Manipal Payment & Identity Solutions IPO Details
The Manipal Payment & Identity Solutions IPO is a book-built issue of ₹805 crore. The price band ranges from ₹322 to ₹339 per share. One lot has 44 shares. So, if you apply for one lot at the upper end of the price band, you’ll need ₹14,916.
The IPO opens on September 9 and closes on September 11, 2026. If you apply and get an allotment, the shares are expected to list on the exchanges on September 17, 2026.
Here’s a glance at the IPO details:
What Does The Company Do?
Manipal Payment & Identity Solutions mainly works in four areas:
- Payments,
- Identification,
- Security, and
- Smart tagging and IoT.
Its payments business includes credit and debit cards, contactless payment products, cheques and other payment-related products. It is a major player in India’s payment card market.
In FY26, it produced 12.54 million credit cards and 72.66 million debit cards. Its estimated market share was around 36.4% in credit card issuance and 30.9% in debit card issuance.
It also makes identification products such as driving licenses, registration certificates and national identity cards. Its security operations include secure logistics, holograms, and anti-counterfeiting products.
How will Manipal use the IPO money?
Out of the ₹805 crore IPO, ₹485 crore is an Offer for Sale (OFS). The OFS money will go to the existing shareholders selling some of their shares. The company will receive only the remaining ₹320 crore from the fresh issue.
Here’s how it plans to use those funds:
What about the company’s financials?
The company’s revenue has grown steadily over the last three years.
Revenue increased from ₹1,247.52 crore in FY24 to ₹1,326.75 crore in FY26. EBITDA also increased consistently. However, profit after tax (PAT) fell from ₹282.21 crore in FY25 to ₹253.46 crore in FY26. So, while the company is growing, the profit growth has not been as consistent.
Pros of Investing in Manipal Payment & Identity Solutions IPO
- Strong position in card manufacturing: The company has a sizeable share in India’s credit and debit card issuance market. This gives it an established position in the payments industry.
- Long-term customer relationship: As of March 2026, more than 60% of its customers had been with the company for over five years. This shows the company has retained most of its customers.
- More than just payment cards: The company also works in identity documents, security printing, holograms, smart tagging and IoT solutions. This gives it multiple revenue streams.
- Growing revenue and EBITDA: Revenue and EBITDA have increased consistently over the last three years. The company also had an EBITDA margin of 33.06% in FY26.
Cons of Investing in Manipal Payment & Identity Solutions IPO
- Dependence on a few customers: Its top 10 customers contributed 58.67% of revenue in FY26. Losing some of these large customers could affect the business.
- Competition from digital payments: Other payment methods like UPI, digital wallets, and virtual cards are growing. A fall in demand for physical cards could affect the company.
- Raw material imports: Almost half of its raw materials came from imports in FY26. Changes in tariffs, trade restrictions or supply disruptions could increase costs.
- Regulatory and legal risks: The company has reported previous instances of non-compliance with certain RBI and FEMA requirements. It also has ongoing legal proceedings and contingent liabilities.
Should you apply?
Manipal Payment & Identity Solutions has an established business, strong market share and long-term relationships with its customers. Its revenue and EBITDA have also grown over the last few years. But there are other factors to consider, such as dependence on large customers, a shift toward digital payments, and raw material imports.
So, evaluate all the pros and cons, the IPO valuation, and your own investment goals before deciding whether to apply for the Manipal Payment & Identity Solutions IPO.
How to Apply for IPO on Millions?
If you decide to apply for the IPO, submitting an application is super easy with the Millions app:
- Open the Millions app and go to the Stocks section.
- Tap on IPO and find Manipal Payment & Identity Solutions in the list.
- Click on Apply for IPO.
- Enter the number of lots you’d like to apply for and choose your bid price.
- Add your UPI ID and submit your application.
- Approve the UPI mandate in your payment app to complete the process.
