Manipal Payment & Identity Solutions Limited
Bookbuilding IPO · NSE, BSE
- Price band
- ₹322 - ₹339
- Lot size
- 44 shares
- Issue amount
- ₹805 cr
- Total subscription
- 1.42×
- Opens
- 9 Sept 2026
- Closes
- 11 Sept 2026
- Allotment
- 15 Sept 2026
- Listing
- 17 Sept 2026
Offer at a glance
Issue overview
- Issue size
- 2,37,46,313 shares
- Face value
- ₹2 per share
- Minimum investment
- ₹14,168
- Fresh issue
- ₹320 cr
- Offer for sale
- ₹485 cr
- Registrar
- Link Intime India Private Limited
- Listing exchange
- NSE, BSE
- Maximum investment
- ₹14,916
- Issue type
- Bookbuilding IPO
- Shares before issue
- 22,23,65,000
- Shares after issue
- 23,18,04,528
Lot sizes
| Category | Lots | Shares | Amount |
|---|---|---|---|
| RETAIL | 1 | 44 | ₹14,916 |
| sHNI | 14 | 616 | ₹2,08,824 |
| bHNI | 68 | 2,992 | ₹10,14,288 |
Share reservation
Subscription & GMP
Subscription by category
Reported 11 Sept 2026
GMP history
Day-wise demand
Application-wise demand
| Category | Reserved applications | Applied applications |
|---|---|---|
| RETAIL | 53,969 | 96,462 |
| HNIs(10L +) | 3,855 | 883 |
| HNIs (2-10L) | 1,927 | 2,060 |
Subscription demand
Amounts in ₹ crore. HNI subcategories are included in the NII total.
| Category | Offered | Demand |
|---|---|---|
| QIBs | 241.5 | 303.89 |
| RETAIL | 80.5 | 176.35 |
| HNIs 2+ | 40.25 | 47.64 |
| HNIs 10+ | 80.5 | 99.69 |
Financial performance
Company financials
In Crores · Reported periods may include interim results.
Key performance indicators
| Metric | Mar-26 | Mar-25 | Mar-24 |
|---|---|---|---|
| EPS | 11.53 | 13.65 | 12.05 |
| ROE | 0 | 0 | 0 |
| ROCE | 0 | 0 | 0 |
| RONW | 61.51 | 45.54 | 22.93 |
| PRE IPO(PE) | 29.74 | 0 | 0 |
| POST IPO(PE) | 31.02 | 0 | 0 |
Values and labels as reported in the issue data.
Peer comparison
| Company | P/E(X) | CMP* (₹) | Face value (₹) | NAV/Share (₹) | RONW(%) | EPS (Basic) (₹) |
|---|---|---|---|---|---|---|
| Manipal Payment and Identity Solutions Limited | 29.74 | 339 | 2 | 48.84 | 22.93 | 11.53 |
| Seshaasai Technologies Limited | 24.97 | 385.8 | 10 | 88.15 | 16.81 | 15.45 |
Company information
Company profile
Manipal Payment and Identity Solutions Ltd (MPISL) is India’s largest banking and smart card manufacturer, offering end-to-end card services that cover design, production, personalization, and secure delivery for clients including banks and government agencies. The company has expanded its operations globally across the United Kingdom, Europe, Asia-Pacific, and the Middle East and Africa regions, supported by a strong infrastructure of 10 modern manufacturing facilities and 19 units spread across 11 cities, enabling it to serve large-scale domestic and international requirements efficiently.
Strengths
- Leading Payment Card Manufacturer: The company is one of India’s leading payment card manufacturers and also has a strong position globally. It handles the complete card manufacturing and delivery process.
- Long-Standing Customer Relationships: MPISL has built strong relationships with well-known customers across the banking, fintech and government sectors, supporting its position in the payment card industry.
- Wide & Innovative Product Portfolio: The company offers a wide range of card solutions, covering design, manufacturing, personalisation and delivery to meet different customer requirements.
Risk factors
- Customer Concentration Risk: The company depends significantly on its top 10 customers for revenue. Losing key customers or receiving fewer orders from them could negatively affect revenue and financial performance.
- Supplier Concentration & Supply Risk: A large portion of raw material purchases comes from the top 10 suppliers. Any supply delays, failure to meet requirements or increase in supplier prices could affect business operations and costs.
- Dependence on Card Manufacturing: A significant share of the company’s revenue comes from manufacturing and selling payment cards. Any negative changes in this business segment could impact revenue, profitability and cash flow.
Promoters
Tonse Gautham Pai
T. Satish U. Pai
Sandhya S. Pai
Manipal Technologies Limited
Manipal Media Network Limited
Tridevitha Consultancy Services Private Limited
Tridevita Family Trust 2017
Registrar & documents
Lead manager
Axis Capital Limited, ICICI Securities Limited, IIFL Capital Services Limited, Motilal Oswal Investment Advisors Limited, Nuvama Wealth Management Limited
Registrar & contacts
Link Intime India Private Limited
[email protected]Official registrar portal ↗IPO allotment status guide →Registered office
Manipal Payment & Identity Solutions Ltd. Udayavani Building, Press Corner Manipal, Karnataka, 576104
0820 220 5480
[email protected]Company website ↗Understanding MPIMANIPAL IPO data
Compare the price band and required investment with the company profile, financial results and offer documents. Subscription figures show reported demand by category; they do not establish the value of the business. GMP is an unofficial indication and can change before listing.