Manipal Payment and Identity Solutions Limited is a technology-driven provider of payment, identification, secure printing, and smart tagging & IoT solutions serving banks, fintechs, NBFCs, governments, and other customers across India and global markets. The company is part of the Manipal Group, which has a long operating history in secure printing and related solutions.
Business Segments:
- Payment Solutions: Payment cards, cheque solutions, NFC/QR products, smart wearables, and digital automation, including PVC, rPVC, metal, prepaid, gift and meal cards.
- Identification Solutions: Driving licences, vehicle registration certificates, national identity cards, and transit solutions, including over 1 billion paper-based and 12 million+ PVC-based national identity cards billed as of March 31, 2026.
- Secure Solutions: Secure logistics, insurance document personalization, tamper-evident packaging, holograms, and coated products.
- Smart Tagging & IoT Solutions: Excise labels, RFID-based tracking, and anti-counterfeiting solutions.
The company had 344 customers as of March 31, 2026, including private and PSU banks, co-operative banks, small finance banks, fintech companies, and government departments. More than 211 customers had been associated with the company for over five years, highlighting its long-standing customer relationships. For its payment-card business, the company served over 105 customers in Fiscal 2026 and had relationships with 60 fintech companies.
In Fiscal 2026, the company had 118.97 million cards of production capacity and produced 13.54 million credit cards and 72.66 million debit cards, exporting to markets including the UK, Singapore, UAE, South Africa, Bangladesh, Brazil, Nepal and Sri Lanka.
The company operates through 10 facilities across India, covering card manufacturing, personalization, cheque printing, and smart tagging & IoT activities. As of March 31, 2026, it had 1,816 employees, including a 116-member sales and marketing team.
Manipal Payment & Identity Solutions IPO – Details
| IPO Opening Date | 09 September 2026 |
| IPO Closing Date | 11 September 2026 |
| Issue Type | Book Built Issue IPO |
| Issue Size | Total Issue Size: 2,37,46,313 Shares Worth ₹805.00 Crore Fresh Issue: 94,39,528 Shares Worth ₹320.00 Crore Offer For Sale: 1,43,06,785 Shares Worth ₹485.00 Crore |
| Face Value | ₹2 per equity share |
| IPO Price | ₹322 – ₹339 per share |
| Market Lot | 44 Shares |
| Min Order | 44 Shares [1 Lot] |
| Listing At | BSE, NSE |
| Register | MUFG Intime India Private Ltd. |
| QIB Shares Offered | 75% |
| NII (HNI) Shares Offered | 15% |
| Retail Shares Offered | 10% |
Manipal Payment & Identity Solutions IPO – Date Schedule
| IPO Open Date | 09 September 2026 |
| IPO Close Date | 11 September 2026 |
| Basis of Allotment | 15 September 2026 |
| Initiation of Refund | 16 September 2026 |
| Credit of Shares to Demat Account | 16 September 2026 |
| IPO Listing Date | 17 September 2026 |
| Cut-off time for UPI mandate confirmation | 5 PM on September 11, 2026 |
Manipal Payment & Identity Solutions IPO – Lots Size & Price
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 44 | ₹14,916 |
| Retail (Max) | 13 | 572 | ₹1,93,908 |
| S-HNI (Min) | 14 | 616 | ₹2,08,824 |
| S-HNI (Max) | 67 | 2,948 | ₹9,99,372 |
| B-HNI (Min) | 68 | 2,992 | ₹10,14,288 |
Competitive Strength
- Among the largest manufacturers of payment cards, both globally and in India in Fiscal 2026.
- Long-standing relationships with marquee customers.
- Expansive product portfolio, powered by innovation, offering comprehensive solutions.
- Technology-driven facilities and operations, with a focus on security compliance.
- Experienced management team with a committed employee base, backed by the Manipal Group.
Company 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
Company Financials
| Particulars | Total Revenue | Total Expense | Profit After Tax | Total Borrowing |
|---|---|---|---|---|
| 31 March 2024 | ₹1,267.97 Cr | ₹967.63 Cr | ₹249.17 Cr | ₹449.47 Cr |
| 31 March 2025 | ₹1,277.11 Cr | ₹1032.65 Cr | ₹282.21 Cr | ₹472.87 Cr |
| 31 March 2026 | ₹1,356.59 Cr | ₹1004.93 Cr | ₹253.46 Cr | ₹0.42 Cr |
Key Performance Indicator
| KPI | Values (Mar 31, 2026) |
|---|---|
| ROE | 29.35% |
| ROCE | 32.69% |
| Debt/Equity | 0.00 |
| RoNW | 22.93% |
| PAT Margin | 18.68% |
| EBITDA Margin | 33.60% |
| NAV | 48.84 |
| Price to Book Value | 6.94 |
| Pre IPO | Post IPO | |
| EPS (₹) | 11.40 | 10.93 |
| P/E (x) | 29.74 | 31.02 |
Object Of The Issue
| Objects of the Issue | Expected Amount (₹ in crores) |
|---|---|
| Funding the capital expenditure requirements of the Company towards purchasing and setting up of new and secondhand equipment at: (a) card manufacturing facility, personalization bureau and cheque printing facility in Manipal, Karnataka, (b) personalization bureau and cheque printing facility in Chennai, Tamil Nadu, Noida, Uttar Pradesh, and personalization bureau in Navi Mumbai, Maharashtra, (c) cheque printing facilities in Navi Mumbai, Maharashtra and Howrah, West Bengal, (d) central cards processing centers at Chhattisgarh RTO, and (e) Smart Tagging and IoT Solutions facility in Manipal, Karnataka (“Capital Expenditure on Equipment”); and | ₹238.43 |
| General corporate purposes. |
Manipal Payment & Identity Solutions IPO Peer Comparison
| S. No. | Face Value (₹) | Company Name | P/E Ratio |
|---|---|---|---|
| 1 | 10 | Seshaasai Technologies Limited | 24.97 |
✅Strengths
- Strong Market Position as a leading payment-card manufacturer.
- Long-Standing Customers with 211+ customers for over five years.
- Diversified Portfolio across payments, identification, secure printing and IoT.
- Strong Production Capacity of 118.97 million cards in FY2026.
- Global Presence with exports to multiple international markets.
⚠️Risks
- Customer Concentration with top 10 customers contributing 58.67% of FY2026 revenue.
- Dependence on Card Demand as lower demand could impact revenues.
- Raw Material Volatility may affect costs and margins.
- Supply Chain Risks due to limited sources for certain materials.
- Capacity Utilisation Risk if manufacturing facilities remain under-utilised.
Manipal Payment & Identity Solutions IPO Promoter Holding
| Pre Issue Share Holding | 62.10% |
| Post Issue Share Holding | 53.92% |
Manipal Payment & Identity Solutions IPO Prospectus
Company Contact Information
| Manipal Payment & Identity Solutions Ltd. Udayavani Building, Press Corner Manipal, Karnataka, 576104 Phone: 0820 220 5480 Email: info@mpimanipal.com Website: https://mpimanipal.com/ |
Manipal Payment & Identity Solutions IPO Registrar
| MUFG Intime India Pvt. Ltd. Phone: 022-49186000 Email: manipalpayment.ipo@in.mpms.mufg.com Website: https://in.mpms.mufg.com/Initial_Offer/public-issues.html |
Manipal Payment & Identity Solutions IPO Lead Manager(s)
| 1. Axis Capital Limited 2. ICICI Securities Limited 3. IIFL Capital Services Limited 4. Nuvama Wealth Management Limited 5. Motilal Oswal Investment Advisors Limited |
Manipal Payment & Identity Solutions IPO FAQs
| What is the Manipal Payment & Identity Solutions IPO? Manipal Payment & Identity Solutions IPO is a main-board IPO. The issue is priced at ₹322 to ₹339 per equity share. The IPO is to be listed on the BSE & NSE. |
| When will the Manipal Payment & Identity Solutions IPO open? The IPO is to open on 09 September 2026 for QIB, NII, and Retail Investors. |
| What is Manipal Payment & Identity Solutions IPO Investors Portion? The investors’ portion for QIB – 75%, NII – 15%, and Retail – 10%. |
| What is the Manipal Payment & Identity Solutions IPO Size? Manipal Payment & Identity Solutions IPO size is ₹805.00 Crore. |
| What are the Manipal Payment & Identity Solutions IPO Minimum and maximum lot sizes for Retail? The minimum bid is 44 Shares with ₹14,916, while the maximum bid is 572 Shares with ₹1,93,908. |
| What is the Manipal Payment & Identity Solutions IPO Allotment Date? Manipal Payment & Identity Solutions IPO allotment date is 15 September 2026. |
| What is the Manipal Payment & Identity Solutions IPO Listing Date? Manipal Payment & Identity Solutions IPO listing date is 17 September 2026. The IPO is to be listed on the BSE and the NSE. |
