The Manipal Payment and Identity Solutions IPO received 17% subscription as of 5:16 pm on September 9, 2026, with the issue receiving bids for 21,91,288 shares against 1,30,60,472 shares on offer. The ₹805-crore IPO opened for subscription on September 9, 2026, with the retail investor portion subscribed 0.55 times, while the non-institutional investor (NII) category received subscription of 0.08 times. The grey market premium (GMP) for the issue stands at ₹33, indicating strong market sentiment ahead of the listing. The Qualified Institutional Buyers (QIB) portion has not seen any interest at the time of writing.
Ahead of the public subscription opening, Manipal Payment and Identity Solutions successfully raised ₹362.25 crore from 36 anchor investors on September 8. The company allocated 1.07 crore equity shares to anchor investors at ₹339 per share, the upper end of the IPO price band. Notable participants included Edelweiss Life Insurance Company investing ₹10.01 crore for 2.95 lakh shares, while Sunil Singhania's Abakkus Asset Manager picked up shares worth ₹40 crore. Among the domestic mutual fund houses, 35.1 lakh shares were subscribed by 16 schemes across four fund houses including Motilal Oswal AMC, Baroda BNP Paribas Mutual Fund, ITI Mutual Fund and Groww Mutual Fund. Other prominent investors included New Mark Capital AIF, SageOne, Sanshi Funds, Alpha Alternatives Financial Services, Emerge Capital and SVAN Velocity Fund. The anchor book also included international investors such as Morgan Stanley, Nomura Singapore, Citigroup and Alchemy.
According to recent reports from CNBC TV18, Manipal Payment and Identity Solutions expects to return to a 25-30% growth trajectory over the next three to five years, led by faster expansion in metal cards, exports and other higher-margin businesses. Mayank Bhotika, Head-Strategic Finance and Treasury, stated that the company is on a year-on-year growth CAGR of around 25%-30% which should continue for the next 3-5 years. A key growth driver will be metal cards, which currently contribute around 10% of sales but the company expects this to rise to 25-30% of revenue over the next two years. Management noted that the shift reflects growing demand for premium cards, particularly as banks look to differentiate their offerings, with PSU banks increasingly issuing debit cards. The company has developed patented technology for metal cards and is exporting these products to developed markets such as the US and UK, with management expecting significant scaling as more customers adopt premium card offerings.
The IPO is structured as a book-building issue comprising an offer for sale of 1.43 crore shares worth ₹475-485 crore and a fresh issue of ₹320 crore. The price band has been set between ₹322 and ₹339 per share. For retail investors, the IPO lot size is 44 shares with a minimum investment of ₹14,916 per lot. The company, incorporated in 2008, offers financial products and services to banks, fintechs, NBFCs and government organisations worldwide, primarily providing payments and 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. The promoter shareholding in the company will decline to 53.92% post-IPO from 62.65% pre-IPO.
For the year ended March 2026, Manipal Payment's profit fell 10.2% to ₹253.5 crore, partly affected by a high base because of exceptional gains of ₹110 crore in the previous year. Revenue rose 5.6% year-on-year to ₹1,326.8 crore. For FY26, the company reported total income of ₹1,356.59 crore compared with ₹1,277.11 crore in FY25, while profit after tax declined to ₹253.46 crore from ₹282.21 crore in the previous year. The company's EBITDA increased to ₹455.83 crore from ₹408.77 crore a year earlier. Manipal Payment said it was among the largest manufacturers of payment cards globally and in India, with an estimated market share of about 36.4% in the credit card issuance market and 30.9% in the debit card market in fiscal 2026. The IPO key dates include bidding window opening on September 9, closing on September 11, allotment finalisation on September 15, refund initiation on September 16, and credit of shares to demat accounts on September 16, with listing scheduled for September 17.
