector has strong long-term potential because insurance penetration in India is still low compared to global levels.
- The banking industry will grow further supported by digital banking, new branches, and government initiatives like Jan Dhan and UPI.
- There is increasing demand for debit cards, credit cards, and identity solutions as more bank accounts are opened across the country.
- Better asset quality and falling NPAs show that banks are financially stronger, supporting future credit expansion.
- Digital payments, fintech solutions, and technology-driven financial products will keep rising as India moves toward a more digital economy.
- Growing financial inclusion is encouraging innovation in payments, lending, and identity-based services.
- ATM usage remains high despite slower ATM growth, indicating continued demand for cash-based transactions.
About Manipal Payment and Identity Solutions Limited
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.
How To Check the Allotment Status of Manipal Payment and Identity Solutions IPO?
Steps to check IPO allotment status on Angel One’s app:
- Log in to the Angel One app.
- Go to the IPO Section and then to IPO Orders.
- Select the individual IPO that you had applied for and check the allotment status.
- Angel One will notify you of your IPO allotment status via push notification and email.
How To Apply for the Manipal Payment and Identity Solutions IPO Online?
- Login to Your Angel One Account: Open the Angel One app or website and log in with your credentials.
- Locate the IPO Section: Navigate to the 'IPO' section on the platform.
- Select IPO: Find and select the Manipal Payment and Identity Solutions IPO from the list of open IPOs.
- Enter the Lot Size: Specify the number of lots you want to bid for.
- Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application.
- Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN.
Contact Details of Manipal Payment and Identity Solutions IPO
Registered office:Manipal Payment & Identity Solutions Ltd., Udayavani Building, Press Corner, Manipal, Karnataka, 576104
Phone: 0820 220 5480
Email: info@mpimanipal.com
Website: https://mpimanipal.com/
Manipal Payment and Identity Solutions IPO Reservation
| Investor Category | Shares Offered |
| QIB | Not less than 75% of the Offer |
| Retail | Not more than 10% of the Offer |
| NII | Not more than 15% of the Offer |
Manipal Payment and Identity Solutions IPO Promoter Holding
The company promoters are Tonse Gautham Pai, T. Satish U. Pai, Sandhya S. Pai, Manipal Technologies Limited, Manipal Media Network Limited, Tridevitha Consultancy Services Private Limited and Tridevita Family Trust 2017.
| Promoter Holding Pre Issue | 62.10% |
| Promoter Holding Post Issue | - |
Key Performance Indicators for Manipal Payment and Identity Solutions IPO
| KPI | Values |
| ROE | 55.08 |
| ROCE | 33.97 |
| Debt/Equity | 0.76 |
| RoNW | 45.54 |
| PAT Margin | 22.10% |
| EBITDA Margin | 32.01% |
Manipal Payment and Identity Solutions IPO Registrar and Lead Managers
Manipal Payment and Identity Solutions IPO Lead Managers
- Motilal Oswal Investment Advisors Ltd.
- Axis Capital Ltd.
- ICICI Securities Ltd.
- IIFL Capital Services Ltd.
- Nuvama Wealth Management Ltd.
Registrar for Manipal Payment and Identity Solutions IPO
MUFG Intime India Pvt.Ltd.
- Phone: +91-22-4918 6270
- Email: manipalpayment.ipo@in.mpms.mufg.com
- Website: https://linkintime.co.in/Initial_Offer/public-issues.html
Financial Performance of Manipal Payment and Identity Solutions Limited
| Period Ended | 30 Jun 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
| Assets (₹ Cr) | 863.49 | 1,409.67 | 1,102.71 | 613.45 |
| Total Income (₹ Cr) | 292.67 | 1,277.11 | 1,267.97 | 920.48 |
| Profit After Tax (₹ Cr) | 33.93 | 282.21 | 249.17 | 117.67 |
| EBITDA (₹ Cr) | 95.33 | 408.77 | 355.57 | 178.72 |
| Net Worth (₹ Cr) | 877.54 | 619.70 | 405.05 | 222.37 |
| Reserves & Surplus (₹ Cr) | 517.55 | 262.89 | 48.25 | -134.43 |
| Total Borrowing (₹ Cr) | 0.22 | 472.87 | 449.47 | 96.62 |
Comparison of Manipal Payment and Identity Solutions Limited with Listed Industry Peers
| Company Name | Revenue from Operations (₹ million, FY2025) | Face Value (₹ per share) | Closing Price (₹ as on Oct 31, 2025) | Basic EPS (₹, FY2025) | Diluted EPS (₹, FY2025) | NAV (₹ per share, Mar 31, 2025) | P/E Ratio (as on Oct 31, 2025) | RoNW (%) |
|---|---|---|---|---|---|---|---|---|
| Manipal Payment and Identity Solutions Limited^ | 12,560.71 | 2 | N.A. | 13.65 | 13.41 | 29.68 | N.A. | 45.54 |
| Seshaasai Technologies Limited@ | 14,631.51 | 10 | 373.75 | 15.06 | 15.06 | 45.37 | 24.82# | 33.20 |
Strengths and Opportunities of Manipal Payment and Identity Solutions Limited
- MPISL is among the largest payment card manufacturers in India and globally, with a strong presence in both chip and magstripe cards.
- The company held around 36.2% of the credit card market and 31.2% of the debit card market in India in FY2025.
- 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.
- Serves over 220 customers, including private banks, public sector banks (PSBs), fintechs, and government agencies.
- 72% of customers have been with the company for over five years, ensuring revenue stability and insights into customer needs.
- Capable of producing 30.17 million cards in three months (as of June 2025).
- Provides bundled solutions, including cards, cheques, secure logistics, and instant issuance solutions, enhancing convenience and reducing costs for banks.
- 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 of Manipal Payment and Identity Solutions Limited
- The company relies heavily on its top 10 customers, contributing over 69% of revenue in the recent quarter and 61–70% in past fiscals.
- Revenue is dependent on a few key banking, fintech, and government clients, making the business sensitive to changes in their demand.
- About 60–64% of raw material costs come from top suppliers. Delays or price increases from these suppliers could disrupt manufacturing and reduce profitability.
- 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.
- Promoters and group companies have provided personal and corporate guarantees for loans of a related group company (MVP).
- Planned acquisitions of new and second-hand equipment carry operational, efficiency, and financial risks. Early termination of equipment leases could also affect operations.
- 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.
- 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.
