Manipal Payment & Identity IPO
Manipal Payment and Identity Solutions Limitedmpimanipal.com
- Price band
- ₹322 – ₹339
- Issue size
- ₹805 Cr
- Lot size
- 44 sh
- Bidding
- 9 – 11 Sep
- Grey market
- —
Face value ₹2.00
40% fresh capital
Lists 17 Sep 2026
No quote recorded
Market data to 30 Oct 2026. Company figures are as filed, sourced 15 Oct 2026. Every figure’s origin is listed under Sources.
The question this issue poses
In one sentence
Manipal Payment and Identity Solutions manufactures and personalises payment cards and government identity documents; the record states it billed 13.54 million credit cards and 72.66 million debit cards in Fiscal 2026 and served 344 customers that year. Revenue from operations was Rs 1,247.52 Cr in FY24, Rs 1,256.07 Cr in FY25 and Rs 1,326.75 Cr in FY26; EBITDA over the same three years was Rs 355.57 Cr, Rs 408.77 Cr and Rs 455.83 Cr, and profit after tax Rs 249.17 Cr, Rs 282.21 Cr and Rs 253.46 Cr. The Rs 805 Cr issue was 39.75% fresh (Rs 320 Cr) and 60.25% offer for sale (Rs 485 Cr), and the one subscription reading on record, for 11 September 2026, shows it 1.42 times subscribed overall. It listed on 17 September 2026 at Rs 330 against a band top of Rs 339 and stood at Rs 306.20 on 23 October 2026.
IPOVista score
How this issue scores, and why
Every pillar opens to show the raw metric, the curve it was mapped through, the sub-score and its weight. Disagree with the weighting if you like — the arithmetic is all here.
IPOVista score
Profitable but slow-growing
63% of the scoring model was backed by disclosed data for Manipal Payment & Identity, giving medium confidence. Weights for anything missing were redistributed rather than scored as zero.
How this score is builtBelow the line: market sentiment. Capped at 8 of 100 points so a hot grey market can tilt a score but never carry one.
The IPOVista Score is a transparent summary of disclosed fundamentals and issue terms. It is research, not investment advice, and it cannot predict listing performance.
The company
What the business actually does
Founded 2008 · Udayavani Building, Press Corner, Manipal 576104, Karnataka · 1,809 employees
Manipal Payment and Identity Solutions makes physical payment and identity credentials. Its main product is bank cards — debit, credit, metal and dual-interface chip cards — which it manufactures, personalises with individual cardholder data, and dispatches. It billed 13.54 million credit cards and 72.66 million debit cards in Fiscal 2026, an estimated 36.4% and 30.9% share of Indian credit and debit card issuance. A second line produces government identity documents: national identity cards (over 1 billion billed, in 12 regional languages), polycarbonate driving licences and registration certificates. It also runs secure logistics, insurance-document personalisation, excise tax labels with encrypted QR codes, and RFID work including FASTag. It served 344 customers in Fiscal 2026 — private, public sector, small finance and payment banks, fintechs and state government departments — and exports to markets including the UK, Singapore, Bahrain and Nigeria.
Revenue is earned per card and per document: sale of products, plus services such as card personalisation and secured logistics. Fiscal 2026 revenue from operations was ₹1,326.75 crore, up 5.63% on Fiscal 2025. Materials cost ₹419.20 crore (about 32% of revenue), employee benefits ₹113.86 crore and other expenses ₹329.29 crore, leaving an EBITDA margin of 33.60%. Profit after tax fell to ₹253.46 crore from ₹282.21 crore, which the prospectus attributes to a ₹110.00 crore exceptional gain booked in Fiscal 2025 rather than trading weakness. The structural constraint is concentration and volume: the top ten customers were 58.67% of Fiscal 2026 revenue, and banking card volume was roughly flat at 86.20 million versus 86.15 million.
The company on paper
- Legal name
- Manipal Payment and Identity Solutions Limited
- IncorporatedThe legal entity is often incorporated years before the brand you know, and may have traded under another name first
- 19 Feb 2008
- CINCorporate Identity Number — the unambiguous handle for looking this company up at the MCA
- U72900KA2008PLC045316
- Sector
- Information Technology · Payment card and identity document manufacturing with card personalisation services
- Employees
- 1,809
- Registered office
- Udayavani Building, Press Corner, Manipal 576104, Karnataka
- Promoters
- T. Satish U. Pai, Sandhya S. Pai, Tonse Gautham Pai, Manipal Technologies Limited, Manipal Media Network Limited, Tridevitha Consultancy Services Private Limited, Tridevita Family Trust - 2017
- Promoter holding, pre-issue
- 61.5%
- Promoter holding, post-issue
- 53.9%
- Website
- mpimanipal.com
The numbers
Financial performance
Revenue has compounded at 3.1% a year across the 3 reported financial years.
Revenue and profit
Figures in ₹ crore, as reported in the prospectus. Interim quarters are not annualised.
- Revenue
- Profit after tax
Margin trend
Profit and operating margin as a percentage of revenue
- Net margin
- EBITDA margin
Net worth and borrowings
At each period end, in ₹ crore. Gearing below each period is borrowings over net worth, from these same figures.
- Net worth
- Total borrowings
The price
Valuation
What the issue asks for the business, set against what the business earns.
No valuation ratios are recorded for this issue. The price band and the reported financials above are what this record holds.
The terms
How the issue is structured
40% of the money raised is fresh capital that goes to the company; the rest goes to shareholders selling down.
- Fresh issueNew shares — proceeds go to the company
- ₹320 Cr
- Offer for saleExisting shares — proceeds go to the selling shareholders
- ₹485 Cr
- Total issue size
- ₹805 Cr
- Shares offered in the OFS
- —
- Pre-issue shares outstanding
- —
- Employee discount
- —
What the issue does to ownership
Share of paid-up equity before and after the offer. The promoters give up 7.6% of the company.
- Promoters
- Everyone else
Hover or focus a segment to see who it is. The two bars are the same company, measured before and after the offer.
Percentages are of paid-up equity, and the “after” column assumes the offer is fully subscribed, which is how the offer document states it. This record does not disclose a pre- and post-issue share count, so the part of the company actually changing hands is not split out — everyone who is not a promoter is shown together.
Demand
What the market is bidding
Subscription is hard exchange data. Grey-market premium is not — it is an unofficial quote, shown because readers want it and labelled because it deserves the label.
Subscription by category
Cumulative bid multiples at the end of day 3. Anchor allocations are excluded.
Hover or focus a category to see who bids in it.
A category subscribed above 1× is oversubscribed; allotment in that category then runs as a lottery or on a proportionate basis.
Grey market premium
Unofficial over-the-counter sentiment
No grey-market quotes have been recorded for this issue.
Outcome
How it actually listed
- Issue price
- ₹339.00
- Listed at
- ₹330.00
- Listing gain
- down 2.6%
- Since listing
- down 8.4%
- Against the issue price
- down 10.8%
Trading at ₹302.40 on 30 Oct 2026
What an allotment is worth now, before costs
Work it out
What this means for one application
Three calculations, each stating the assumption it rests on.
What one application costs
Shares are applied for in whole lots at the cut-off price. The full amount is blocked in your bank account under ASBA, not debited, until allotment.
- Shares applied for
- 44
- At cut-off price
- ₹339.00
- Amount blocked
- ₹14,916
One lot is 44 shares at ₹14,916. Retail applications are capped at ₹2,00,000, which allows up to 13 lots here — apply for more and you are bidding as a non-institutional investor instead.
Odds of getting an allotment
When the retail category is oversubscribed, SEBI requires a lottery for the minimum lot. Every application has the same chance, whatever its size.
~46%
chance of one lot, per application
- Retail subscription
- 2.19×
- Applicants per share available
- 2.2× the retail quota
This is an estimate of a lottery, not a prediction. Actual odds depend on the final basis of allotment, how many applications were at the minimum lot, and rejections for technical reasons. Applying from multiple distinct PANs is the only legitimate way to hold more tickets in that lottery.
What it actually did
This issue has listed, so there is a real number instead of a prediction. The grey-market premium is shown beside it for comparison.
₹330.00
listed at, −2.6% against the issue price
- Issue price
- ₹339.00
- Premium said
- —
- If allotted 44 shares
- −₹396
Listing-day figures are as reported by the exchanges.
Our read
The case for and against
Grounded only in figures disclosed in the prospectus. This is analysis, not a recommendation.
What works
- EBITDA rose at each step on record: Rs 355.57 Cr in FY24, Rs 408.77 Cr in FY25 (up 14.96%) and Rs 455.83 Cr in FY26 (up 11.51%). The record states an EBITDA margin of 33.60% for Fiscal 2026.
- Total borrowings were Rs 449.47 Cr in FY24, Rs 472.87 Cr in FY25 and Rs 0.42 Cr in FY26, while net worth was Rs 405.05 Cr, Rs 619.69 Cr and Rs 1,107.34 Cr over the same three years. Borrowings as a multiple of net worth therefore fell at each step on record, from 1.11x to 0.76x to 0.00x.
- The record describes 13.54 million credit cards and 72.66 million debit cards billed in Fiscal 2026, an estimated 36.4% and 30.9% of Indian credit and debit card issuance respectively, alongside over 1 billion national identity cards billed, across 344 customers served in Fiscal 2026.
What to weigh against it
- The record states that the top ten customers were 58.67% of Fiscal 2026 revenue, out of 344 customers served, and describes the structural constraint as concentration and volume.
- Profit after tax was Rs 282.21 Cr in FY25 and Rs 253.46 Cr in FY26, a fall of 10.19%, in a year when revenue from operations was 5.63% higher at Rs 1,326.75 Cr against Rs 1,256.07 Cr. The prospectus, as the record reports it, attributes the fall to a Rs 110.00 Cr exceptional gain booked in Fiscal 2025 rather than to trading weakness.
- The record describes banking card volume as roughly flat at 86.20 million against 86.15 million, a rise of 0.06%, in the year revenue from operations rose 5.63% from Rs 1,256.07 Cr to Rs 1,326.75 Cr.
- It listed at Rs 330 against a band top of Rs 339, a listing gain of -2.65%, closed the first day at Rs 345.15, and stood at Rs 306.20 on 23 October 2026, which is 9.68% below the band top and 11.28% below that first-day close.
Easy to miss in the prospectus
- The record holds no cash flow from operations, total assets or expense lines for any of the three years, so the movement in borrowings from Rs 472.87 Cr in FY25 to Rs 0.42 Cr in FY26, and in net worth from Rs 619.69 Cr to Rs 1,107.34 Cr, cannot be traced through a cash statement here.
- No valuation multiples, peer set, anchor book, allocation split or offer objects are recorded, so what the Rs 320 Cr fresh portion of the Rs 805 Cr issue was raised for is not stated in this record.
- Subscription is held only for day three of the 9-11 September 2026 window (QIB 1.26x, NII 1.22x, retail 2.19x, total 1.42x); no day-one or day-two book and no grey-market readings are present.
Straight from the filing
Read it yourself
Every figure on this page comes out of these. Go and check them.
Served by the issuer, the exchange or the regulator — never a copy hosted here, so what you open is the filing itself.
The paperwork
Who is running the issue
- Lead managers
- Motilal Oswal Investment Advisors Limited, Axis Capital Limited, ICICI Securities Limited, IIFL Capital Services Limited, Nuvama Wealth Management Limited
- RegistrarAllotment status is checked on the registrar's own site
- MUFG Intime India Private Limited (formerly Link Intime India Private Limited)
How these figures were checked
Reconciled to Manipal Payment & Identity's own prospectus and to exchange disclosures, then cross-checked against 6 other independently published compilations of the same filing. Where a stated ratio disagreed with the line items it should come from, the disagreement was settled against the prospectus itself.
The prospectus is the authoritative document. Check anything that matters against it before you act.
Other issues worth reading next
ESDS Software
Cloud hosting, data centre colocation and managed IT services for Indian banks, government bodies and enterprises
Listed 4 Sep 2026 · Mainboard
- Price band
- ₹408 – ₹429
- Listing gain
- up 76.5%
- Score
- 88/100
ArMee Infotech
IT infrastructure supply and integration for government and PSU clients, with solar EPC and battery storage
Listed 30 Sep 2026 · Mainboard
- Price band
- ₹350 – ₹375
- Listing gain
- unchanged 0.0%
- Score
- 53/100
SRIT India
IT systems integration and digital platforms for government healthcare, e-governance and telecom projects
Listed 6 Oct 2026 · Mainboard
- Price band
- ₹123 – ₹130
- Listing gain
- up 13.8%
- Score
- 77/100