Manipal Payment and Identity Solutions has announced that its initial public offering (IPO) will commence on September 9, 2026, concluding on September 11, 2026. The company has fixed the price band for the issue at Rs 322 to Rs 339 per equity share, aiming to raise Rs 805 crore.
IPO Details at a Glance
The IPO consists of a fresh issue of shares worth Rs 320 crore and an offer-for-sale (OFS) of 1.43 crore equity shares by promoter Manipal Technologies, valued at Rs 485 crore. The anchor book for institutional investors will open a day earlier, on September 8, 2026.
Retail investors can bid for a minimum of 44 equity shares, and in multiples thereafter. At the upper end of the price band, the minimum investment for retail participants will be Rs 14,916, with a maximum investment cap of Rs 1,93,908. Share allotment is anticipated to be finalized by September 15, and the shares are expected to list on the bourses on September 17, 2026.
Post-issue, the Pai family-promoted Manipal Technologies will retain a 53.02 percent stake in Manipal Payment. Significant public shareholders currently include Touchstone Trust (6.35%), Nuvama (5.65%), Think Investments (2.74%), Mukul Agrawal (2.47%), and Amicus Capital Partners (2.19%).
About Manipal Payment
Manipal Payment and Identity Solutions specializes in providing a comprehensive suite of solutions encompassing payment, identification, security, smart-tagging, and Internet of Things (IoT). Its client base includes banks, fintech companies, non-banking financial companies (NBFCs), and governments, both domestically and internationally.
The company asserts its position as one of the largest manufacturers of payment cards globally and in India. For fiscal year 2026, it held an estimated market share of approximately 36.4 percent in the credit card issuance market and 30.9 percent in the debit card market. Furthermore, Manipal Payment was a leading producer of national identity cards and metal cards in the last financial year.
Financials and Fund Utilization
For the fiscal year ending March 2026, Manipal Payment reported a profit of Rs 253.5 crore, marking a 10.2 percent decrease year-on-year. This decline was partially attributed to a high base in the previous year due to exceptional gains of Rs 110 crore. Revenue for the same period saw a 5.6 percent increase, reaching Rs 1,326.8 crore.
From the net proceeds of the fresh issue, Rs 238.4 crore has been allocated for the purchase and installation of new and second-hand equipment at the company's facilities. The remaining funds are designated for general corporate purposes.
The merchant bankers managing the issue include Motilal Oswal Investment Advisors, Axis Capital, ICICI Securities, IIFL Capital Services, and Nuvama Wealth Management.