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Manipal Payment & Identity Solutions IPO
1.72xsubscribed

Manipal Payment & Identity Solutions IPO

Finance - Others
listed
₹14,168Min. investment

Manipal Payment & Identity Solutions Limited IPO Details

SectorFinance - Others
Price range₹322 – ₹339
IPO type
Regular
Lot size44 shares
Issue size₹805Cr
Red Herring Prospectus
Read
Market cap
₹7,858CrLower than sector avg
RevenueApr 2025 - Mar 2026
₹1,326.7CrLower than sector avg
Growth rate3Y CAGR
3.13%Higher than sector avg

Manipal Payment & Identity Solutions IPO Subscription Status

Date
QIB
NII
Retail
Total
09-Sep-26
0.0 times (X)
0.25 times (X)
0.48 times (X)
0.13 times (X)
10-Sep-26
0.03X
0.43X
0.8X
0.25X
11-Sep-26
0.97X
2.75X
2.15X
1.72X

As on 09-Sep-26, 5:30 PM

Manipal Payment & Identity Solutions IPO Timeline

  1. Pre-apply
    8 Sep 2026
  2. Bid start
    9 Sep 2026
  3. Bid end
    11 Sep 2026
  4. Allotment
    15 Sep 2026
  5. Release of funds
    16 Sep 2026
  6. Demat transfer
    16 Sep 2026
  7. Listing
    17 Sep 2026

About Manipal Payment & Identity Solutions Limited

Manipal Payment & Identity Solutions IPO will open for subscription on 9 September 2026. The IPO will remain open till 11 September, followed by listing on 17 September.
Incorporated in 2008, Manipal Payment offers different financial products and services to banks, fintechs, NBFCs and government organisations worldwide. The company primarily provides payments and identification solutions, and secure and smart tagging/IoT solutions for financial institutions.
The company provides services ranging from payment cards, cheque solutions, identity documents, secure logistics, payment wearables, tax stamps, RFID-based tracking and anti-counterfeiting solutions. It provides its services in four major verticals: payment solutions, identification solutions, secure solutions and smart tagging/IoT solutions.
Manipal Payment is among the top payment card producers in the world and in India. In FY26, the company had an approximate market share of 36.4% in India's credit card issuance market and 30.9% in the debit card issuance market, issuing 1.35 crore credit cards and 7.27 crore debit cards. The company was also ranked as the highest in India and 14th in the world in shipments of chip and magstripe payment cards in 2023.
The company had capabilities with respect to metal cards, dual interface cards, recyclable PVC cards and payment-enabled wearables. As of March 31, 2026, it was supplying metal cards to the top four credit card issuers in India and was amongst the largest manufacturers of dual-interface cards in India. The company is among the largest manufacturers of National Identity Cards in India and has billed over 100 crore cards in 12 regional languages and has also installed more than 500 instant issuance kiosks simultaneously for State Bank of India.
It has a presence across 10 locations in India, including card manufacturing plants, personalisation bureaus, cheque printing facilities and smart tagging/IoT facilities. The company also had a central card processing centre across five locations for driving licence and registration certificate projects. Plastic card production in FY26 was 8.17 crore cards at 69.1% capacity utilisation, and for metal cards it was 77.2%. Tax stamp production was 543.54 crore units at 67.7% capacity utilisation, while cheque printing and secure solutions were at 32.1% and 36.7% capacity utilisation, respectively.
In FY26, the company provided services to more than 300 clients, comprising private banks, PSBs, SFBs, payment banks, cooperative banks, fintechs and government organisations. In FY26, 22 private banks, 12 PSBs, 11 SFBs, and 78 cooperative banks were being serviced by the company. Also, in FY26, 211 customers, which is 61.3% of total customers, have been associated with the company for more than five years, while income from customers who have been with the company for more than five years has comprised 72.7% of the revenue from operations of FY26.
Cards contribute the most to the company's revenue at 57.2% of FY26 revenue from operations. Tax stamps, holograms, thermal and RFID products contributed 13.5%, while cheque books, collaterals, and ID cards contributed 9.1%. Services contributed 15.1% of FY26 revenue from operations.
It has exported payment cards, such as credit, debit and metal cards, in multiple international markets in the last three fiscal years. In FY26, exports generated revenues of ₹95.7 crore, constituting 7.2% of revenues from operations, which was ₹54.4 crore in FY25 and ₹17.6 crore in FY24. It has subsidiaries in countries like the US, UK, UAE, and Nigeria and has a sales footprint on the ground in multiple international jurisdictions.
India’s payment card manufacturing industry is well poised for high growth, backed by demographics, disposable incomes, rise in financial inclusion and banking infrastructure. The total issuance market size in India is expected to be 57.50 crore units in FY30, while the market size in terms of market value is expected to grow to ₹6,642.52 crore owing to higher credit card penetration and premiumisation of credit cards through metal cards. The credit card issuance market is expected to grow at 34.8% CAGR during FY26-FY30, while metal card issuance is expected to grow at 47.2% CAGR, indicating a high growth potential in premium and specialised payment products. India has also remained highly underpenetrated, with one payment card per capita, compared with 7.2 in the US.
Manipal Payments and Identity Solutions can take advantage of these positive industry trends due to the diversity of its operations that range from payment cards, metal cards, government and smart identity cards to identity, authentication and tracking solutions. The firm is one of the leading payment card makers globally and was ranked as the highest-ranked Indian company and 14th worldwide in payment card shipments, as per the Nilson Report, as well as 11th in chip-enabled payment cards.
Being present in the domestic as well as international markets, with exposure to growing sectors like credit cards, premium metal cards and smart cards, will allow the firm to capitalise on the growing number of cards in use, financial inclusion and the need for secure payment and identity solutions. The global reach, coupled with its dominance in high-security cards, provides additional means for the company to capitalise on the new opportunities presented by both the growing domestic market and foreign exports.
Now, Manipal Payment & Identity Solutions is launching its initial public offering (IPO), which consists of a fresh issue of ₹320 crore and an offer for sale of ₹485 crore. The total issue size of the IPO is ₹805 crore. Its shares will be listed on the NSE and BSE.

How to apply for Manipal Payment IPO?

If you are interested in this investment opportunity but unsure how to apply for Manipal Payment IPO, follow these steps.
When the public issue opens for subscription, one can follow this step-by-step guide on how to apply for the Manipal Payment IPO on Upstox:
  • Log in to your Upstox account, using your six-digit PIN
  • After logging in, click on ‘Discover’
  • On the ‘Discover’ tab, you will find the ‘Invest in IPO’ section
  • Under the Invest in IPO section, look for the ‘Manipal Payment IPO’ tab and click on it
  • Now fill in all the required information, like ‘bid price’ and ‘lot size’
  • Confirm and click on ‘Apply’
  • Accept the mandate on your UPI app

Manipal Payment And Identity Solutions Limited IPO Analysis

IPO REVIEW

Manipal Payment & Identity Solutions IPO | Analysis Video

Should you apply?

Watch our analysts break down the Manipal Payment And Identity Solutions Limited IPO — business model, financials, valuation and key risks — to help you decide whether to apply. The video covers the IPO price band, important dates, and what the subscription numbers mean for retail investors.

Checklist

Quality analysis
Revenue growth
Company valuation
Earnings expansion
The investment checklist helps you understand a company's financial health at a glance and identify quality investment opportunities easily

Strength and Weakness

Market share and size

The company had a market share of 36.4% and 30.9% in domestic credit card and debit card issuance markets in FY26, respectively, with the issuance of 1.35 crore credit cards and 7.27 crore debit cards. With a manufacturing capacity of 11.90 crore cards, the company’s size makes it a perfect fit for capturing growth in the payment card market.

Strong customer relationship

The company had served more than 300 customers in FY26, with customers associated for over 5 years making up 72.7% of the revenue. The average association tenure with the company’s top 10 customers is 12.4 years, thus providing good visibility on the revenues and making entry very difficult.

Diverse integrated solutions

In addition to offering payment cards, the company also offers identification, secure printing, smart tagging, IoT and logistics solutions. Bundling capabilities of cards, cheques, collaterals and logistics help them in cross-selling and engaging customers even further.

Advantage in technology & security

The certifications from the company have been maintained for an average period of 9 to 16 years with no security breach reported over the last three fiscals. The company’s robust security infrastructure, payment network certifications and unique metal card manufacturing technology create high barriers to entry.

Objectives of Manipal Payment And Identity Solutions Limited IPO

Capital expenditure
74.50%
₹238.42 crore will be used to purchase and set up new and second-hand equipment.
General corporate purposes
25.40%
Part of the IPO proceeds will be used for general corporate purposes and issue expenses.

Compare

CompanyRevenue*3Y growthPATMarket capP/E ratio
This IPO₹1,326.7Cr3.13%₹253.4Cr₹7,858Cr29.40
This sector (avg.)₹2,201.91Cr0.04%₹158.94Cr₹15,153.53Cr69.38
₹3,142.32Cr---₹1,317.06Cr₹1,13,921.6Cr64.62
₹47,776.13Cr---₹406.76Cr₹55,687.72Cr335.57
₹3,295.09Cr---₹1,015.3Cr₹45,999.49Cr39.80

*Revenue for financial year 2025-26. Lower P/E and D/E ratios are generally preferred.

Manipal Payment & Identity Solutions IPO Contact Details

Company NameManipal Payment & Identity Solutions Limited

How to apply for Manipal Payment & Identity Solutions IPO?

  1. Step 1

    Log in to your Upstox account to access IPO investments. Next, select the current IPO section.

  2. Step 2

    Specify IPO details. Enter the number of lots and the price you wish to apply for.

  3. Step 3

    Enter UPI ID. After entering your UPI ID, click submit. This will place your bid with the exchange.

  4. Step 4

    Mandate Notification. Your UPI app will receive a mandate notification to block funds.

  5. Step 5

    Approve Request. Your funds will be blocked once you approve the mandate request on your UPI.

Manipal Payment And Identity Solutions Limited IPO FAQs

Investors can apply for the Manipal Payment & Identity Solutions IPO through their Demat account via the stock exchange or through their broker.
The issue size of the Manipal Payment & Identity Solutions IPO is 805 Cr.
Pre-applying for an IPO allows you to submit your application before the official subscription period begins.
The IPO shares will typically list on major stock exchanges such as the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE), as specified in the IPO prospectus.
Manipal Payment & Identity Solutions IPO will be open between 2026-09-09 and 2026-09-11.
Manipal Payment & Identity Solutions IPO allotment date is 2026-09-16. For Manipal Payment & Identity Solutions IPO allotment status check, you can visit the website of the registrar of the IPO.
For Manipal Payment & Identity Solutions IPO, the IPO registrar is MUFG Intime India Private Limited. You can check Manipal Payment & Identity Solutions IPO allotment status on the website of the registrar.
The shares are proposed to be listed on the BSE and NSE.
The Manipal Payment & Identity Solutions IPO shares will typically be credited to your demat account one working day before the IPO's listing date, provided your application is successfully allotted.
The Manipal Payment & Identity Solutions IPO lot size is 44 and minimum order quantity is 44.
Manipal Payment & Identity Solutions IPO has set the price band for its IPO at 339 per equity share with a face value of 2.