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Manipal Payment and Identity Solutions IPO
Price Band
₹322.0–339.0
Issue Size
₹805.0 Cr
Lot Size
44 shares
Min Investment
₹14,916
GMP
₹-6.0 (-1.77%)
Issue Price
₹339.0
Manipal Payment and Identity Solutions IPO AI Summary
- Manipal Payment and Identity Solutions IPO is listed on BSE, NSE in the Non Banking Financial Company (NBFC) sector.
- Price band: ₹322.0–₹339.0 per share, lot size 44 shares (min. investment ₹14,916).
- Subscription window: 09 Sep–11 Sep 2026, listing on 17 Sep 2026.
- Current GMP is ₹-6.0 (-1.77%), an estimated listing price of ₹333 — unofficial and can change daily.
Manipal Payment and Identity Solutions Ltd is poised to leverage its position as a leading card manufacturer in India. With a diverse client base and international operations, the company aims to utilize IPO proceeds for growth and operational enhancements.
TopFund is not SEBI-registered — this is educational analysis, not personalized investment advice.
Manipal Payment and Identity Solutions IPO — Third-Party Research Views
Reviews below reflect analyst calls made before this IPO closed on 11 Sep 2026 — not a current signal.
Recommendations are sourced from third-party research firms and are not TopFund's own investment advice.
Important Dates
Subscription Status
Overall Subscription
1.42x
| Category | Subscription | Status |
|---|---|---|
| QIB (Institutional) |
1.26x
|
1.26x |
| NII (HNI) |
1.22x
|
1.22x |
| ↳ bNII (>₹10L) |
1.24x
|
1.24x |
| ↳ sNII (<₹10L) |
1.18x
|
1.18x |
| Retail (RII) |
2.19x
|
2.19x |
| Total | 1.42x | 1.42x |
Auto-updated every 5 min · As of 11th Sep 2026 18:54
Manipal Payment and Identity Solutions IPO Grey Market Premium (GMP) Today
GMP
₹-6.0
GMP %
-1.77%
Est. Listing
₹333.0
Updated: 17 Sep 2026 07:15
GMP Trend (Last 13 Days)
About the Company
Manipal Payment and Identity Solutions Ltd (MPISL) is the India's largest banking and smart card manufacturer. It offers comprehensive card services including creation, designing, manufacturing and delivering it to customers, including public and private sector banks, fintech companies, and government departments. The company has expanded its operations globally across the United Kingdom, Europe, Asia-Pacific, and MEA regions. The company has 10 state-of-the-art factory setups with 19 production units across 11 cities.
Company Financials (₹ Cr)
As of 2026-03-31
| Period Ended | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Assets | 1,160.90 | 1,409.67 | 1,102.71 |
| Total Income | 1,356.59 | 1,277.11 | 1,267.97 |
| Profit After Tax | 253.46 | 282.21 | 249.17 |
| EBITDA | 455.83 | 408.77 | 355.57 |
| NET Worth | 1,107.34 | 619.70 | 405.05 |
| Reserves and Surplus | 747.43 | 262.89 | 48.25 |
| Total Borrowing | 0.42 | 472.87 | 449.47 |
Key Ratios
EPS
₹11.40
NAV
₹29.68
ROE
55.08%
ROCE
33.97%
RoNW
45.54%
P/B Value
11.42
P/E Ratio
29.74
Market Cap
₹7858.17 Cr
PAT Margin
22.10%
Debt/Equity
0.76
Peer Comparison
| Company | NAV | RoNW | P/E (x) | EPS Basic | EPS Diluted |
|---|---|---|---|---|---|
| Seshaasai Technologies Limited | 88.15 | 16.81% | 24.97 | 15.45 | 15.45 |
| Manipal Payment & Identity Solutions Ltd. This IPO | 48.84 | 22.93% | — | 11.53 | 11.26 |
Promoters
Tonse Gautham Pai, T.Satish U.Pai, Sandhya S.Pai, Manipal Technologies Ltd., Manipal Media Network Ltd., Tridevitha Consultancy Services Pvt.Ltd., Tridevita Family Trust 2017
Objects of the Issue
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects: # Issue Objects Est Amt (₹ Cr.) 1 Capital Expenditure on Equipment 238.43 2 General Corporate Purposes 56.90 3 Issue Expenses 62.02 Total 357.34
IPO Evaluation
Generated 23 Sep 2026Revenue Trend
Total income was ₹1,267.97 Cr in the year ending 31 Mar 2024, rising to ₹1,277.11 Cr by 31 Mar 2025, and further increasing to ₹1,356.59 Cr by 31 Mar 2026.
Profit Trend
Profit After Tax was ₹249.17 Cr for the year ending 31 Mar 2024, increasing to ₹282.21 Cr by 31 Mar 2025, and then decreasing to ₹253.46 Cr by 31 Mar 2026. However, the most recent figure is from a full fiscal year, making it directly comparable.
Valuation
The implied P/E at the issue price of ₹339.0 is roughly 29.74, compared to peers trading at a P/E of 24.97.
Grey Market Premium, Explained
The Grey Market Premium (GMP) indicates the expected listing price of an IPO based on unofficial trading. A positive GMP suggests strong demand, while a negative GMP indicates weaker demand.
Subscription Demand
As of 11th Sep 2026, the IPO was subscribed 1.42 times overall. The Retail Investors category saw a subscription of 2.19 times, while Qualified Institutional Buyers (QIB) and Non-Institutional Investors (NII) categories were subscribed 1.26 times and 1.22 times, respectively.
Who This IPO Suits
Investors comfortable with short-term volatility and a long-term horizon typically weigh IPOs like this against their investment goals and risk tolerance. It's important to consider the company's financial health and market conditions.
Who May Want to Wait
Investors averse to risk or those seeking stable, predictable returns may want to avoid IPOs in sectors with high volatility, such as financial technology.
IPO Timeline, Explained
The IPO process includes several key dates: the issue opens on 9th Sep 2026 and closes on 11th Sep 2026, with allotment scheduled for 15th Sep 2026 and listing on 17th Sep 2026.
Listing Gains — The Risk
Listing-day gains can be unpredictable. Factors affecting the stock price include market sentiment, demand for the shares, and overall market conditions. Investors should be prepared for potential volatility.
This evaluation is generated from Manipal Payment and Identity Solutions's own public IPO filing data for educational purposes and is not investment advice or a recommendation to apply, subscribe to, or avoid this issue — see Broker Recommendations below for named third-party research views (clearly attributed, not TopFund's own). TopFund is not a SEBI-registered investment adviser — see our Disclaimer.
Frequently Asked Questions
What is Manipal Payment and Identity Solutions IPO GMP today?
Manipal Payment and Identity Solutions IPO GMP today is ₹-6.0 (-1.77%), indicating an estimated listing price of ₹333. GMP is an unofficial grey-market indicator and can change daily.
What is the price band of Manipal Payment and Identity Solutions IPO?
The price band of Manipal Payment and Identity Solutions IPO is ₹322.0–₹339.0 per share.
When does Manipal Payment and Identity Solutions IPO open and close?
Manipal Payment and Identity Solutions IPO opens on 09 September 2026 and closes on 11 September 2026.
When does Manipal Payment and Identity Solutions IPO list on the stock exchange?
Manipal Payment and Identity Solutions IPO listed on 17 September 2026 at ₹333.0.
What is the lot size for Manipal Payment and Identity Solutions IPO?
The lot size for Manipal Payment and Identity Solutions IPO is 44 shares, requiring a minimum investment of ₹14,916.
What is the lot size for this IPO?
The lot size for the IPO is 44 shares.
What is the minimum investment required?
The minimum investment required is ₹14,916.
What is the price band for the IPO?
The price band for the IPO is ₹322.0 to ₹339.0.
When is the listing date for this IPO?
The listing date is scheduled for 17th Sep 2026.
What does GMP mean?
GMP stands for Grey Market Premium, which indicates the expected listing price of an IPO based on unofficial trading.
Issue Details
Investor Allocation
Registrar
Lead Managers / Book Running
IPO Timeline
Open
09 Sep 2026
Close
11 Sep 2026
Allotment
15 Sep 2026
Listing
17 Sep 2026
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