MANIPAL PAYMENT AND IDENTITY SOLUTIONS LTD IPO: Company Review, Subscription and Allotment Updates
2026-09-08 — Company overview and issue details MANIPAL PAYMENT AND IDENTITY SOLUTIONS LTD IPO (ABOUT THE COMPANY) MANIPAL PAYMENT AND IDENTITY SOLUTIONS LTD – COMPANY BACKGROUND Manipal Payment and Identity Solutions Ltd was…
2026-09-08 — Company overview and issue details
MANIPAL PAYMENT AND IDENTITY SOLUTIONS LTD IPO (ABOUT THE COMPANY)
MANIPAL PAYMENT AND IDENTITY SOLUTIONS LTD – COMPANY BACKGROUND
Manipal Payment and Identity Solutions Ltd was incorporated in the year 2008 and its main business is to provide payment solutions, identification solutions, smart tagging, and IOT solutions. It caters to banks, NBFCs, fintechs, SFBs etc. It also caters to domestic and global governments for identity solutions. The company has over 300 customers across India and abroad with some of the marquee banks like ICICI Bank, HDFC Bank, SBI, Axis Bank, and Kotak Bank being among its customers. It exports credit cards, debit cards, and metal cards across UK, Singapore, Bahrain, Hong Kong, Oman, Mauritius, Maldives etc.
The promoters of Manipal Payment and Identity Solutions Ltd are Satish Pai, Sandhya Pai, Tonse Gautham Pai, Manipal Technologies, Manipal Media Network Ltd, Tridevitha Consultancy Services, and Tridevitha Family Trust - 2017. The IPO will be a combination of a fresh issue of shares and an offer for sale (OFS) component. The fresh issue funds will be used for Capital Expenditure on equipment and for general corporate purposes. The OFS shares are being offered by the promoter shareholders of the company. The issue is being lead-managed by Motilal Oswal Investment Banking, Axis Capital, ICICI Securities, IIFL Capital Services, and Nuvama Wealth Management; while MUFG Intime India Private Ltd is the IPO registrar.
HIGHLIGHTS OF THE IPO ISSUE OF MANIPAL PAYMENT AND IDENTITY SOLUTIONS LTD
Here are the key highlights of the public issue of Manipal Payment and Identity Solutions Ltd.
The IPO is open from September 09th, 2026 to September 11th, 2026. It has a face value of ₹2 per share and the IPO price band has been fixed in the range of ₹322 to ₹339 per share.
The IPO of Manipal Payment and Identity Solutions Ltd will be a combination of a fresh issue of shares and an offer for sale of shares by the investor shareholders.
The Fresh Issue portion of the IPO comprises the issue of 94,39,528 shares (94.40 lakh shares), which at the upper price band of ₹339 per share, translates into a fresh issue size of ₹320.00 crore.
The offer for sale (OFS) portion of the IPO comprises the sale of 1,43,06,785 shares (143.07 lakh shares), which at the upper price band of ₹339 per share, translates into an OFS size of ₹485.00 crore.
Therefore, the overall IPO will comprise of the fresh issue portion and offer for sale (OFS) portion comprising of 2,37,46,313 shares (237.46 lakh shares), which at the upper price band of ₹339 per share translates into overall issue size of ₹805.00 crore.
Due to dilutive impact of the fresh issue and the offer for sale (OFS) by promoters, the promoter stake in the company will reduce from 62.65% pre-IPO to 53.92% post-IPO.
The IPO of Manipal Payment and Identity Solutions Ltd will be listed on the NSE and the BSE on the IPO mainboard. The anchor allocation happened on September 08, 2026.
KEY DATES, INVESTOR ALLOCATION, AND LOT SIZES
Here are the key dates pertaining to the IPO of Manipal Payment and Identity Solutions Ltd
| Event | Tentative Date |
|---|---|
| IPO Open Date | Wednesday, 9 September, 2026 |
| IPO Close Date | Friday, 11 September, 2026 |
| Basis of Allotment | Tuesday, 15 September, 2026 |
| Initiation of Refunds to non-allottees | Wednesday, 16 September, 2026 |
| Credit of Shares to Demat | Wednesday, 16 September, 2026 |
| Listing Date on NSE and BSE | Thursday, 17 September, 2026 |
Data Source: Company RHP
Investors can apply either through their existing trading account or the ASBA application can be directly logged through the internet banking account. This can only be done through the authorized list of self-certified syndicate banks (SCSB).
The table below captures the gist of the allocation to various categories.
| Investor Category | Share Allocation | % Share |
|---|---|---|
| Reservation for Employees | Nil Shares | Not Applicable |
| Anchor Allocation | 1,06,85,841 shares | 45.00% of total IPO size |
| QIB Shares Offered | 71,23,895 shares | 30.00% of total IPO size |
| NII (HNI) Shares Offered | 35,61,946 shares | 15.00% of total IPO size |
| Retail Shares Offered | 23,74,631 shares | 10.00% of total IPO size |
| Total Shares Offered | 2,37,46,313 shares | 100.00% of Total IPO size |
Data Source: Security Parameters Filing (NSE)
The anchor portion, is carved out of the QIB portion and the QIB portion available in the IPO offer has been reduced proportionately. Please note that the above shares are final and may differ marginally from the original announcement.
Here is a quick look at the lot sizes applicable for the IPO of Manipal Payment and Identity Solutions Ltd for various categories of investors.
| Application | Lots | 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 |
It may be noted here that for the B-HNI category and for the QIB (qualified institutional buyer) category, there are no upper limits applicable. (1 Lot = 44 shares)
FINANCIAL HIGHLIGHTS OF MANIPAL PAYMENT AND IDENTITY SOLUTIONS LTD
The table captures the key financials of Manipal Payment and Identity Solutions Ltd for last 3 financial years.
| Particulars | FY26 | FY25 | FY24 |
|---|---|---|---|
| Net Revenues (₹ in crore) | 1,326.75 | 1,256.07 | 1,247.52 |
| Sales Growth (%) | 5.63% | 0.69% | |
| Profit after Tax (₹ in crore) | 253.46 | 282.21 | 249.17 |
| PAT Margins (%) | 19.10% | 22.47% | 19.97% |
| Total Equity (₹ in crore) | 791.90 | 304.25 | 89.61 |
| Total Assets (₹ in crore) | 1,160.90 | 1,409.67 | 1,102.71 |
| Return on Equity (%) | 32.01% | 92.76% | 278.05% |
| Return on Assets (%) | 21.83% | 20.02% | 22.60% |
| Asset Turnover Ratio (X) | 1.14 | 0.89 | 1.13 |
| Earnings per share (₹) | 11.26 | 13.41 | 12.03 |
| EBITDA (₹ in Crore) | 455.83 | 408.77 | 355.57 |
| EBITDA Margins (%) | 34.36% | 32.54% | 28.50% |
Data Source: Company RHP filed with SEBI (FY refers to Apr-Mar period)
Between FY24 and FY26, the net margins have been steady in the range of 19-20%, while the EBITDA margins has improved to 34.36%. At the same time, the ROE was lower at 32% due to expansion of the equity base in the last few years. The company has shown a consistent track record of profitability with robust PAT and EBITDA margins.
VALUATION METRICS OF MANIPAL PAYMENT AND IDENTITY SOLUTIONS LTD IPO
At the IPO price of ₹339 (upper band), the stock gets discounted at a P/E ratio of 30.1X, based on the latest FY26 EPS of ₹11.26. If one were to other similar companies in the peer group, the P/E ratio is justifiable considering the domineering market share of the company and also its higher RONW compared to the other listed company in the same space.
Apart from the financial numbers, there are also some other areas where Manipal Payment and Identity Solutions Ltd has an edge. It ranks No.1 in India and No.14 globally in the manufacture of payment cards. This has resulted in deep-rooted relationships with most of their marquee customers. With the backing of the Manipal group, it has the edge of a strong balance sheet heft. Investors can look at the IPO as a proxy for the growth of fintech in India, albeit with a longer-term perspective.
2026-09-09 — Anchor allocation
MANIPAL PAYMENT AND IDENTITY SOLUTIONS LTD IPO (ANCHOR ALLOCATION 45.00%)
BRIEF ON ANCHOR ALLOCATION OF MANIPAL PAYMENT AND IDENTITY SOLUTIONS LTD
The anchor issue of Manipal Payment and Identity Solutions Ltd saw a very strong response on 08th September 2026 with 45.00% of the IPO size absorbed by anchors. Out of 2,37,46,313 shares (237.46 lakh shares) on offer in the IPO; anchors picked up 1,06,85,841 shares (106.86 lakh shares) accounting for 45.00% of the total IPO size. The entire anchor allocation was made at the upper end of the price band of ₹339 per share. This includes the face value of ₹2 per share plus a share premium of ₹337 per share. The anchor bidding opened and closed on 08th September 2026.
KEY POINTS TO NOTE IN THE ANCHOR ALLOCATION PROCESS
Here are the key details pertaining to the anchor bidding of Manipal Payment and Identity Solutions Ltd
| Bid Date | September 08, 2026 |
|---|---|
| Shares Offered | 1,06,85,841 shares |
| Anchor Portion Size (₹ in crore) | ₹362.25 crore |
| Anchor lock-in period end date for 50% shares (30 Days) | Oct 13, 2026 |
| Anchor lock-in period end date for remaining shares (90 Days) | Dec 12, 2026 |
An anchor investor in an IPO is a qualified institutional buyer (QIB) like a foreign portfolio investor or mutual fund or insurance company or a sovereign fund which invests before the IPO is made available to the public as per SEBI regulations. It helps in price discovery.
MAJOR ANCHOR ALLOCATION INVESTORS IN MANIPAL PAYMENT AND IDENTITY SOLUTIONS LTD
On 08th September 2026, Manipal Payment and Identity Solutions Ltd allotted 1,06,85,841 shares to a total of 36 anchor investors. The allocation was done at the upper IPO price band of ₹339 per share which resulted in overall anchor allocation of ₹362.25 crore. The anchors have already absorbed 45.00% of the total issue size of ₹805 crore, after factoring in the employee discount offered in the IPO, if any.
Listed below are the Top 10 IPO anchor investors who accounted for anchor collection of ₹207.57 crores, or, 57.30% of the overall anchor allocation of shares, one trading day ahead of the IPO of Manipal Payment and Identity Solutions Ltd. The individual anchor allocation of top-10 investors is indexed descending on the number of shares allotted.
| Anchor Investors | No. of Shares | % of Anchor Portion | Value Allocated | |
|---|---|---|---|---|
| 01 | Motilal Oswal Small Cap Fund | 11,79,904 | 11.04% | ₹ 40.00 |
| 02 | Abakkus Emerging Opportunities Fund | 8,84,884 | 8.28% | ₹ 30.00 |
| 03 | CSIM India Opportunities Fund | 5,91,096 | 5.53% | ₹ 20.04 |
| 04 | New Mark Capital AIF LLP | 5,75,212 | 5.38% | ₹ 19.50 |
| 05 | Sageone Flagship Growth OE Fund | 5,75,212 | 5.38% | ₹ 19.50 |
| 06 | Sanshi Fund I - Investment Account | 5,75,212 | 5.38% | ₹ 19.50 |
| 07 | Alchemy Emerging Leaders | 5,75,212 | 5.38% | ₹ 19.50 |
| 08 | Girik Multicap Growth Equity Fund | 5,75,212 | 5.38% | ₹ 19.50 |
| 09 | New Prime Fund | 2,95,548 | 2.77% | ₹ 10.02 |
| 10 | Edelweiss Life Insurance Company | 2,95,548 | 2.77% | ₹ 10.02 |
| Grand Total | 61,23,040 | 57.30% | ₹ 207.57 |
Data Source: BSE Filings (Value Allocated is ₹ in Crore)
The detailed and comprehensive report on the anchor allocation, with the mutual fund portion segregated, can be accessed on BSE by clicking on the link below.
Out of the 1,06,85,841 shares allocated to the anchors in the IPO, there was an allocation of 35,10,232 shares made to mutual funds regulated by SEBI. This anchor allocation to mutual funds was spread across 16 MF schemes of 4 asset management companies (AMC). Mutual funds accounted for 32.85% of the overall anchor allocation.
Out of the 1,06,85,841 shares allocated to the anchors in the IPO, there was an allocation of 2,95,548 shares made to 1 life insurance company regulated by IRDAI, representing 2.77% of the total anchor allocation. The remaining anchor allocation was spread across FPIs, ODIs, SIFs, and alternate investment funds (AIFs).
NEXT STEPS IN MANIPAL PAYMENT AND IDENTITY SOLUTIONS LTD IPO
Post the closure of the IPO subscription on 11th September 2026, the basis of allotment will be finalized on 15th September 2026 and the refunds will be initiated on 16th September 2026. In addition, the demat credits are expected to also happen on 16th September 2026 and the stock will list on 17th September 2026 on the NSE and the BSE. The credits to the demat account to the extent of shares allotted will happen by the close of 16th September 2026 under ISIN (INE241U01028).
2026-09-12 — Day-3 subscription update
Manipal Payment and Identity Solutions Ltd (Day-3 Final Subscription at 1.42 times)
MANIPAL PAYMENT AND IDENTITY SOLUTIONS LTD - IPO SUBSCRIPTION STATUS DAY-3
As of 7.30 pm on 11th September 2026, out of the 130.60 lakh shares on offer in the IPO (excluding anchor portion), Manipal Payment and Identity Solutions Ltd saw bids for 185.13 lakh shares. This implies an overall subscription of 1.42X at a macro level. The granular break-up of subscriptions at close of Day-3 of the IPO of Manipal Payment and Identity Solutions Ltd was as under:
| Employees (N.A.) | QIBs (1.26X) | HNI / NII (1.22X) | Retail (2.19X) |
|---|
The subscriptions were led by the Retail Investors followed by the QIB investors and the HNI / NII investors in that order. QIB bids and NII bids typically gather most of the momentum only on the last day. That was, however, not the case in this IPO, as flows were very slow. This is despite the steady anchor participation a day ahead of the IPO opening with 45.00% of the IPO size absorbed by anchor investors. Here is the category-wise subscription. The overall subscription ratio excludes anchor portion.
| Investor Category | Subscription (times) | Shares Offered | Shares bid for | Total Amount (₹ in Crore) |
|---|---|---|---|---|
| Anchor Investors | 1.00 | 1,06,85,841 | 1,06,85,841 | 362.25 |
| Employee Quota | N.A. | 0 | 0 | 0.00 |
| QIB Investors | 1.26 | 71,23,895 | 89,64,164 | 303.89 |
| HNIs / NIIs | 1.22 | 35,61,946 | 43,46,144 | 147.33 |
| Retail Investors | 2.19 | 23,74,631 | 52,02,296 | 176.36 |
| Total | 1.42 | 1,30,60,472 | 1,85,12,604 | 627.58 |
Data Source: NSE / BSE (as of close of Day-3 of the IPO)
The IPO of Manipal Payment and Identity Solutions Ltd was open up to September 11, 2026, and has closed for subscription as of the close of trading hours on September 11, 2026. The subscription ratios presented in the table above represent the final subscription numbers for each category and also for the IPO overall. Generally, the listing price of the IPO and the post-listing performance tend to get influenced by the extent of oversubscription of the IPO. However, it must also be noted that a higher subscription is not an automatic guarantee of a strong listing performance for the IPO stock. The final subscription ratio excludes anchor portion. Total bids as of the close (including anchor allocation) stood at ₹989.83 crore.
NEXT STEPS IN THE MANIPAL PAYMENT AND IDENTITY SOLUTIONS LTD IPO
Post the closure of the IPO subscription on 11th September 2026, the basis of allotment will be finalized on 15th September 2026 and the refunds will be initiated on 16th September 2026. In addition, the demat credits are expected to also happen on 16th September 2026 and the stock will list on 17th September 2026 on the NSE and the BSE. The credits to the demat account to the extent of shares allotted will happen by the close of 16th September 2026 under ISIN (INE241U01028).
2026-09-12 — Allotment guidance and next steps
Manipal Payment and Identity Solutions Ltd IPO (How to check allotment status)
ABOUT THE MANIPAL PAYMENT AND IDENTITY SOLUTIONS LTD IPO
The IPO of Manipal Payment and Identity Solutions Ltd opened on September 09th, 2026 and closed on September 11th, 2026. The overall IPO comprised of a fresh issue and an offer for sale (OFS) of 2,37,46,313 shares (237.46 lakh shares) worth ₹805.00 crore at the upper price band of ₹339 per share. The allotment status will be finalized by end of day (EOD) of September 15, 2026. Here is how to check your allotment status for the IPO of Manipal Payment and Identity Solutions Ltd. You can check IPO status on the BSE website or on the NSE website or on the IPO Registrar website (MUFG Intime India Private Ltd).
CHECKING THE ALLOTMENT STATUS OF MANIPAL PAYMENT AND IDENTITY SOLUTIONS LTD IPO ON BSE WEBSITE
This is a facility available to all mainboard IPOs, irrespective of who the registrar to the issue is. Visit the BSE link for the IPO allotment by clicking on the link below.
https://www.bseindia.com/investors/appli_check.aspx
Once you reach the page, here are the steps to follow.
Under Issue Type – Select Equity Option
Under Issue Name – Select Manipal Payment and Identity Solutions Ltd from the drop-down box
Enter the Application Number / CAF exactly as in the acknowledgement slip OR
Enter your PAN (10-digit alphanumeric) number
Once this is done, you need to click on the Captcha to verify you are not a robot
Finally click on the Search Button
You can use either of the parameters to query; Application / CAF number or Investor PAN.
The allotment status will be displayed on the screen in front of you informing about the number of shares of Manipal Payment and Identity Solutions Ltd allotted into your demat account. You can save a screenshot of the allotment status output for subsequently verifying with the demat account credits.
CHECKING ALLOTMENT STATUS OF MANIPAL PAYMENT AND IDENTITY SOLUTIONS LTD IPO ON NSE WEBSITE
This is a common link for all IPOs. Click on NSE link for IPO allotment as below.
https://www.nseindia.com/invest/check-trades-bids-verify-ipo-bids
Once you reach the page, here are the steps to follow.
Under Issue Type – Select Equity & SME IPO Details Option
Under SELECT SYMBOL – Select MPIMANIPAL from the dropdown box
Enter the Application Number / CAF exactly as in the acknowledgement slip AND
Enter your PAN (10-digit alphanumeric) number
Once both are entered, click on the Submit Button
You must input the Application / CAF number and the Investor PAN.
The allotment status will be displayed on the screen in front of you informing about the number of shares of Manipal Payment and Identity Solutions Ltd allotted into your demat account. You can save a screenshot of the allotment status output for tallying with the demat account credits.
CHECKING ALLOTMENT STATUS OF MANIPAL PAYMENT AND IDENTITY SOLUTIONS LTD ON MUFG INTIME INDIA PRIVATE LIMITED (REGISTRAR TO THE IPO)
Here are the steps to follow. Visit the Link Intime registrar website for IPO status by clicking on the link below:
https://in.mpms.mufg.com/Initial_Offer/public-issues.html
There are 4 options available to you to access the allotment status, and you can use any of these options to query.
You can use PAN access. Enter the 10-character alphanumeric income tax permanent account number (PAN). Make it a point to verify your PAN before entering.
The second option is to use Application Number / CAF to query the allotment status in the IPO. The application / CAF number is available on the acknowledgement slip.
You can use DPID-Client ID combination. For NSDL combination is alphanumeric, while for CDSL, combination is numeric. This is available in your demat statement.
You can also query by the combination of your bank account number and IFSC number provided as the IPO mandate bank. It is available on your cheque book.
Finally, click on the SUBMIT button.
In case, you have any issues with the output, register an investor query with Link Intime India Private Ltd. You can either send an email with all requisite details and problem to ipo.helpdesk@in.mpms.mufg.com or you can call on (0)-81081-14949 for voice call.
NEXT STEPS IN THE MANIPAL PAYMENT AND IDENTITY SOLUTIONS LTD IPO
Post the closure of the IPO subscription on 11th September 2026, the basis of allotment will be finalized on 15th September 2026 and the refunds will be initiated on 16th September 2026. In addition, the demat credits are expected to also happen on 16th September 2026 and the stock will list on 17th September 2026 on the NSE and the BSE. The credits to the demat account to the extent of shares allotted will happen by the close of 16th September 2026 under ISIN (INE241U01028).
Interested in applying for this IPO?
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