Manipal Payment IPO is a Mainboard issue open from 9-11 Sept. The company is raising ₹805 Cr at a price band of ₹322 to ₹339 per share. One lot is 44 shares.
Manipal Payment IPO Analysis
Our reading of the numbers below — growth rates, margins, pricing and demand are calculated from the company's own filed figures, not copied from anywhere.
Minimum retail investment
₹14,916
44 shares at the upper band of ₹339
Retail limit
13 lots
the most that fits under the ₹2 lakh retail cap
Funds blocked after close
~6 days
from the closing date to listing
Fresh issue share
39.8%
₹320 Cr of the ₹805 Cr issue
Revenue growth
+6.2%
31 Mar 2025 → 31 Mar 2026
Profit growth
-10.2%
PAT ₹282.21 Cr → ₹253.46 Cr
Net profit margin
18.7%
was 22.1% in 31 Mar 2025
Debt to equity
0
lower is safer
Return on equity
29.35%
ROE
Peer listing record
1 of 2 listed above issue price
median listing move +0.7%
GMP-implied listing gain
+11.2%
₹38 premium on a ₹339 issue price
Promoter holding
62.1% → 53.92%
diluted by 8.2 percentage points
Manipal Payment is a mainboard issue raising ₹805 Cr, offered in a band of ₹322–₹339 per share. At the upper end that is 169.5 times the ₹2 face value, so ₹337 of every share subscribed is share premium rather than capital.
A retail application for Manipal Payment needs one lot of 44 shares, which works out to ₹14,916 at the upper band of ₹339. That is close to the ₹15,000 ceiling SEBI expects for a single retail lot, so an investor applying at cut-off is committing nearly the full retail limit per application. Retail applications are capped at ₹2,00,000, which here is 13 lots; bidding above that moves the application into the non-institutional category, and the large-HNI bucket begins at ₹10,00,000, or about 68 lots.
For Manipal Payment, bidding runs 9-11 Sept, allotment is finalised on 15 Sep 2026, the shares list on 17 Sep 2026. Applications that do not receive an allotment have their UPI mandate released around 4 days after the issue closes. Counting from the close of bidding, money stays blocked for roughly 6 days before listing decides what the holding is worth.
The issue is reserved 75% to qualified institutional buyers, 15% to non-institutional investors, 10% to retail. At 10%, the retail portion is on the narrower side, so retail allotment turns into a lottery quickly once the book fills. An oversubscribed retail portion is not allotted in proportion to the amount applied for: applications are reduced to single lots and drawn by lot, so several small applications from different PANs are more effective than one large one.
The issue splits into ₹320 Cr of fresh capital (39.8%) and ₹485 Cr as an offer for sale. The company keeps the fresh portion for the objects of the issue, while the rest is existing shareholders monetising their stake.
Revenue moved from ₹1277.11 Cr in 31 Mar 2025 to ₹1356.59 Cr in 31 Mar 2026 (+6.2%), while profit after tax went from ₹282.21 Cr to ₹253.46 Cr (-10.2%). Revenue is up but profit has fallen, so margins are being squeezed — worth understanding why before applying.
Recently listed companies in the same space trade at a median price-to-earnings ratio of about 25.1. Comparing that with the multiple implied by this issue's ₹322–₹339 band is a more useful test of pricing than looking at the grey market premium alone.
MUFG Intime India Pvt.Ltd. is the registrar for this issue, which means the allotment status for Manipal Payment is published on their portal from 15 Sep 2026. A PAN, application number or demat client ID is enough to look it up; the credited shares also appear in the demat account itself a day or so before listing.
A grey market premium of ₹38 on the upper band of ₹339 implies a listing gain of roughly 11.2%. The grey market is unofficial and unregulated, the premium can change daily, and it has no bearing on allotment — treat it as a sentiment reading, not a forecast.
What looks good
- A debt-to-equity ratio of 0 points to a conservatively funded balance sheet.
- Return on equity of 29.35% is strong for the sector.
What to watch
- Revenue is rising while profit falls, indicating margin pressure.
This analysis is generated from the figures shown on this page and is for information only. It is not investment advice — read the RHP before you apply.
About Manipal Payment
Incorporated in 2008, Manipal Payment & Identity Solutions Limited is part of The Manipal Group. The Company provides payment solutions, identification solutions, secure solutions, and smart tagging and Internet of Things (IoT) solutions to banks, fintechs, non-banking finance companies and governments across domestic and international markets.
Its payment solutions include payment cards, cheque solutions, Near-Field Communication (NFC)/Quick Response (QR) codes, payment-enabled wearables and digital automation solutions.
Its identification solutions include driving licences, registration certificates, national identity cards and transit management solutions. Its secure solutions include secure logistics, personalisation of insurance policies, premium notices, renewal letters and marketing collaterals, as well as tamper-evident envelopes, holograms and coated products.
The Company also provides smart tagging and IoT solutions and operates a coated products business.
In Fiscal 2026, the Company served over 300 customers across domestic and international markets. Its payment card business served over 105 customers, including 18 private banks, 9 public sector banks, 10 small finance banks, 13 co-operative banks and 34 fintech companies.
Its customers include State Bank of India, Canara Bank, Bank of India, Jammu and Kashmir Bank, Central Bank of India, Punjab and Sind Bank, Indian Bank, HDFC Bank, ICICI Bank, Axis Bank, Kotak Mahindra Bank, Federal Bank and City Union Bank.
As of March 31, 2026, the Company had relationships with 60 fintech companies, including Airtel Payments Bank Limited and Scapia, for services such as manufacturing co-branded credit cards, debit cards and prepaid cards. It has also entered into agreements for manufacturing and personalising cards for Revolut, a global fintech and neo-bank operating in India.
The Company exports products such as credit cards, debit cards and metal cards to several international markets, including the UK, Singapore, Bahrain, Hong Kong, Oman, Maldives, Mauritius, South Africa, Bangladesh, Brazil, Nigeria, Nepal, Sri Lanka, Bolivia, the UAE and certain countries in Europe.
As of the date of the Red Herring Prospectus, the Company served its customers through 10 facilities across India. These include card manufacturing facilities and personalisation bureaus in Manipal, Karnataka, personalisation and cheque printing facilities in Navi Mumbai, Noida and Chennai, a cheque printing facility in Howrah, and three facilities for smart tagging, IoT solutions and coated products in Manipal and Bengaluru.
The Company also operates Central Cards Processing Centres (CCPCs) at five locations: Port Blair, Raipur, Mumbai, Nagpur and Aurangabad. At these centres, the Company captures biometrics and prints driving licences and registration certificates at the respective RTO premises.
As of March 31, 2026, Manipal Payment & Identity Solutions Limited had 1,809 permanent employees and 1,509 contracted employees.
