Manipal Payment and Identity Solutions Limited
Open now9–11 Sep 2026
Updated 2026-09-09 (IST)
What Manipal Payment and Identity Solutions Limited does
We provide payments solutions, identifications solutions, secure solutions, and smart tagging and internet of things (“IOT”) solutions to banks, fintechs, non-banking finance companies and governments, across domestic and international jurisdictions.
Manipal Payment and Identity Solutions Limited financials
Rs crore · AnnualLatest year highlighted in green. Sparklines show the trend.
| FY24 | FY25 | FY26 | ||
|---|---|---|---|---|
| Sales | 1,248 | 1,256 | 1,327 | |
| Operating Profit | 356 | 409 | 456 | |
| OPM % | 28.0% | 32.0% | 33.6% | |
| Net Profit | 249 | 282 | 253 | |
| Total Debt | 449 | 473 | 0 |
Manipal Payment and Identity Solutions Limited IPO offer structure
Total: ₹805 cr. Fresh issue proceeds go to the company; OFS proceeds go to selling shareholders.
Issue size and split come from a public aggregator rather than the exchange, cross-checked against a second one. The offer document states the offer-for-sale as a share count against a blank amount, so it cannot be read from the document itself.
Use of proceeds- Funding the capital expenditure requirements of our Company towards purchasing and setting up of new and second-hand equipment: ₹238 cr
- General corporate purposes
Manipal Payment and Identity Solutions Limited promoters and holding
- T. Satish U. Pai: Promoter
- Sandhya S. Pai: Promoter
- Tonse Gautham Pai: Promoter
- Manipal Technologies Limited: Promoter
- Manipal Media Network Limited: Promoter
Manipal Payment and Identity Solutions Limited strengths and risks
Company-stated strengths and disclosed risk factors from the offer document.
- We were among the largest manufacturers of payment cards, both globally and in India in Fiscal 2026. (p.264)
- We have long-standing relationships with marquee customers. (p.265)
- We have expansive product portfolio, powered by innovation, offering comprehensive solutions. (p.266)
- We have technology-driven facilities and operations, with a focus on security compliance. (p.268)
- We have experienced management team with committed employee base, backed by the Manipal Group. (p.269)
- Our top 10 customers accounted for 58.67%, 60.98% and 62.51% of our revenue from operations in Fiscals 2026, 2025 and 2024, respectively. (p.22)
- Purchases from our top 10 suppliers accounted for 56.05%, 62.29% and 59.69% of our total purchases in Fiscals 2026, 2025 and 2024, respectively. (p.22)
- We generate a significant portion of our revenues from sale of cards manufactured by us. (p.22)
- Our Promoter, Tonse Gautham Pai and Primacy Industries Private Limited (“PIPL”) have provided personal and corporate guarantees in relation to financing arrangement availed by MVP Group International Inc. (p.22)
- Our planned acquisition of second-hand equipment as part of the Objects of the Offer carries inherent operational, efficiency and financial risks. (p.22)
Manipal Payment and Identity Solutions Limited peer comparison: DRHP median P/E 25.0x
Live BSE prices| Company | CMP | P/E | OPM% | ROE% | Source |
|---|---|---|---|---|---|
| Seshaasai Technologies Limited | Rs 382.8 +0.7% | 23.5x | 25.5% | — | live |
P/E from offer document where live data unavailable. Not a fair-value judgement.
Manipal Payment and Identity Solutions Limited market and competition
Our Company had an estimated market share of approximately 36.4% in the credit card issuance market and 30.9% in the debit card issuance market in India for Fiscal 2026. We were the highest ranked company in India and 14th ranked company globally in terms of shipment of payment cards with chips and magstripe in 2023.
Manipal Payment and Identity Solutions Limited outlook, as the document states it
We intend to capitalize on the growth in the credit card market, instant issuance systems and services market to grow our market share in international jurisdictions. We will continue to explore opportunities for setting up or acquiring personalization bureaus in other jurisdictions to create regional touchpoints. We also intend to leverage our existing domestic experience in manufacturing metal cards domestically to compete in terms of export of metal cards globally.
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Manipal Payment and Identity Solutions Limited IPO: common questions
When does the Manipal Payment and Identity Solutions Limited IPO open and close?
The Manipal Payment and Identity Solutions Limited IPO is open from 9 Sep 2026 to 11 Sep 2026.
What is the Manipal Payment and Identity Solutions Limited IPO price band?
The price band is ₹322–₹339 per share.
What is the lot size and minimum investment for the Manipal Payment and Identity Solutions Limited IPO?
One lot is 44 shares, and a retail application must be at least one lot. That is about ₹14,916 at the upper end of the band. An HNI application starts above Rs 2 lakh, so the minimum is higher for that category.
When are the Manipal Payment and Identity Solutions Limited IPO allotment and listing dates?
Not published yet. Derived from the close date on the usual timetable: allotment around 15 Sep 2026, refund/unblock around 16 Sep 2026 and listing around 17 Sep 2026. Treat these as estimates until the exchange confirms them.
How do I apply for the Manipal Payment and Identity Solutions Limited IPO?
Through any broker app or your bank's net banking, using a demat account and a PAN. You bid in lots at a price inside the band, or at cut-off. The money is blocked in your account, not debited, until allotment. One application per PAN. We do not recommend brokers and carry no broker links. How to apply, start to finish →
Sources & method
Subscription and issue data come from the NSE and BSE exchange feeds, with the third-party aggregator, clearly labelled, where an exchange feed is unreachable. DRHP analysis is extracted from the offer document itself, every figure cited to its page. Each figure on the page carries its source and its timestamp.
Grey-market premium (GMP) is unregulated.
Every GMP figure is a self-reported grey-market estimate. No exchange, regulator or clearing body records or audits it, and there is no settlement guarantee or recourse. Shown for context only; never decide on GMP alone. New to GMP? The 30-second explainer → Has GMP actually been right? →
How often do these actually open above the issue price?
Of the 505 mainboard IPOs that have listed on the NSE since 2003, 359 (71%) opened above their issue price, at a median of +10%. That is the segment's own record, not a forecast for this issue.