Manipal Payment & Identity Solutions IPO is a book-built issue of ₹805.00 crores. The offering includes a fresh issue of 94.40 lakh shares worth ₹320.00 crores and an offer for sale of 1.43 crore shares amounting to ₹485.00 crores. The IPO is scheduled to open for subscription on September 9, 2026, and close on September 11, 2026. The basis of allotment is expected to be finalized on September 15, 2026. The company’s shares are proposed to be listed on both NSE and BSE, with the tentative listing date set for September 17, 2026.
The price band has been fixed at ₹322 to ₹339 per share, while the application lot size is 44 shares. At the upper end of the price band, retail investors will need to invest a minimum of ₹14,916 for one lot.
Motilal Oswal Investment Advisors Ltd. is acting as the book-running lead manager for the IPO, while MUFG Intime India Pvt. Ltd. has been appointed as the registrar.
For detailed information on the company’s business, financials, risk factors, and the proposed utilisation of proceeds, investors should refer to the Manipal Payment & Identity Solutions IPO Red Herring Prospectus (RHP) before making an investment decision.
Company Overview
Established in 2008, Manipal Payment & Identity Solutions Limited is a member of The Manipal Group. The company offers payment, identification, security, smart tagging and Internet of Things (IoT) solutions to banks, fintech companies, non-banking financial companies and government institutions in India and overseas.
Its payment solutions cover a range of products and services, including payment cards, cheque-related solutions, Near-Field Communication (NFC) and Quick Response (QR) codes, payment-enabled wearables and digital automation solutions.
The company’s identification solutions include driving licences, registration certificates, national identity cards and transit management systems. Under its secure solutions portfolio, it provides secure logistics, insurance policy personalisation, premium notices, renewal letters, marketing materials, tamper-evident envelopes, holograms and coated products.
Its customer base includes leading financial institutions such as State Bank of India, Canara Bank, Bank of India, Jammu and Kashmir Bank, Central Bank of India, Punjab and Sind Bank, Indian Bank, HDFC Bank, ICICI Bank, Axis Bank, Kotak Mahindra Bank, Federal Bank and City Union Bank.
The company has an international presence through exports of credit cards, debit cards and metal cards. Its products are supplied to markets including the UK, Singapore, Bahrain, Hong Kong, Oman, Maldives, Mauritius, South Africa, Bangladesh, Brazil, Nigeria, Nepal, Sri Lanka, Bolivia, the UAE and select European countries.
IPO Details
| Particulars | Details |
|---|---|
| IPO Date | 9 to 11 Sep, 2026 |
| Allotment | Tue, Sep 15, 2026 |
| Listing Date | Thu, Sep 17, 2026 |
| Face Value | ₹2 per share |
| Price Band | ₹322 to ₹339 per share |
| Lot Size | 44 Shares |
| Issue Type | Bookbuilding IPO |
| Sale Type | Fresh capital cum OFS |
| Total Issue Size | 2,37,46,313 shares (agg. up to ₹805 Cr) |
| Offer for Sale | 1,43,06,785 shares of ₹2 (agg. up to ₹485 Cr) |
| Fresh Issue | 94,39,528 shares (agg. up to ₹320 Cr) |
| Shareholding Pre-Issue | 22,23,65,000 shares |
| Shareholding Post-Issue | 23,18,04,528 shares |
| Listing Exchange | BSE, NSE |
(Compiled from RHP and market updates)
Industry Context
- India’s payment card market, including credit cards, debit cards and prepaid payment instruments, grew from ₹9,071 million in 2020 to ₹28,499 million in 2025 and is projected to reach ₹60,542 million by 2030, registering a CAGR of 20.7% during 2025–2030.
- India’s payment card penetration remains relatively low, with around 0.91 cards per capita as of December 2025, leaving significant room for growth. Rising financial inclusion, digital adoption, access to credit and consumer spending are expected to support card issuance and usage.
- Credit cards are expected to be the fastest-growing payment card segment, with a projected CAGR of 21.8% between Fiscal 2026 and Fiscal 2030, while prepaid payment instruments are expected to grow at a CAGR of 11% during the same period.
- India’s total payment cards issued increased from 257 million units in 2020 to 327 million units in 2026, covering debit cards, credit cards and prepaid payment instruments (PPIs).
- The global metal cards market is projected to grow from 49 million units in 2024 to 113 million units by 2030, registering a CAGR of 15.3% during 2026–2030, driven by rising demand for premium, secure and differentiated payment cards.
Business Strengths
- The company operates across payment cards, identification solutions, secure solutions, smart tagging, IoT and related products, reducing dependence on a single product category.
- The company serves more than 300 customers, including leading public and private sector banks, small finance banks, co-operative banks and fintech companies.
- As of March 31, 2026, the company had relationships with 60 fintech companies and provided card manufacturing and personalisation services for established players.
- The company exports payment and metal cards to multiple international markets across Asia-Pacific, the Middle East and Africa, Europe and other regions.
- The company manufactured 86.2 million payment cards in FY2026, compared with 51.79 million in FY2022, reflecting a 13.6% CAGR.
Business Risks
- The company depends on banks, fintech companies, government-related customers and other institutional clients, and the loss or reduction of business from key customers could affect its revenue.
- The company operates in payment cards, identity solutions, secure printing, smart tagging and related markets, where it faces competition from established domestic and international players.
- Manufacturing, personalisation and secure handling of payment and identification products require robust technology, security systems and operational controls. Technology failures, security incidents or operational disruptions could affect business performance.
- Changes in regulations, government policies, procurement practices, payment-network standards or technology requirements could affect demand for the company’s products and services.
- The company serves overseas markets and is therefore exposed to foreign exchange movements, changes in regulations, geopolitical conditions and economic developments in international markets.
Financial Performance
Manipal Payment & Solutions Ltd.- Financials (₹ in Million)
| Particulars | Fiscal 2026 | Fiscal 2025 | Fiscal 2024 |
|---|---|---|---|
| Revenue from Operations | 13,267.53 | 12,560.71 | 12,475.22 |
| EBITDA | 4,558.32 | 4,087.66 | 3,555.72 |
| EBITDA Margin (%) | 33.60% | 32.01% | 28.04% |
| Profit / (Loss) After Tax (PAT) | 2,534.62 | 2,822.14 | 2,491.65 |
| PAT Margin (%) | 18.68% | 22.10% | 19.65% |
| Return on Capital Employed (ROCE) (%) | 32.69% | 33.97% | 51.95% |
| Return on Equity (%) | 29.35% | 55.08% | 79.42% |
(Source: RHP)
Key Ratios & Metrics
| KPI | Mar 31, 2026 | Mar 31, 2025 |
|---|---|---|
| Return on Equity (ROE) | 29.35% | 55.08% |
| Return on Capital Employed (ROCE) | 32.69% | 33.97% |
| Debt-to-Equity Ratio | 0.00 | 0.76 |
| Return on Net Worth (RoNW) | 22.93% | 45.54% |
| PAT Margin | 18.68% | 22.10% |
| EBITDA Margin | 33.60% | 32.01% |
| Net Asset Value (NAV per share) | ₹48.84 | ₹29.68 |
(Source: RHP)
Objects of the Offer
- Capital expenditure: Funding equipment purchases and setup across card, personalisation, cheque printing, processing, and IoT facilities.
- General corporate purposes: Funding general corporate requirements.
Conclusion
Manipal Payment & Identity Solutions enters the IPO market with an established presence across payment cards, identification, secure solutions, smart tagging and IoT services. Its diversified customer base, relationships with banks and fintech companies, international exports and nationwide operating infrastructure provide a strong foundation for future growth.
At the same time, investors should consider the company’s dependence on institutional customers, competitive environment, technology and operational risks, regulatory exposure and international market risks.
Overall, the IPO provides exposure to the growing payment cards, identification and secure technology solutions markets. Investors should carefully evaluate the issue valuation, financial performance, use of proceeds and associated business risks before making an investment decision.
Disclaimer: Investments in the securities market are subject to market risks. Read all the related documents carefully before investing. This content is purely for informational purposes only and should not be considered as investment advice or a recommendation. Securities quoted are for illustration purposes only and not recommendatory. Investors are requested to do their own due diligence before investing.
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