Manipal Payment and Identity Solutions IPO
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Manipal Payment and Identity Solutions IPO details
Schedule of Manipal Payment and Identity Solutions
| Issue open date | 09 Sep 2026 |
| Issue close date | 11 Sep 2026 |
| UPI mandate deadline | 11 Sep 2026 (5 PM) |
| Allotment finalization | 15 Sep 2026 |
| Refund initiation | 16 Sep 2026 |
| Share credit | 16 Sep 2026 |
| Listing date | 17 Sep 2026 |
| Mandate end date | 26 Sep 2026 |
| Lock-in end date for anchor investors (50%) | 14 Oct 2026 |
| Lock-in end date for anchor investors (remaining) | 13 Dec 2026 |
Note: The schedule is tentative. The anchor lock-in period ends 30 days after the actual allotment date for 50% of the shares and 90 days after for the remaining portion. The allotment status can be checked on the registrar's website and the exchange website.
About Manipal Payment and Identity Solutions
Manipal Payment and Identity Solutions manufactures and personalizes plastic and metal banking, smart, and ID cards, offering services like embossing, encoding, and chip embedding. Through acquisitions, it expanded into secure logistics, revenue assurance, and variable data/security printing—including cheques, policy booklets, tax stamps, and IoT smart tagging. Operating 10 facilities across India (manufacturing plants, personalization bureaus, and cheque centers), the company primarily generates revenue from card sales and personalization, complemented by institutional security printing solutions.
Financials of Manipal Payment and Identity Solutions
Issue size
| Funds Raised in the IPO | Amount (₹ crores) |
| Total issue size | 805 |
| Fresh Issue – Proceeds go to the company | 320 |
| Offer for sale – Proceeds go to the existing investors | 485 |
Utilisation of proceeds
| Purpose | INR crores (%) |
| Purchase and setup of new and used equipment | 238.43 (74.51%) |
| General corporate purposes | 81.57 (25.49%) |
Strengths
- Manipal Payment and Identity Solutions serves banks, fintechs, NBFCs and government clients in India and overseas.
- The company offers a wide range of payment, identity, secure printing and smart tagging solutions.
- It generates revenue from both product sales and related personalisation and printing services.
- The company provides RFID, QR code and IoT-based tracking and anti-counterfeiting solutions.
- Its business includes high-security products such as payment cards, identity cards and secure packaging solutions.
Risks
- A large share of the company’s revenue comes from its top 10 customers.
- The business depends heavily on a limited number of suppliers for raw materials.
- A significant portion of revenue is generated from card manufacturing and related products.
- Failure to meet payment network security standards could impact its operations.
- The company has reported past regulatory non-compliance related to RBI reporting requirements.
Allotment Status for Manipal Payment & Identity Solutions
To check your IPO allotment status:
- Visit the MUFG Intime India IPO Application Status page.
- Select the company name from the dropdown menu.
- Select and enter one of the following: PAN, Application Number, DP/Client ID, or Account Number/IFSC.
- Click Submit to view your allotment status.
Subscription Figures for Manipal Payment and Identity Solutions
Grey Market Premium (GMP) is an unofficial and unregulated metric that may not accurately reflect investor interest. Instead, investors should refer to the IPO subscription data published by the stock exchanges, which is a more reliable indicator of demand.
Subscription numbers as of 05:00 PM on September 11, 2026:
| Category | Reserved (lakhs) | Applied (lakhs) | Subscription (X times) |
|---|---|---|---|
| Institutional | 71.24 | 89.64 | 1.26x |
| NII | 35.62 | 43.46 | 1.22x |
| Retail | 23.75 | 52.02 | 2.19x |
| Total | 130.60 | 185.13 | 1.43x |