Manipal Payment and Identity Solutions IPO 2026: Price Band, GMP, Subscription, Financials & Key Details

The Manipal Payment and Identity Solutions IPO is an upcoming Mainboard IPO of Manipal Payment and Identity Solutions Limited, a provider of payment, identification, security, smart-tagging and Internet of Things (IoT) solutions.

The Manipal Payment and Identity Solutions IPO is a ₹805 crore book-built issue comprising a ₹320 crore fresh issue and an Offer for Sale (OFS) of ₹485 crore by promoter Manipal Technologies. The company has fixed the IPO price band at ₹322 to ₹339 per equity share.

The IPO will open for subscription from September 9, 2026 to September 11, 2026, with the shares proposed to list on BSE and NSE on September 17, 2026.

The face value of each equity share is ₹2. Retail investors can apply for a minimum of 44 shares, requiring an investment of ₹14,916 at the upper price band of ₹339.

Manipal Payment and Identity Solutions provides payment cards, identification solutions, secure products, smart-tagging solutions and IoT-related products to banks, fintech companies, NBFCs, governments and other customers in India and international markets.

The company operates through 10 manufacturing facilities with 19 production units across 11 cities and has expanded its operations across the United Kingdom, Europe, Asia-Pacific and the Middle East & Africa regions.

In this article, we cover the Manipal Payment and Identity Solutions IPO details, GMP, subscription status, IPO timeline, lot size, reservation, business overview, financial performance, key ratios, valuation, peer comparison, IPO objectives, strengths, risks and allotment details.

Manipal Payment and Identity Solutions IPO Details

The IPO comprises up to 94.40 lakh fresh shares aggregating ₹320 crore and up to 1.43 crore shares in the OFS aggregating ₹485 crore.

Manipal Payment and Identity Solutions IPO Timeline

The IPO is scheduled to open on September 9, 2026 and close on September 11, 2026.
 

Allotment, refund, demat credit and listing dates are tentative and may change.

Manipal Payment and Identity Solutions IPO GMP

As of September 7, 2026, the Manipal Payment and Identity Solutions IPO GMP is ₹30 based on the grey-market data provided.

At the upper price band of ₹339, the estimated listing price based on the current GMP is approximately ₹369.

This indicates an estimated listing gain of approximately 8.85% over the upper price band.

The GMP has remained in the ₹29–₹30 range over the available four-day period.

GMP is an unofficial and unregulated indicator and can change significantly before listing. Investors should not make an investment decision solely on the basis of GMP.

Manipal Payment and Identity Solutions IPO Subscription Status

The IPO will open for subscription on September 9, 2026. Therefore, live subscription figures are currently unavailable before bidding begins.

Once bidding begins, subscription figures will be updated based on applications received from Qualified Institutional Buyers (QIBs), Non-Institutional Investors (NIIs) and Retail Individual Investors.

Manipal Payment and Identity Solutions IPO Day-wise Subscription Trend

What is the Current Subscription Data for Manipal Payment and Identity Solutions IPO?

The current subscription data is not available because the IPO has not yet opened for bidding.

The subscription window will begin on September 9, 2026. Investors will then be able to track category-wise demand across QIB, NII and Retail segments.

The final subscription figures will be available after the IPO closes on September 11, 2026.

Manipal Payment and Identity Solutions IPO Lot Size

The minimum bid for the IPO is 44 shares, and investors can bid in multiples of 44 shares.
At the upper price band of ₹339, one lot requires an investment of ₹14,916.

Manipal Payment and Identity Solutions IPO Reservation

The IPO reservation is structured as follows:

The final allocation will be determined according to the IPO documents and applicable regulations.

What is Manipal Payment and Identity Solutions?

Manipal Payment and Identity Solutions Limited is an Indian provider of payment, identification, security, smart-tagging and IoT solutions.

The company was incorporated in 2008 and was formerly known as MCT Cards & Technology Limited. It provides solutions to banks, fintech companies, NBFCs, government departments and other institutional customers.

Its product portfolio includes payment cards, identification solutions, cheque solutions, NFC and QR-code solutions, payment-enabled wearables, digital automation solutions and other security-related products.

The company has expanded its operations internationally across the United Kingdom, Europe, Asia-Pacific and Middle East & Africa.

It operates through 10 state-of-the-art factory setups with 19 production units across 11 cities.

According to the company, it was among the largest manufacturers of payment cards in India and globally, with estimated FY26 market shares of approximately 36.4% in credit card issuance and 30.9% in debit card issuance.

Product and Business Portfolio

Payment Cards

The company manufactures payment cards for banks, fintech companies and other financial institutions.

Identification Solutions

Manipal Payment provides identification and secure card solutions for government and institutional customers.

Smart Tagging Solutions

The company offers smart-tagging solutions used across different applications requiring secure identification and tracking.

Security Solutions

Its portfolio includes security-oriented products designed for financial institutions, government organisations and other customers.

IoT Solutions

The company also provides Internet of Things-related solutions and products.

Digital and Contactless Solutions

The business includes technologies such as NFC, QR codes and payment-enabled wearables, supporting the shift towards digital and contactless transactions.

Manipal Payment and Identity Solutions IPO Objectives

The company proposes to utilise the net proceeds from the fresh issue towards the following objectives:

A significant portion of the fresh issue proceeds is proposed to be used for purchasing and setting up new and second-hand equipment at various facilities.
The remaining amount from the fresh issue is intended for general corporate purposes. The OFS proceeds will go to the selling shareholder rather than the company.

Manipal Payment and Identity Solutions Financial Performance

₹ in Crore

Manipal Payment and Identity Solutions' total income increased from ₹1,277.11 crore in FY25 to ₹1,356.59 crore in FY26, representing growth of approximately 6%.

However, PAT declined from ₹282.21 crore in FY25 to ₹253.46 crore in FY26, a decline of approximately 10%.

The decline in PAT was partly affected by the high base in FY25, which included exceptional gains.

EBITDA increased from ₹408.77 crore in FY25 to ₹455.83 crore in FY26.

Net worth increased substantially from ₹619.70 crore in FY25 to ₹1,107.34 crore in FY26, while borrowings reduced sharply to ₹0.42 crore.

Manipal Payment and Identity Solutions Key Financial Ratios

The company reported an EBITDA margin of 33.60% in FY26 compared with 32.01% in FY25.

PAT margin stood at 18.68%, while ROE was 29.35%.

The sharp decline in debt also resulted in a reported Debt/Equity ratio of 0.00% for FY26.

Manipal Payment and Identity Solutions IPO Valuation

Based on the supplied IPO valuation data:

At the upper price band of ₹339, the company is valued at approximately ₹7,858 crore according to the supplied IPO data. Current published reports also place the upper-end valuation at around ₹7,858 crore.

The supplied post-IPO P/E is approximately 31.02x.

Investors should compare this valuation with listed companies operating in payment cards, identity solutions and related technology segments.

Manipal Payment and Identity Solutions Promoter Holding

The promoters include:

• Tonse Gautham Pai
• T. Satish U. Pai
• Sandhya S. Pai
• Manipal Technologies Ltd.
• Manipal Media Network Ltd.
• Tridevitha Consultancy Services Pvt. Ltd.
• Tridevita Family Trust 2017

The promoter holding is expected to reduce after the IPO due to dilution through the public issue.

Manipal Payment and Identity Solutions IPO Peer Comparison

The available peer comparison is as follows:

Manipal Payment's reported RoNW of 22.93% is higher than the 16.81% reported for Seshaasai Technologies.
However, the valuation comparison should also consider differences in business mix, scale, growth, profitability and product portfolio.

Competitive Strengths of Manipal Payment and Identity Solutions

Strong Position in Payment Card Manufacturing

Manipal Payment is positioned as one of the major payment card manufacturers, with a reported FY26 market share of approximately 36.4% in credit cards and 30.9% in debit cards.

Diversified Product Portfolio

The company operates across payment cards, identification, security, smart tagging, IoT and digital solutions, reducing dependence on a single product category.

Large Manufacturing Footprint

The company operates 10 factory setups with 19 production units across 11 cities, providing a broad manufacturing and delivery network.

Strong Institutional Customer Base

The company serves banks, fintech companies, NBFCs, government departments and other institutional customers.

International Presence

Manipal Payment has expanded its operations across the UK, Europe, Asia-Pacific and Middle East & Africa, giving it exposure to international markets.

Strong Operating Margins

The company reported an EBITDA margin of 33.60% in FY26, reflecting strong operating profitability.

Low Debt

Total borrowings declined sharply to ₹0.42 crore in FY26, compared with ₹472.87 crore in FY25.

Investment in Manufacturing Equipment

A major portion of the fresh issue proceeds is proposed to be used for capital expenditure on equipment, which could support capacity and technology expansion.

Risks Investors Should Consider

PAT Decline

Despite revenue growth, PAT declined approximately 10% in FY26. Investors should monitor whether profitability can return to a sustainable growth trajectory.

Dependence on Financial Sector

A significant portion of the company's business is linked to banks, fintech companies, NBFCs and payment ecosystems. Changes in financial-sector spending or technology can affect demand.

Technology and Product Obsolescence

The payment and identity solutions industry is technology-driven. Rapid changes in payment technology, security standards and digital alternatives may require continuous investment.

Regulatory Risk

The company's operations involve payment, identification and security-related products, making regulatory changes an important business consideration.

Customer Concentration

Dependence on institutional customers can expose the company to changes in contracts, order volumes and procurement cycles.

OFS Component

A significant portion of the IPO is an OFS. The ₹485 crore OFS proceeds will go to the selling shareholder, rather than being available to the company for business expansion.

IPO Valuation

At the upper price band, the company is valued at approximately ₹7,858 crore, making valuation an important factor for investors to assess against peers and future earnings growth.

Should You Invest in Manipal Payment and Identity Solutions IPO?

Manipal Payment and Identity Solutions operates in the growing payment, identification, security and smart technology ecosystem.
Financially, the company reported ₹1,356.59 crore of total income and ₹253.46 crore PAT in FY26. EBITDA increased to ₹455.83 crore, while EBITDA margin improved to 33.60%.

Another positive factor is the sharp reduction in borrowings, with total debt falling to just ₹0.42 crore in FY26.

However, PAT declined by approximately 10% in FY26, while the company operates in a technology-sensitive and regulation-driven industry. Investors should also consider the substantial OFS component and the valuation of approximately ₹7,858 crore at the upper price band.

The current GMP of ₹30 indicates an estimated listing price of approximately ₹369, based on the ₹339 upper price band. However, GMP is unofficial and can change before listing.

Overall, investors should evaluate the IPO based on valuation, earnings growth, market share, competitive position, technology investments, industry outlook and risks, rather than relying only on the current GMP or expected listing gains.

Manipal Payment and Identity Solutions IPO Allotment Status

The Manipal Payment and Identity Solutions IPO allotment is expected to be finalized on September 15, 2026.

Investors can check their allotment status through the official registrar, MUFG Intime India Pvt. Ltd.

How to Check Manipal Payment and Identity Solutions IPO Allotment Status?

• Visit the MUFG Intime IPO allotment website.
• Select Manipal Payment and Identity Solutions from the issuer list.
• Choose PAN, application number or DP ID/client ID.
• Enter the required details.
• Submit the information.

Your IPO allotment status will be displayed.

Investors may also receive allotment and refund updates through their registered bank, broker, email or SMS.

Manipal Payment and Identity Solutions IPO Registrar

• Registrar: MUFG Intime India Pvt. Ltd.
• Address:
  LBS Marg, Vikhroli (West), Mumbai
• Website: in.mpms.mufg.com
• Phone: 022-49186000
• Email: manipalpayment.ipo@in.mpms.mufg.com
•  

Manipal Payment and Identity Solutions IPO Lead Managers

The book-running lead managers for the IPO are:

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

Manipal Payment and Identity Solutions Company Details

• Company: Manipal Payment and Identity Solutions Limited
• Registered Office:
  Udayavani Building, Press Corner
  Manipal, Karnataka – 576104
• Website: mpimanipal.com
• Phone: 0820 220 5480
• Email: info@mpimanipal.com

Manipal Payment and Identity Solutions IPO Summary

The Manipal Payment and Identity Solutions IPO is an ₹805 crore Mainboard IPO comprising a ₹320 crore fresh issue and ₹485 crore Offer for Sale.

The IPO price band has been fixed at ₹322 to ₹339 per share, while the minimum lot size is 44 shares. Retail investors need a minimum investment of ₹14,916 at the upper price band.

The IPO will open for subscription on September 9, 2026 and close on September 11, 2026, with listing scheduled for September 17, 2026.

Financially, the company reported ₹1,356.59 crore of total income, ₹455.83 crore EBITDA and ₹253.46 crore PAT in FY26.

The company also reported a strong 33.60% EBITDA margin, while borrowings reduced sharply to ₹0.42 crore.

The company plans to use ₹238.43 crore from the fresh issue towards capital expenditure on equipment, with the balance intended for general corporate purposes.

The Manipal Payment and Identity Solutions IPO GMP is ₹30 as of September 7, 2026, implying an estimated listing price of approximately ₹369 against the upper price band of ₹339.

Frequently Asked Questions (FAQs)

What is the Manipal Payment and Identity Solutions IPO?

Manipal Payment and Identity Solutions IPO is a Mainboard Book Build IPO of Manipal Payment and Identity Solutions Limited, a provider of payment, identification, security, smart-tagging and IoT solutions.

What is the Manipal Payment and Identity Solutions IPO issue size?

The IPO issue size is ₹805 crore, comprising a ₹320 crore fresh issue and ₹485 crore OFS.

What is the Manipal Payment and Identity Solutions IPO price band?

The IPO price band is ₹322 to ₹339 per equity share.

What is the Manipal Payment and Identity Solutions IPO GMP today?

The IPO GMP is ₹30 as of September 7, 2026, based on the provided grey-market data.

What is the Manipal Payment and Identity Solutions IPO lot size?

The minimum lot size is 44 shares, requiring an investment of ₹14,916 at the upper price band of ₹339.

When will the Manipal Payment and Identity Solutions IPO open?

The IPO will open for subscription on September 9, 2026.

When will the Manipal Payment and Identity Solutions IPO close?

The IPO will close on September 11, 2026.

When is the Manipal Payment and Identity Solutions IPO allotment date?

The IPO allotment is expected on September 15, 2026.

When will Manipal Payment and Identity Solutions shares be listed?

The shares are scheduled to list on BSE and NSE on September 17, 2026.

Who is the registrar of the Manipal Payment and Identity Solutions IPO?

MUFG Intime India Pvt. Ltd. is the registrar of the IPO.

Who are the lead managers of the IPO?

The lead managers are ICICI Securities, Motilal Oswal Investment Advisors, IIFL Capital Services, Axis Capital and Nuvama Wealth Management.

What is the Manipal Payment and Identity Solutions IPO market capitalization?

The supplied market capitalization at the upper price band is approximately ₹7,858.17 crore.

What is the Manipal Payment and Identity Solutions IPO P/E ratio?

The supplied post-IPO P/E ratio is approximately 31.02x.

How much debt does Manipal Payment and Identity Solutions have?

The company reported total borrowings of approximately ₹0.42 crore in FY26, compared with ₹472.87 crore in FY25.

Disclaimer

This article is intended for informational and educational purposes only and should not be considered financial or investment advice. IPO dates, price band, GMP, subscription figures, allotment dates, financial information and valuations may change. Grey Market Premium (GMP) is unofficial and does not guarantee the actual listing price or returns. Investors should carefully read the IPO's Red Herring Prospectus (RHP), verify the latest information from official sources and consult a qualified financial advisor before making any investment decision. Investments in the stock market are subject to market risks.

Author: Komal Bhatt

Komal Bhatt is a finance content writer at InvestKraft, specialising in well-researched articles on financial products, stock markets, and investment opportunities, with a particular focus on unlisted shares.

She holds a Master’s degree in Commerce from the University of Delhi, which gives her a solid academic foundation in finance and business. With over three years of hands-on experience in creating digital finance content, Komal has developed a clear understanding of investor needs through her work on wealth management, NISM certification programs, and market education materials.

Komal is passionate when it comes to breaking down complex financial concepts into simple, accurate and actionable insights. Her goal is to help everyday investors understand markets better and make more informed decisions based on reliable, research-backed information.