The Manipal Payment & Identity Solutions IPO allotment status is scheduled to be finalised on September 15, with refunds for unsuccessful applicants expected to be processed on September 16. As per Essential Business Intelligence, shares will be credited to the Demat accounts of successful investors on the same day. Applicants can check their allotment status through the websites of BSE, NSE and MUFG Intime India, the registrar of the issue. The ₹805 crore IPO concluded its final day of bidding with 1.42 times subscription as of September 11, with the issue receiving bids for 1.85 crore shares against 1.30 crore shares on offer.
The grey market premium (GMP) for Manipal Payment & Identity Solutions stands at 0% as of September 15, indicating a flat listing, according to Essential Business Intelligence. This zero premium reflects the weak investor interest observed throughout the bidding process, with institutional participation remaining limited despite the company's strong market position. The GMP serves as an unofficial indicator of market sentiment and does not guarantee the listing price or returns. With the upper price band set at ₹339, the estimated listing price is ₹339 (GMP + cap price), implying a flat listing.
The IPO showed varied subscription patterns across investor categories on the final day. As per Essential Business Intelligence, the Retail Investors (RIIs) category was subscribed at 2.19 times, while Non-Institutional Investors (NIIs) were subscribed at 1.22 times and Qualified Institutional Buyers (QIBs) at 1.26 times. The retail portion showed particularly strong response, indicating retail investor confidence in the payment solutions company's prospects.
The ₹805 crore IPO opened for bidding on September 9 and closed today, September 11. As reported by CNBC TV18, the company has set the IPO price band at ₹322–339 per equity share. At the upper price band, the total IPO size is estimated at around ₹805 crore, while the company's implied post-issue market capitalisation is expected to be approximately ₹7,858 crore. The issue comprises a fresh issue of shares worth ₹320 crore and an Offer for Sale (OFS) of up to 1.43 crore shares, valued at ₹475-485 crore, by promoter Manipal Technologies. The company's promoter shareholding will decline to 53.92% post-IPO from 62.65% pre-IPO. The lot size for an application is 44 shares, with the minimum investment requirement for retail investors being ₹14,916 based on the upper price band.
Ahead of the IPO, the company raised ₹362.25 crore from anchor investors by allotting 1.06 crore equity shares at ₹339 per share on September 8. According to CNBC TV18, among the anchor investors, 35.1 lakh shares were subscribed by 16 schemes across four domestic mutual fund houses — Motilal Oswal AMC, Baroda BNP Paribas Mutual Fund, ITI Mutual Fund and Groww Mutual Fund. Notable anchor investors included Morgan Stanley, Nomura Singapore, Citigroup and Alchemy. Edelweiss Life Insurance Company invested ₹10.01 crore for 2.95 lakh shares, while Abakkus Asset Manager, founded by Sunil Singhania, invested ₹40 crore.
As reported by CNBC TV18, Manipal Payment & Identity Solutions is among the largest payment card manufacturers globally and in India, serving 300+ customers across banking, fintech, government, and corporate segments. The company estimated its market share at 36.4% in credit card issuance and 30.9% in debit card issuance in financial year 2026. It also described itself as one of the largest producers of national identity cards and metal cards during the financial year. For the year ended March 2026, profit declined 10.2% to ₹253.5 crore, partly due to a high base following exceptional gains of ₹110 crore in the previous year, while revenue rose 5.6% year-on-year to ₹1,326.8 crore. The company plans to deploy ₹238.4 crore from the fresh issue towards purchasing and setting up new and second-hand equipment at various facilities including card manufacturing facilities, personalisation bureau, cheque printing facility, central card processing centres, and Smart Tagging and IoT Solutions facility. The remaining proceeds will be used for general corporate purposes.
