Manipal Payment and Identity Solutions IPO Day 1: Issue booked 17%; check key dates, other details

The initial public offering (IPO) of Manipal Payment and Identity Solutions on its first day of subscription witnessed a tepid demand with a total booking of 17% on Wednesday, September 9.

Until 5 PM, the initial share sale of the firm had received bids for 21,91,288 shares as compared to 1,30,60,472 shares on offer, as per exchange data.

The non-institutional investor (NII) category was subscribed 0.13 times, while the retail individual investor (RII) segment saw 0.73 times subscriptions. However, the Qualified Institutional Buyers (QIB) portion did not see any interest on the first day.

The IPO is a book-building issue, comprising an offer for sale of 1.43 crore shares worth ₹485 crore and a fresh issue of ₹320 crore. The price band has been set between ₹322 and ₹339 per share.

For retail investors, the Manipal Payment IPO lot size is 44 shares, with a minimum investment of ₹14,916 per lot.

Ahead of its IPO, Manipal Payment and Identity Solutions Ltd had raised ₹362.25 crore from anchor investors. The company has allotted 1.07 equity shares to anchor investors at ₹339 per share, the upper end of the IPO price band, according to a circular uploaded on stock exchanges.

The anchor allocation comprised 36 investors, including mutual funds, insurance companies and foreign portfolio investors.

Motilal Oswal Mutual Fund, Abakkus Mutual Fund, ITI Mutual Fund, Baroda BNP Paribas Mutual Fund, Edelweiss Life Insurance Company, Sageone-Flagship Growth Fund, Sanshi Fund-I Investment Account and Alchemy Emerging Markets Fund were among the investors.

Manipal Payment: Allotment and listing date

Manipal Payment & Identity Solutions IPO objective

The money raised from the IPO will be used towards the following objectives:

About the company

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.

It has a presence across 10 locations in India, including card manufacturing plants, personalisation bureaus, cheque printing facilities and smart tagging/IoT facilities.