Manipal Payment and Identity Solutions made a weak stock market debut on Thursday, September 17, 2026, with its shares listing at a 2.65% discount on the NSE. The stock opened at ₹330 apiece on the NSE against its IPO issue price of ₹339 per share. On the BSE, the shares debuted at ₹332 per share, representing a 2.06% discount over the issue price.

The company’s ₹805.00 crore IPO was open for subscription from September 9 to September 11, 2026, and witnessed muted investor interest. The issue was subscribed 1.42 times by the end of the bidding period.

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

Explore other Upcoming IPOs on BSE and NSE.

Manipal Payment and Identity Solutions IPO Overall Subscription Status

[September 11, 2026, 7:00 P.M.]

Category	Subscription (x)
Qualified Institutional Buyers (QIBs)	1.26x
Non-Institutional Investors (NIIs)	1.22x
Retail Individual Investors (RIIs)	2.19x
Total	1.42x

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 and part of the Manipal Group, Manipal Payment and Identity Solutions Limited provides technology-enabled solutions across payments, identification, secure printing, smart tagging, and IoT. It serves banks, fintech companies, NBFCs, and government institutions in India and overseas. Its offerings include payment cards, cheque solutions, NFC and QR-based payment products, wearables, identity documents, secure printing, RFID tracking, tamper-evident packaging, and anti-counterfeiting solutions.

In FY2026, the company accounted for an estimated 36.4% of India's credit card issuance and 30.9% of debit card issuance. It billed 13.54 million credit cards and 72.66 million debit cards during the year, reflecting its significant presence in India's payment card issuance market.

Key Financial Highlights

Particulars	FY26 (in ₹ crore)	FY25 (in ₹ crore)	FY24 (in ₹ crore)
Revenue from operations	1,326.75	1,256.07	1,247.52
EBITDA	455.83	408.76	355.57
Profit After Tax (PAT)	253.46	282.21	249.16