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HomeIPOManipal Payment & Identity Solutions

About Manipal Payment & Identity Solutions

Manipal Payment and Identity Solutions Ltd (MPISL) is the largest banking and smart card manufacturer in India. It provides end-to-end card services, ranging from the design and production to the delivery of the card to its customers, which include banks and government agencies.The Company has extended its business globally across the United Kingdom, Europe, Asia-Pacific, and MEA regions. The company boasts 10 modern manufacturing facilities and 19 units in 11 cities.

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Revenue Growth

Live IPOs

National Stock Exchange of India logo

National Stock Exchange of India

Mainboard
Open  Close17th Sep 2026 - 21st Sep 2026
Issue Size22561.57 Cr
Min. Qty8 Shares
Issue Price₹ 1700.00
Live IPO
Antala Industries logo

Antala Industries

SME
Open  Close29th Oct 2026 - 5th Nov 2026
Issue Size22.98 Cr
Min. Qty2000 Shares
Issue Price₹ 62.00
Live IPO
Companies NameOpen - CloseIssue SizeMin. QtyIssue PriceApply
National Stock Exchange of India logo

National Stock Exchange of India

Mainboard
17th Sep 2026 - 21st Sep 202622561.57 Cr8 Shares₹ 1700.00
Antala Industries logo

Antala Industries

SME
29th Oct 2026 - 5th Nov 202622.98 Cr2000 Shares₹ 62.00
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Manipal Payment & Identity Solutions

Manipal Payment & Identity Solutions

Open Date

Sep 9, 2026

Close Date

Sep 11, 2026

listed

Min Investment

₹14,916

Lot Size

44 Shares

Issue Size

₹805 Cr

Price Range

₹322 - ₹322

Listing Date

Sep 17, 2026

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The investment checklist helps you understand a company's financial health at a glance and identify quality investment opportunities easily.

Grey Market Premium (GMP) Trend

Manipal Payment & Identity Solutions IPO - Issue Objectives

₹238.42 crore will be used to purchase and set up new and second-hand equipment. Part of the IPO proceeds will be used for general corporate purposes and issue expenses.

Capital expenditure

74.5%

General corporate purposes

25.4%

1

Capital expenditure

₹238.42 crore will be used to purchase and set up new and second-hand equipment.

74.50%
2

General corporate purposes

Part of the IPO proceeds will be used for general corporate purposes and issue expenses.

25.40%

IPO Subscription Status

QIB
1.26x
NII
1.22x
Individual
2.19x
Total
1.42x

Times subscribed by category (bars capped at 10x for readability). Dashed line marks 1.0x (fully subscribed).

Financials of Manipal Payment & Identity Solutions

In Cr.

Key Performance Indicator30-Jun-25 (In Cr.)31-Mar-25 (In Cr.)31-Mar-24 (In Cr.)31-Mar-23 (In Cr.)
Revenue292.671277.111267.97920.48
EBITDA95.33408.77355.57178.72
Expenses
Profit After Tax33.93282.21249.17117.67
Assets863.491409.671102.71613.45
Net Worth877.54619.70405.05222.37
Reserves517.55262.8948.25-134.43
Borrowing0.22472.87449.4796.62

About Strength & Risks

Why this IPO looks interesting

Key positives investors may want to consider before applying.

01

Market share and size

The company had a market share of 36.4% and 30.9% in domestic credit card and debit card issuance markets in FY26, respectively, with the issuance of 1.35 crore credit cards and 7.27 crore debit cards. With a manufacturing capacity of 11.90 crore cards, the company’s size makes it a perfect fit for capturing growth in the payment card market.

02

Strong customer relationship

The company had served more than 300 customers in FY26, with customers associated for over 5 years making up 72.7% of the revenue. The average association tenure with the company’s top 10 customers is 12.4 years, thus providing good visibility on the revenues and making entry very difficult.

03

Diverse integrated solutions

In addition to offering payment cards, the company also offers identification, secure printing, smart tagging, IoT and logistics solutions. Bundling capabilities of cards, cheques, collaterals and logistics help them in cross-selling and engaging customers even further.

What investors should watch closely

Risk factors and possible pressure points around the offer.

01

Customer concentration risks

In FY26, the top 10 customers accounted for 58.6% of the revenues, and hence the firm is highly exposed to the risk of customer concentration since there are no minimum purchase obligations under the contract; loss or reduction in business with any of the customers would affect revenues and profitability.

02

Reliance on card vertical

Cards constituted 57.2% of FY26 revenues, and hence the firm heavily relies on the card vertical. With the rise in popularity of UPI and digital payments, the need for physical cards would decrease in the long run.

Contact Details

Manipal Payment & Identity Solutions

Udayavani Building, Press Corner, Manipal, Karnataka, 576104

+918202205480
info@mpimanipal.com
https://mpimanipal.com/

Registrar Contact Details

MUFG Intime India Pvt.Ltd.

+91-22-4918 6270
manipalpayment.ipo@in.mpms.mufg.com
https://in.mpms.mufg.com/Initial_Offer/public-issues.html

Manipal Payment & Identity Solutions IPO - FAQs

Manipal Payment & Identity Solutions IPO is a Mainboard IPO. The issue is priced at 322-₹339. The minimum order quantity is 44 Shares. The IPO opens on 9 Sep, and closes on 11 Sep. MUFG Intime India Pvt.Ltd. is the registrar for the IPO. The shares are proposed to be listed on BSE, NSE.

IPO Timeline

  • Pre Apply2026-09-08
  • Bidding Starts2026-09-09
  • Bidding Ends2026-09-11
  • Allotment Finalisation2026-09-15
  • Release of Funds2026-09-16
  • Demat Transfer2026-09-16
  • Listing2026-09-17
04

Advantage in technology & security

The certifications from the company have been maintained for an average period of 9 to 16 years with no security breach reported over the last three fiscals. The company’s robust security infrastructure, payment network certifications and unique metal card manufacturing technology create high barriers to entry.

03

Litigation risks with promoter group guarantee

The promoter personally guaranteed a $80.06 million amount, but out of this amount, $77.46 million was drawn whereas the guarantee issued by the corporate involving one of its group companies led to the creation of a lien/debit of $22.20 million. Legal proceedings can impact the reputation and the image of the company.

04

Risks with capital expenditure

The company is looking at incurring capex of ₹238.43 crore, a part of which will be used to acquire equipment with a remaining useful life of 2.93 years to 14.90 years. High maintenance causes problems of inefficiency and equipment failure.

05

Concentration of suppliers and raw materials risk

The top 10 suppliers contributed 56.05% of the total purchases in FY26, indicating the dependence on the concentrated supplier base. Any interruption in supply, short supply of specialised raw materials or rise in input costs may affect the production and margins.