Manipal Payment and Identity Solutions IPO subscribed 17%
The issue opened for bidding on 9 September 2026 and will close on 11 September 2026. The price band of the IPO is fixed between Rs 322 and 339 per share. An investor can bid for a minimum of 44 equity shares and multiples thereof.
The initial public offer (IPO) consists of a fresh issue to raise Rs 320 crore. The IPO also comprises an offer for sales (OFS) of 1.43 crore equity shares to raise Rs 475-485 crore from the promoter, Manipal Technologies. The promoter shareholding in the company will decline to 53.92% post-IPO from 62.65% pre-IPO.
The company proposes to utilize Rs 238.43 crore out of the fresh issue proceeds of Rs 320 crore for funding the capital expenditure requirements towards purchasing and setting up of new and second-hand equipment at (a) card manufacturing facility, personalization bureau and cheque printing facility in Manipal, (b) personalization bureau and cheque printing facility in Chennai, Noida, and personalization bureau in Navi Mumbai, (c) cheque printing facilities in Navi Mumbai and Howrah, (d) central cards processing centers at Chhattisgarh RTO, and (e) Smart Tagging and IoT Solutions facility in Manipal and balance towards general corporate purposes. Of the proposed capex of Rs 238.43 crore to be funded from IPO, Rs 170.4 crore would be spent in FY2027 itself, Rs 18.96 crore in FY2028 and Rs 49.07 crore in FY2029.
Manipal Payment and Identity Solutions (MPI), incorporated in 2008, provides payment, identification, secure, smart tagging, and Internet of Things (IoT) solutions to banks, fintechs, non-banking financial companies, and government entities across domestic and international markets. Its product portfolio includes payment cards, cheque solutions, NFC/QR codes, payment-enabled wearables, driving licences, registration certificates, national identity cards, secure logistics, security-enhanced packaging, excise labels, RFID-based track-and-trace, and anti-counterfeiting solutions. MPI is among the largest payment card manufacturers globally and in India, with a market share of 36.4% in credit card issuance and 30.9% in debit card issuance in FY26. It is also a leading manufacturer of metal and dual-interface cards and one of the largest producers of national identity cards in India, having billed over 1 billion cards in 12 regional languages. The company catered to over 300 customers in FY26 through 10 facilities across India and had over 1,800 employees as of March 2026. However, its payment solutions segment faces challenges from the shift towards digital payments, growing preference for cardless transactions and rapid technological advancements. Outstanding debt stood at Rs 116.18 crore as of June 2026.
Ahead of the IPO, Manipal Payment and Identity Solutions on Tuesday, 8 August 2026, raised Rs 362.25 crore from anchor investors. The board allotted 1.06 crore shares at Rs 339 each to 36 anchor investors.
The firm reported a consolidated net profit of Rs 253.46 crore and sales of Rs 1,326.75 crore for the twelve months ended on 31 March 2026.
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