Manipal Payment and Identity Solutions Ltd IPO
IT - Software
Price Band
₹322 – ₹339
Lot Size
44
Minimum Bid Quantity
44
Minimum Investment
₹14916
Issue Size
₹805Cr
Opens
2026-09-09
Closes
2026-09-11
Listing
17-09-2026
Subscription Status
Qualified Institutional Buyers
1.12 x
Non-Institutional Investor
0.8 x
Retail Individual Investor
1.86 x
Total
1.17 x
IPO Details
Issue Type
EQUITY
Face Value
₹2
Tick Size
1
ISIN
INE241U01028
Pre-Apply Available
No
Daily Bidding Time
10:00:00 - 17:00:00
About the Company
Manipal Payment & Identity Solutions Limited is a provider of payments, identification, secure, smart tagging, and Internet of Things (IoT) solutions for banks, fintechs, non-banking finance companies, and governments in India and international markets. Its payment solutions include payment cards, cheque solutions, near-field communication (NFC) and quick-response (QR) codes, payment-enabled wearables and digital automation solutions. Its identification solutions include driving licences, registration certificates, national identity cards, and transit management solutions. The company’s secure solutions include secure logistics, insurance policy personalisation, premium notices, renewal letters, marketing collaterals, tamper-evident envelopes, holograms and coated products. Its smart tagging and IoT solutions include excise labels with holograms and encrypted QR codes, RFID-based IoT and track-and-trace solutions, and anti-counterfeiting solutions. Incorporated in 2008, the company is part of the Manipal Group. It acquired the variable data printing and secure logistics business of Manipal Technologies Limited in 2024 and its smart tagging and IoT solutions and related security printing businesses in 2025. Use of proceeds: The IPO consists of both a fresh issue of shares and an offer for sale (OFS). Net proceeds from the OFS will go to the respective selling shareholders, while the net proceeds from the fresh issue will be utilised for the following purposes: Capital expenditure on equipment — Rs 238.43 crore General corporate purposes
Pros
- • The company was among the largest payment card manufacturers globally and in India in FY26. It produced 13.54 million credit cards and 72.66 million debit cards during the year with an estimated market share of approximately 36.4% in India’s credit card issuance market and 30.9% in the debit card issuance market.
- • The company has long-standing relationships with banks, fintechs, and payment companies. In FY26, it served over 300 customers, including 22 private banks, 12 public sector banks, 11 small finance banks, and 78 co-operative banks. As of March 31, 2026, 211 customers, or 61.34% of its customer base, had been associated with the company for more than five years.
- • The company has a presence across multiple payment, identification and security-related product categories. Its offerings include payment cards, cheques, contactless payment products, driving licences, registration certificates, national identity cards, secure logistics, tax stamps, RFID-based track-and-trace solutions, holograms and anti-counterfeiting solutions.
Cons
- • The company is dependent on a limited number of key customers, with its top 10 customers contributing Rs 778.35 crore (58.67%), Rs 765.99 crore (60.98%), and Rs 779.84 crore (62.51%) to its revenue from operations in FY26, FY25, and FY24, respectively. Any loss of these customers, reduction in demand, or decision by them to switch to competitors can adversely affect the company’s business, financial condition, and results of operations.
- • Purchases from the company’s top 10 suppliers accounted for Rs 313.78 crore (56.05%), Rs 307.62 crore (62.29%), and Rs 354.97 crore (59.69%) of its total purchases in FY26, FY25, and FY24, respectively. Any failure by these suppliers to meet delivery requirements, increase in prices, or disruption in the supply of critical materials could adversely affect the company’s production and financial performance.
- • The company derives a significant portion of its revenue from the sale of manufactured and traded cards, which contributed Rs 759.52 crore (57.25%), Rs 733.48 crore (58.40%), and Rs 743.70 crore (59.61%) to its revenue from operations in FY26, FY25, and FY24, respectively. Any decline in demand for physical cards due to the growing adoption of UPI, digital wallets, virtual cards, or other alternative payment methods could adversely affect the company’s business, financial condition and results of operations.
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