Manipal Payment and Identity Solutions IPO to Open on September 9, 2026: Check Price Band, Issue Size and Key Details

Manipal Payment and Identity Solutions’ initial public offering (IPO) is set to open for subscription on September 9, 2026. According to the Red Herring Prospectus (RHP), the ₹805.00 crore book-built issue comprises a fresh issue of up to ₹320.00 crore and an offer for sale (OFS) of up to ₹485.00 crore.

The IPO will remain open until September 11, 2026. The basis of allotment is expected to be finalised on September 15, 2026, and the shares are tentatively scheduled to be listed on the BSE and NSE on September 17, 2026.

Manipal Payment and Identity Solutions IPO - Issue Details

• Issue Type: Book Built Issue (Fresh Issue + OFS)
• Total Issue Size: Up to ₹805.00 crore
• Fresh Issue: Up to ₹320.00 crore 
• Offer for Sale (OFS): Up to ₹485.00 crore
• Face Value: ₹2 per equity share
• Price Band: ₹322 to ₹339 per share
• Lot Size: 44 shares
• Minimum Investment Amount (Retail Investor): ₹14,916 (44 shares at the upper price)
• Listing: BSE, NSE
• Book Running Lead Managers: Motilal Oswal Investment Advisors Limited, Axis Capital Limited, ICICI Securities Limited, IIFL Capital Services Limited and Nuvama Wealth Management Limited
• Registrar: MUFG Intime India Private Limited

Manipal Payment and Identity Solutions IPO Timeline (Tentative)

The expected IPO schedule is as follows:

Note: The allotment and listing dates are tentative and may be revised.

Explore other Upcoming IPOs on BSE and NSE.

Manipal Payment and Identity Solutions IPO Category-wise Investment Limits

The application size for each category is as follows -

The minimum investment amount for each category, based on the upper price band of ₹339 per share, is as follows -

Utilisation of IPO Proceeds

The company intends to utilise the net proceeds from the fresh issue towards:

• Funding the capital expenditure requirements of the company towards purchasing and setting up of new and secondhand equipment at 
• Card manufacturing facility, personalization bureau and cheque printing facility in Manipal, Karnataka
• Personalization bureau and cheque printing facility in Chennai, Tamil Nadu, Noida, Uttar Pradesh, and personalization bureau in Navi Mumbai, Maharashtra 
• Cheque printing facilities in Navi Mumbai, Maharashtra and Howrah, West Bengal
• Central cards processing centers at Chhattisgarh RTO
• Smart Tagging and IoT Solutions facility in Manipal, Karnataka (“Capital Expenditure on Equipment”)
• General corporate purposes.

About Manipal Payment and Identity Solutions Limited

Incorporated in 2008, Manipal Payment and Identity Solutions Limited, part of the Manipal Group, provides technology-driven payment, identification, secure printing, and smart tagging & IoT solutions to banks, fintechs, NBFCs, and government institutions across India and international markets.

The  company’s product portfolio includes payment cards, cheque solutions, NFC and QR-based payment products, payment-enabled wearables, and digital automation solutions. It also offers identity documents such as driving licences and national ID cards, secure logistics and personalized print communications, tamper-evident packaging, RFID-based track-and-trace systems, excise labels with encrypted QR codes, and anti-counterfeiting solutions.

The company had an estimated market share of approximately 36.4% in the credit card issuance market and 30.9% in the debit card issuance market in India for Fiscal 2026, having billed 13.54 million credit cards and 72.66 million debit cards during Fiscal 2026. 

Key Financial Highlights 

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