Manipal Payment and Identity Solutions IPO

About Manipal Payment IPO

The public issue of the Manipal Payment and Identity Solutions, a mainboard Manipal Payment IPO, opens on Wednesday, September 9, 2026 and closes on Friday, September 11, 2026. The allotment of shares will take place on Tuesday, September 15, 2026. The credit of shares to the demat account will take place on Wednesday, September 16, 2026. The initiation of refunds will also take place on Wednesday, September 16, 2026. The listing of shares will take place on Thursday, September 17, 2026.

The equity shares offered through the IPO are proposed to be listed on the NSE and BSE.

The offer consists of a fresh issue component and an offer for sale (OFS). The fresh issue will include 94,39,528 shares of ₹320.00 crore. The OFS will include 1,43,06,785 shares of ₹485.00 crore. The total number of shares and aggregate amount are 2,37,46,313 shares aggregating up to ₹805 crore.

Manipal Payment IPO's price band is set at ₹322 to ₹339 per share. The lot size for an application is 44 shares. The minimum amount of investment required by a retail individual investor is ₹14,916 (44 shares) based on the upper band price.

Manipal Payment and Identity Solutions is part of the Manipal group and provides payment solutions, identification solutions, smart tagging, and Internet of Things (IOT) solutions to banks, fintechs, and NBFCs across Indian and international markets. It offers, payment cards, cheque solutions, QR codes, NFC Codes, digital automation, and payment-enabled wearables.

Its identification solutions include driving licenses, registration certificates, transit management solutions etc. It served over 300 customers across domestic and international markets in FY26 across its various franchises. It also exports products like credit cards, debit cards, and metal cards to several global markets. The company also operates the Central Cards Processing Centres (CCPS) at 5 locations.

Objectives of Manipal Payment IPO

• Capital Expenditure on equipment.
  
• General corporate purposes.
  

Industry Outlook

Card demand in India is driven by GDP growth, increasing working age population, rising middle class, and rising income levels. Card issuance market is expected to grow from 26.57 crore units in FY20 to 57.5 crore units by FY30, CAGR growth of 12.9%. Metal card issuances ( a specialty of the company) is slated to grow manifold from 1 lakh in FY20 to 1.05 crore in FY30, CAGR growth of 47.2%, albeit on a small base. Payment card per capita in India has a penetration of just 1; compared to 7 to 8 in countries like the US and China. The introduction of MDR on UPI may also see some large ticket transaction reverting back from UPI to cards. Manipal Payment and Identity Solutions is ranked Number 1 in India and Number 14 in the world in manufacture of cards as per a Nielsen report.

About Manipal Payment and Identity Solutions

Manipal Payment and Identity Solutions is a leader in the printing and issue of credit, debt, and metal cards in India and ranks at number 14 in the world. The payment solutions provided by the company include payment cards, cheque solutions, NFC and QR codes, as well as smart tagging and IOT solutions. The company has an estimated market share of 36.4% in the credit card issuance market and 30.9% in the debit card issuance market. In FY26, the company catered to over 300 customers; both domestic and international. It exports products to UK, Singapore, Bahrain, Hong Kong, Oman, Maldives, Mauritius, South Africa, Bangladesh, Brazil, Nigeria, UAE etc. The company has enjoyed ROCE of over 32% in the last 2 years.

Strengths of Manipal Payment and Identity Solutions

• Largest player in India with market share of over 30%.
• Long standing relationships with marquee customers.
• Wide product portfolio catering to most payment solution needs.
• Highly technology driven business model with stringent compliances
• Experienced management team with group business operations since 1948.

Risks of Manipal Payment and Identity Solutions

• Top 10 customers account for 58.7% of revenues, making it fairly concentrated.
• Top 10 suppliers also accounted for over 56% of supplies, making it a supply chain risk.
• Business model largely dependent on the theme of payment solutions.
• Promoter guarantees become a contingent liability with concomitant risks.
• Stringent security requirements remain a key risk factor in this business.
• The business is highly dependent on technology and connectivity outages.
• Risk of action if contract terms are not met to satisfaction of customers.

Anchor Investor Bidding Date

Tuesday, September 8, 2026

IPO Registrar and Book Running Lead Managers

Registrar Details
MUFG Intime India Private Ltd
Email: manipalpayment.ipo@in.mpms.mufg.com
Tel: +91 81081-14949

Book Running Lead Manager

• Motilal Oswal Investment Advisors
  
• Axis Capital
  
• ICICI Securities
  
• IIFL Capital Services
  
• Nuvama Wealth Management
  

Manipal Payment and Identity Solutions Contact Details
Udayavani Building, Press Corner, Manipal – 576 104 (Karnataka, India)
Email: investor.relations@mpimanipal.com
Phone: +91 820 2205-000

Manipal Payment and Identity Solutions Business Model

The company is one of the major players in the credit, debit, and metal cards market with a dominant market share of over 30% in India. It is the 14th largest player in this business in the world. The company caters to the payment solutions needs of banks, NBFCs, SFBs, payment banks etc.

Manipal Payment and Identity Solutions Growth Trajectory

Manipal Payment and Identity Solutions Total Income for FY26 was ₹1,356.59 crore, whereas in FY25 and FY24 it was ₹1,277.11 crore and ₹1,267.97 crore, respectively.

The Profit After Tax for FY26 was ₹253.46 crore, whereas in FY25 and FY24 it was ₹282.21 crore and ₹249.17 crore, respectively.

Their EBITDA for FY26 was ₹455.83 crore, whereas in FY25 and FY24 it was ₹408.77 crore and ₹355.57 crore, respectively.

Manipal Payment and Identity Solutions Market Position

Manipal Payment and Identity Solutions basically caters to banks and financial intermediaries, offering them cards and payment solutions. The company is also into security printing of identity cards, holograms, QR Codes and NFC codes.

As of 31 March 2026, the company’s Total Income, Profit After Tax, and EBITDA were ₹1,356.59 crore, ₹253.46 crore, and ₹455.83 crore, respectively.

How to apply for Manipal Payment IPO?

• Step 1: Log in to your Kotak Neo Demat account to access IPO investments. Next, select the current IPO section.
• Step 2: Specify IPO details. Enter the number of lots and the price you wish to apply for.
• Step 3: Enter UPI ID. After entering your UPI ID, click submit. This will place your bid with the exchange.
• Step 4: Mandate Notification. Your UPI app will receive a mandate notification to block funds.
• Step 5: Approve Request. Your funds will be blocked once you approve the mandate request on your UPI.