Summary
The Manipal Payment & Identity Solutions IPO is a mainboard book-build IPO, scheduled to open on 9 September 2026 and close on 11 September 2026.
The price band is fixed at ₹322 to ₹339 per share, with a minimum application of 1 lot (44 shares).
The company plans to list its shares on both the NSE and BSE, with the tentative listing scheduled for 17 September 2026.
The Manipal Payment & Identity Solutions IPO is a mainboard book-building IPO, which is opening for subscription on 9th September 2026 and closing on 11th September 2026. It has fixed the price band at ₹322 to ₹339 per share, a total of ₹805 crore, including a fresh issue of approximately ₹320 crore along with an offer for sale of 1,43,06,785 shares. The company plans to list its shares on the NSE and BSE, with the tentative listing scheduled for 17 September 2026.
Manipal Payment & Identity Solutions IPO Key Details
The table below presents the essential details investors should know before applying for the Manipal Payment & Identity Solutions IPO.
| IPO Open Date | 9 September 2026 |
| Close Date | 11 September 2026 |
| Face value | ₹2 per share |
| Price Band | ₹322 to ₹339 |
| IPO Lot Size | 44 shares |
| Fresh issue | ₹320.0 cr approx |
| Offer for Sale | 1,43,06,785 shares |
| Type of issue | Book-building |
| Listing at | NSE and BSE |
| Total Issue Size (₹ Crore) | ₹805 cr approx |
| Minimum Investment | 1 lot or 44 shares |
Manipal Payment & Identity Solutions IPO Timeline
Below is the complete schedule of events for the Manipal Payment & Identity Solutions IPO.
| Bid Opening | 9 September 2026 |
| Bid Closing | 11 September 2026 |
| Tentative Allotment | 15 September 2026 |
| Initiation of Refunds | 16 September 2026 |
| Credit of Shares to Demat | 16 September 2026 |
| Tentative Listing Date | 17 September 2026 |
| UPI mandate closing date | 11 September 2026 |
Key Performance Indicators of Manipal Payment & Identity Solutions IPO
These financial ratios highlight the company’s profitability, capital efficiency, and overall financial performance over the past three financial years.
| 31-03-2026 | 31-03-2025 | 31-03-2024 | |
| ROE (%) | 29.35 | 55.08 | 79.42 |
| ROCE (%) | 32.69 | 33.97 | 51.95 |
| Debt Equity (in times) | 0.00 | 0.76 | 1.11 |
| RoNW (%) | 22.93 | 45.54 | 61.51 |
| PAT Margin (%) | 18.68 | 22.10 | 19.65 |
| EBITDA margin (%) | 33.60 | 32.01 | 28.04 |
| Price to book | 6.94 | 11.42 |
Manipal Payment & Identity Solutions IPO Financial Details
The Financial information of the Manipal Payment & Identity Solutions IPO is as follows.
| FY 2025-2026 | FY 2024-2025 | FY 2023-2024 | |
| Revenue | 1,326.75 | 1,256.07 | 1,247.52 |
| Total Asset | 1,160.89 | 1,409.66 | 1,102.70 |
| Profit | 253.46 | 282.21 | 249.16 |
(Amount in ₹ Crores)
Manipal Payment & Identity Solutions IPO Subscription Status
| Date | QIB (Ex Anchor) | NII | Retail | Total |
|---|---|---|---|---|
| Sep 9 (Day 1) | 0.00 | 0.13 | 0.73 | 0.17 |
| Sep 10 (Day 2) | 0.03 | 0.24 | 1.22 | 0.31 |
Manipal Payment & Identity Solutions IPO Grey Market Premium (GMP)
The current status of the Grey Market Premium for the Manipal Payment & Identity Solutions IPO shows a GMP of ₹36. Therefore, according to the status, the estimated listing price is ₹375.
| GMP Date | GMP | Est. Listing Price (cap price + GMP) | Est. Profit* | Last Updated |
|---|---|---|---|---|
| 10-09-2026 | ₹5 ▼ | ₹344 (1.47%) | ₹220 | 10-Sep-2026 20:00 |
| 09-09-2026 Open | ₹8 ▼ | ₹347 (2.36%) | ₹352 | 9-Sep-2026 23:31 |
| 08-09-2026 | ₹37 ▼ | ₹376 (10.91%) | ₹1,628 | 8-Sep-2026 23:31 |
| 07-09-2026 | ₹38 ▲ | ₹377 (11.21%) | ₹1,672 | 7-Sep-2026 23:36 |
| 06-09-2026 | ₹30 ─ | ₹369 (8.85%) | ₹1,320 | 6-Sep-2026 23:36 |
| 05-09-2026 | ₹30 ▲ | ₹369 (8.85%) | ₹1,320 | 5-Sep-2026 23:35 |
| 04-09-2026 | ₹29 ─ | ₹368 (8.55%) | ₹1,276 | 4-Sep-2026 23:32 |
GMP is the premium value of the IPO share in the unofficial market before it opens for subscription.
Manipal Payment & Identity Solutions IPO Reservation
The following table shows the distribution of shares reserved for retail investors, QIBs, and NIIs under the IPO.
| Investor Category | Offered No. of Shares |
| QIBs | Not less than 75% of the net offer |
| NIIs | Not more than 15% of the net offer |
| Retails | Not more than 10% of the net offer |
| Total |
Manipal Payment & Identity Solutions IPO Lot Sizes
Investors can refer to the minimum and maximum investment requirements for each investor category as per the prescribed lot size.
| Application | Lot | Shares | Amount |
| Retail (Min) | 1 | 44 | ₹14,916 |
| Retail (Max) | 13 | 572 | ₹1,93,908 |
| S-HNI (Min) | 14 | 616 | ₹2,08,824 |
| S-HNI (Max) | 67 | 2,948 | ₹9,99,372 |
| B-HNI (Min) | 68 | 2,992 | ₹10,14,288 |
Manipal Payment & Identity Solutions IPO Prospectus
Investors can access the offered prospectus for the Manipal Payment & Identity Solutions IPO mentioned below.
About Manipal Payment & Identity Solutions Ltd.
Manipal Payment and Identity Solutions Limited, formerly known as MCT Cards & Technology Private Limited, is a provider of payment cards, identity solutions and other secure technology-based products and services. It was founded in 2008 and initially built its presence in the payment card business and has expanded its offerings across payment, identification, secure logistics, smart tagging and IoT-related solutions. Its portfolio includes payment cards, smart wearables, cheque solutions, NFC and QR solutions, driving licences, registration certificates, national identity products, secure logistics and instant issuance solutions.
Promoters:
- T. Satish U. Pai
- Sandhya S. Pai
- Tonse Gautham Pai
- Manipal Technologies Ltd.
- Manipal Media Network Ltd.
- Tridevitha Consultancy Services Pvt. Ltd.
- Tridevita Family Trust
| Book Runner | Motilal Oswal Investment Advisors Ltd. Axis Capital Ltd. ICICI Securities Ltd. IIFL Capital Services Ltd. Nuvama Wealth Management Ltd. |
| Issue Registrar | MUFG Intime India Pvt. Ltd. |
Purpose of Manipal Payment & Identity Solutions IPO
The company intends to deploy the funds raised through this public issue toward specific operational and strategic goals, as detailed in the table below.
| Particulars | Estimated Amount in ₹ Crores |
| Funding capital expenditure on equipment | 238.42 |
| General corporate purpose | _ |
| Total | _ |
Manipal Payment & Identity Solutions Ltd.- Strengths and benefits
- Large and long-standing customer base: The company serves banks, fintech companies, NBFCs and government customers. A substantial number of its customers have maintained relationships with the company for more than five years, reflecting its established presence and customer relationships.
- Diversified product portfolio: Apart from payment cards, the company offers identification products, secure printing, contactless payment solutions, secure logistics, RFID-based tracking and anti-counterfeiting solutions. This allows it to generate business from multiple product categories.
- Focus on technology-based solutions: The company is also expanding its offerings across contactless products, smart tagging, RFID, QR codes and IoT-based tracking solutions. These capabilities could help it benefit from the increasing adoption of technology-driven payment, identification and security solutions.
Manipal Payment & Identity Solutions Ltd- Risks and limitations
- Security and compliance requirements: The company operates in a highly secure industry and needs to comply with payment network standards and other regulatory requirements. Any failure to meet required security or compliance standards could affect its operations and relationships with customers.
- Customer concentration risk: The company depends significantly on a limited number of major customers. Its top 10 customers accounted for 58.67% of revenue from operations in FY26, 60.98% in FY25, and 62.51% in FY24. Therefore, the loss of any key customer, a reduction in their orders, or their decision to switch to competitors could adversely affect the company’s revenue, financial performance and profitability.
- Dependence on key suppliers: The business depends on the availability of raw materials and supplies from a limited number of suppliers. Any disruption, delay or increase in procurement costs could affect manufacturing operations and margins. Purchases from its top 10 suppliers accounted for 56.05% of total purchases in FY26, 62.29% in FY25, and 59.69% in FY24.
Manipal Payment & Identity Solutions IPO Review
The Manipal Payment & Identity Solutions IPO is a mainboard book-building issue with a price band of ₹322 to ₹339 per share. The issue consists of a fresh issue of approximately ₹320 crore and an offer for sale of 1,43,06,785 shares, taking the total issue size to around ₹805 crore. It is scheduled to open on 9th September 2026 and close on 11th September 2026, with its listing on the NSE and BSE fixed for 17th September 2026.
The IPO GMP price was showing ₹36 on 8 September 2026, indicating an estimated listing price of ₹375. However, GMP is unofficial and can change significantly before listing. Investors should evaluate the company’s financial performance, valuation, business risks and long-term growth prospects before making an investment decision.
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Manipal Payment & Identity Solutions IPO FAQs
The Manipal Payment & Identity Solutions IPO is a mainboard book-building public issue through which the company plans to raise approximately ₹805 crore.
Investors can apply through their registered stockbroker or supported banking and investment platforms using the ASBA or UPI payment process.
Whether the IPO is suitable depends on an investor’s financial goals and risk appetite. Investors should evaluate the company’s business, financial performance, valuation and associated risks before applying.
The IPO is scheduled to open for subscription on 9 September 2026 and close on 11 September 2026.
The minimum lot size is 44 shares. At the upper price band of ₹339 per share, the minimum investment is ₹14,916.
The tentative date for the Manipal Payment & Identity Solutions IPO allotment is 15 September 2026.
The shares are tentatively scheduled to list on the NSE and BSE on 17 September 2026.
