Manipal Payment and Identity Solutions IPO GMP today is Rs 1. Investors can use this GMP along with price band and subscription status for a better IPO review.
Listed
Mainboard IPO
MPIMANIPAL
Manipal Payment and Identity Solutions IPO GMP, Subscription & Allotment Status Today
Manipal Payment and Identity Solutions manufactures and personalizes plastic and metal banking, smart, and ID cards, offering services like embossing, encoding, and chip embedding. Through acquisitions, it expanded into secure logistics, revenue assurance, and variable data/security printing—including cheques, policy booklets, tax stamps, and IoT smart tagging. Operating 10 facilities across India (manufacturing plants, personalization bureaus, and cheque centers), the company primarily generates revenue from card sales and personalization, complemented by institutional security printing solutions.
- Price Band
- ₹322.00 - ₹339.00
- Lot Size
- 44 Shares
- Bidding Closes
- 11 Sept 2026
- Listing Date
- 17 Sept 2026
Current GMP Status
₹1
+0.29% vs upper band
Est. Listing Gain
-2.06%
Last Trend
11 Sept 2026
Listing Price
₹332.00
Retail Entry
₹14,916
IPO Details
Complete IPO information
| Current GMP | ₹1 |
|---|---|
| Estimated Listing Gain | -2.06% |
| Price Band | ₹322.00 - ₹339.00 |
| Issue Price | Approx ₹805.00 Crores |
| Listing Price | ₹332.00 |
| Lot Size | 44 Shares |
| Issue Type | Mainboard |
| Registrar | TBA |
| Exchange | BSE, NSE |
| Retail Quota | TBA |
| Overall Subscription | 1.43x |
| Listing Date | 17 Sept 2026 |
| Minimum Investment | ₹14,916 |
Demand Tracker
Subscription Status
| Category | Shares Reserved | Shares Applied | Subscription (x) |
|---|---|---|---|
| QIB | 71.24 | 89.64 | 1.26x |
| NII | 35.62 | 43.46 | 1.22x |
| Retail | 23.75 | 52.02 | 2.19x |
| Overall Subscription | 130.60 | 185.13 | 1.43x |
Company data
{Manipal Payment and Identity Solutions}: financials, valuation & listing
Listing details
| Listing date | 17 Sept 2026 |
|---|---|
| NSE symbol | MPIMANIPAL |
| BSE code | 544916 |
| ISIN | INE241U01028 |
| Offer price | ₹322 – ₹339 |
| Face value | ₹2 |
| Listing price | ₹330 |
Valuation
| Return on equity (ROE) | 29.35% |
|---|---|
| Return on capital employed (ROCE) | 32.69% |
| EBITDA margin | 33.60% |
| PAT margin | 18.68% |
| EPS | 11.53 (Basic) |
| P/E ratio | N/A |
| Return on net worth | 22.93% |
| NAV per share | 48.84 |
Financial history
| Period | Revenue | Expense | PAT | Assets |
|---|---|---|---|---|
| 2024 | 1267.97 Cr. | 967.63 Cr. | 249.17 Cr. | 1,102.71 Cr. |
| 2025 | 1277.11 Cr. | 1032.65 Cr. | 282.21 Cr. | 1,409.67 Cr. |
| 2026 | 1356.59 Cr. | 1004.93 Cr. | 253.46 Cr. | 1160.90 Cr. |
Peer comparison
| Company | Income | EPS | P/E | RoNW | NAV |
|---|---|---|---|---|---|
| Seshaasai Technologies Limited | 1,441.14 Cr. | 15.45 | 24.97 | 16.81% | 88.15 |
Use of proceeds
| Purpose | Amount (₹ crore) |
|---|---|
| Purchase and setup of new and used equipment | 238.43 (74.51%) |
| General corporate purposes | 81.57 (25.49%) |
Key dates
| UPI mandate deadline | 11 Sept 2026 |
|---|---|
| Allotment finalised | 15 Sept 2026 |
| Refund initiation | 16 Sept 2026 |
| Shares credited | 16 Sept 2026 |
| Mandate end date | 26 Sept 2026 |
| Anchor lock-in ends (50%) | 14 Oct 2026 |
| Anchor lock-in ends (remaining) | 13 Dec 2026 |
Grey Market Premium (GMP) data is entirely unofficial and speculative, and is influenced by market sentiment, demand and supply for IPO shares, and market rumors. While GMP can provide an indication of the expected IPO listing price, it may not always be accurate and does not guarantee the actual listing price.
Head-to-head
Compare Manipal Payment and Identity Solutions IPO with similar IPOs
Manipal Payment and Identity Solutions vs Rentomojo
→
Manipal Payment and Identity Solutions vs Karamtara Engineering
→
Manipal Payment and Identity Solutions vs LCC Projects
→
Manipal Payment and Identity Solutions vs Steamhouse India
→
Compare Manipal Payment and Identity Solutions with any other IPO
Analysis
IPO Snapshot & Investor Takeaways
At the upper end of its price band, Manipal Payment and Identity Solutions is priced at ₹339 per share. With a minimum lot size of 44 shares, a retail investor applying for one lot would need approximately ₹14,916 to participate in this Mainboard issue.
The latest recorded Grey Market Premium for Manipal Payment and Identity Solutions stands at ₹1, implying an estimated listing gain of around 0.29% over the issue price if it holds until listing. This is down ₹4 from its previously recorded level. GMP reflects informal grey-market sentiment rather than a guaranteed outcome, and can change at any point until the day of listing.
As of the latest update, Manipal Payment and Identity Solutions's IPO was subscribed 1.43x overall, with a category-wise breakdown of Retail 2.19x, QIB 1.26x, NII 1.22x.
Among the strengths highlighted in Manipal Payment and Identity Solutions's IPO documents: Manipal Payment and Identity Solutions serves banks, fintechs, NBFCs and government clients in India and overseas.; The company offers a wide range of payment, identity, secure printing and smart tagging solutions..
Investors should also weigh the risk factors Manipal Payment and Identity Solutions has disclosed, including: A large share of the company’s revenue comes from its top 10 customers..
Mainboard IPOs list on the main platform of BSE/NSE, typically involve larger issue sizes, and draw participation across retail, HNI and institutional (QIB) investor categories.
Timeline
IPO roadmap at a glance
✓
Bidding Opens
09 Sept 2026
✓
Bidding Closes
11 Sept 2026
✓
Allotment
15 Sept 2026
✓
Listing
17 Sept 2026
Grey Market Premium
Daily GMP status
| Date | GMP | Change | Gain |
|---|---|---|---|
| 11 Sept 2026 | ₹4.00 | -₹4.00 | 1.18% |
| 10 Sept 2026 | ₹8.00 | -₹30.00 | 2.36% |
| 09 Sept 2026 | ₹38.00 | - | 11.21% |
| 08 Sept 2026 | ₹38.00 | +₹8.00 | 11.21% |
| 07 Sept 2026 | ₹30.00 | - | 8.85% |
| 06 Sept 2026 | ₹30.00 | - | 8.85% |
Swipe to see more →
Market Lot
Application size breakdown
| Category | Lots | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 1 Lot | 44 | ₹14,916 |
| Retail Maximum | 13 Lot | 572 | ₹1,93,908 |
| S-HNI Minimum | 14 Lot | 616 | ₹2,08,824 |
| S-HNI Maximum | 67 Lot | 2,948 | ₹9,99,372 |
| B-HNI Minimum | 68 Lot | 2,992 | ₹10,14,288 |
Swipe to see more →
Fund Utilization
Objects of the Issue & Official Documents
Issue Notes
Important takeaways before applying
Strengths
- Manipal Payment and Identity Solutions serves banks, fintechs, NBFCs and government clients in India and overseas.
- The company offers a wide range of payment, identity, secure printing and smart tagging solutions.
- It generates revenue from both product sales and related personalisation and printing services.
- The company provides RFID, QR code and IoT-based tracking and anti-counterfeiting solutions.
- Its business includes high-security products such as payment cards, identity cards and secure packaging solutions.
Risks
- A large share of the company’s revenue comes from its top 10 customers.
- The business depends heavily on a limited number of suppliers for raw materials.
- A significant portion of revenue is generated from card manufacturing and related products.
- Failure to meet payment network security standards could impact its operations.
- The company has reported past regulatory non-compliance related to RBI reporting requirements.
Analysis
Manipal Payment IPO Details
Manipal Payment and Identity Solutions IPO is scheduled to open for subscription on September 9, 2026, and close on September 11, 2026. The issue will comprise a fresh issue along with an offer for sale and will be conducted through the book building process. The equity shares are proposed to be listed on both BSE and NSE.
| Particular | Details |
|---|---|
| IPO Open Date | September 9, 2026 |
| IPO Close Date | September 11, 2026 |
| Face Value | ₹2 Per Equity Share |
| IPO Price Band | ₹322 to ₹339 Per Share |
| Issue Size | Approx ₹805 Crores |
| Fresh Issue | Approx ₹320 Crores |
| Offer for Sale | Approx 1,43,06,785 Equity Shares |
| Issue Type | Book Build Issue |
| IPO Listing | BSE, NSE |
| DRHP Draft Prospectus | |
| RHP Draft Prospectus |
Note: IPO dates, price band, issue size and other details are based on the information provided for the Manipal Payment IPO.
Analysis
Manipal Payment IPO Reservation
The Manipal Payment IPO reservation is structured across qualified institutional buyers, non-institutional investors and retail investors. QIB investors have the largest reserved portion at 75%, while NII investors are allocated 15% and retail investors 10% of the shares offered. The anchor investor allocation is currently shown as not specified in the provided details.
| Investor Category | Share Offered | -% Shares |
|---|---|---|
| Anchor Investor | – Shares | -% |
| QIB (Ex. Anchor) | – Shares | 75% |
| NII Shares Offered | – Shares | 15% |
| Retail Shares Offered | – Shares | 10% |
Note: Share counts are shown as provided, while the category-wise reservation percentages reflect the Manipal Payment IPO allocation structure.
Analysis
Manipal Payment & Identity Solutions IPO Anchor Investors
The Manipal Payment & Identity Solutions IPO anchor bidding is scheduled for September 8, 2026, one day before the public issue opens. Anchor investors participate before the main IPO subscription period, with the applicable allocation and lock-in details forming part of the issue process. The anchor share count and issue size are currently shown as not specified in the provided data.
| Particular | Details |
|---|---|
| Anchor Bidding Date | September 8, 2026 |
| Shares Offered | [.] Shares |
| Anchor Size | [.] Cr. |
| Lock-in Period End Date 50% Shares (30 Days) | 2026 |
| Lock-in Period End Date 50% Shares (90 Days) | 2026 |
Note: Anchor allocation figures and lock-in dates are based on the information provided for the Manipal Payment & Identity Solutions IPO and may be updated after the final anchor allocation announcement.
Analysis
Manipal Payment & Identity Solutions IPO Dates
The Manipal Payment & Identity Solutions IPO will open for subscription on September 9, 2026, and close on September 11, 2026. The basis of allotment is scheduled for September 15, followed by refunds and credit of shares to eligible investors on September 16. The IPO is scheduled to list on September 17, 2026.
| Particular | Details |
|---|---|
| IPO Open Date | September 9, 2026 |
| IPO Close Date | September 11, 2026 |
| Basis of Allotment | September 15, 2026 |
| Refunds | September 16, 2026 |
| Credit to Demat Account | September 16, 2026 |
| IPO Listing Date | September 17, 2026 |
Note: IPO dates are based on the information provided for the Manipal Payment & Identity Solutions IPO and may be subject to change.
Analysis
Manipal Payment & Identity Solutions IPO Promoters and Holding Pattern
The promoters of Manipal Payment & Identity Solutions include Tonse Gautham Pai, T. Satish U. Pai, Sandhya S. Pai, Manipal Technologies Limited, Manipal Media Network Limited, Tridevitha Consultancy Services Private Limited and Tridevita Family Trust 2017. The promoter and promoter group holding is expected to reduce after the IPO as the share base increases and shares are offered to public investors.
| Particular | Pre IPO Shares | Pre IPO % Shares | Post IPO Shares | Post IPO % Shares |
|---|---|---|---|---|
| Promoter and Promoter Group | 139,302,995 | 62.65% | 124,996,210 | 53.92% |
| Others* | 83,062,005 | 37.35% | 106,808,318 | 46.08% |
| Total | 222,365,000 | 100% | 231,804,528 | 100% |
Note: The holding pattern shows the ownership structure before and after the IPO based on the provided shareholding figures. “Others*” represents shareholders outside the promoter and promoter group category.
Analysis
Manipal Payment & Identity Solutions IPO Objects of the Issue & Utilisation of Proceeds
The proceeds from the Manipal Payment & Identity Solutions IPO will be used primarily to fund capital expenditure on equipment. The company has allocated ₹238.43 crores towards this purpose, while the amount earmarked for general corporate purposes is currently shown as ₹-.
| Purpose | Crores |
|---|---|
| Capital Expenditure on Equipment | ₹238.43 |
| General Corporate Purpose | ₹- |
Note: The utilisation figures are based on the provided IPO details and may be updated as the company completes its final issue documentation.
Analysis
Manipal Payment & Identity Solutions About IPO
Incorporated on February 19, 2008, Manipal Payment and Identity Solutions Ltd (MPISL) is one of the leading banking and smart card manufacturers in India. The company engaged in offering payment solutions, identification solutions, secure solutions, and smart tagging and Internet of Things (IoT) solutions to banks, fintech companies, non-banking finance companies, and government organizations in India and international markets.
Its payment solutions consist of payment cards, cheque services, NFC and QR code-based payments, payment-enabled wearables, and digital automation solutions. In terms of the shipment and magstripe payment cards, the Manipal payment is the highest-ranked company in India and the 14th-ranked company globally. Along with India, the company has expanded its operations to the United Kingdom, Europe, Asia-Pacific, and the MEA regions. Moreover, the company consists of 10 facilities, 19 production units across 11 cities.
Analysis
Manipal Payment & Identity Solutions IPO Company Financial Report
The financial performance of Manipal Payment & Identity Solutions shows steady revenue growth across the reported periods. Revenue increased from ₹1267.97 crores in 2024 to ₹1356.59 crores in 2026, while profit after tax reached ₹282.21 crores in 2025 before moderating to ₹253.46 crores in 2026. The figures provide an overview of the company's recent revenue, expenses, profitability and asset position.
| Period Ended | Revenue | Expense | PAT | Assets |
|---|---|---|---|---|
| 2024 | ₹1267.97 | ₹967.63 | ₹249.17 | ₹1,102.71 |
| 2025 | ₹1277.11 | ₹1032.65 | ₹282.21 | ₹1,409.67 |
| 2026 | ₹1356.59 | ₹1004.93 | ₹253.46 | ₹1160.90 |
Note: Financial figures are in ₹ crores and are presented as provided for the Manipal Payment & Identity Solutions IPO.
Analysis
Manipal Payment & Identity Solutions IPO Valuation – FY2026
The Manipal Payment & Identity Solutions IPO valuation provides key profitability and return indicators for FY2026. The company reported an EPS of ₹11.53 on a basic basis, while its return ratios indicate the profitability generated from its equity and capital employed. The valuation metrics also include the company's NAV and current P/E status.
| KPI | Values |
|---|---|
| ROE | 29.35% |
| ROCE | 32.69% |
| EBITDA Margin | 33.60% |
| PAT Margin | 18.68% |
| Debt to Equity Ratio | – |
| Earning Per Share (EPS) | ₹11.53 (Basic) |
| Price/Earning P/E Ratio | N/A |
| Return on Net Worth (RoNW) | 22.93% |
| Net Asset Value (NAV) | ₹48.84 |
Note: Valuation figures are for FY2026 and are presented as provided for the Manipal Payment & Identity Solutions IPO.
Analysis
Manipal Payment & Identity Solutions IPO Peer Group Comparison
Seshaasai Technologies Limited is the listed peer provided for comparison with Manipal Payment & Identity Solutions. The comparison covers earnings per share, price-to-earnings ratio, return on net worth, net asset value and income, helping investors assess the company's financial metrics alongside a comparable business.
| Company | EPS | PE Ratio | RoNW % | NAV | Income |
|---|---|---|---|---|---|
| Seshaasai Technologies Limited | 15.45 | 24.97 | 16.81% | 88.15 | 1,441.14 Cr. |
Note: Peer comparison figures are presented as provided and should be considered alongside the IPO valuation, financial performance and other company-specific factors.
Analysis
Manipal Payment & Identity Solutions IPO Lead Managers aka Merchant Bankers
- Motilal Oswal Investment Advisors Limited
- Axis Capital Limited
- ICICI Securities Limited
- IIFL Capital Services Limited
- Nuvama Wealth Management Limited
FAQ
Manipal Payment and Identity Solutions IPO FAQs
Manipal Payment and Identity Solutions IPO price band is Rs 322.00 to Rs 339.00. Check the latest issue price, lot size and GMP together before applying.
Manipal Payment and Identity Solutions IPO open date is 09 Sept 2026, close date is 11 Sept 2026, and listing date is 17 Sept 2026.
Manipal Payment and Identity Solutions IPO lot size is 44 shares. The minimum retail investment is Rs 14,916.
Manipal Payment and Identity Solutions is classified as a Mainboard IPO. This helps investors quickly understand the issue category and exchange segment.
Manipal Payment and Identity Solutions IPO subscription status currently shows Retail 2.19x, QIB 1.26x, NII 1.22x, Overall 1.43x.
Manipal Payment and Identity Solutions manufactures and personalizes plastic and metal banking, smart, and ID cards, offering services like embossing, encoding, and chip embedding. Through acquisitions, it expanded into secure logistics, revenue assurance, and variable data/security printing—including cheques, policy booklets, tax stamps, and IoT smart tagging. Operating 10 facilities across India (manufacturing plants, personalization bureaus, and cheque centers), the company primarily generates revenue from card sales and personalization, complemented by institutional security printing solutions.
Manipal Payment and Identity Solutions IPO issue size is TBA and the expected allotment date is 15 Sept 2026.
Community discussion
Comments
Share a useful question or insight about Manipal Payment and Identity Solutions.
Leave a comment
Your email address will not be published. All comments and replies are reviewed before appearing.
Keep Exploring
Similar Recent IPOs
Mainboard
Reliance Jio
Price BandTBA
Current GMP₹185
Lot SizeTBA
Mainboard
HD Fire Protect
Price Band₹258.00 - ₹271.00
Current GMP₹55 · +20.3%
Lot Size55 Shares
Mainboard
Vishal Nirmiti
Price Band₹208.00 - ₹220.00
Current GMP₹-5 · +0.9%
Lot Size68 Shares
Mainboard
Nityas Gems and Jewellery
Price Band₹70.00 - ₹75.00
Current GMP₹7 · +1.3%
Lot Size200 Shares
Loading comments...