Manipal Payment and Identity Solutions Limited has announced the details of its initial public offering (IPO), with the issue set to open for subscription on Wednesday, September 9, 2026, and close on Friday, September 11, 2026.
The Anchor Investor bidding will take place on Tuesday, September 8, 2026.
The price band for the Manipal Payment and Identity Solutions IPO has been fixed at ₹322 to ₹339 per equity share, with each share having a face value of ₹10. Investors can bid for a minimum of 44 equity shares and in multiples of 44 equity shares thereafter.
The IPO comprises a fresh issue of equity shares aggregating up to ₹320 crore and an offer for sale (OFS) of up to 14,306,785 equity shares by the promoter selling shareholder, Manipal Technologies Limited.
The equity shares of Manipal Payment and Identity Solutions are proposed to be listed on BSE Limited (BSE) and the National Stock Exchange of India Limited (NSE). For the purpose of the issue, BSE Limited will be the Designated Stock Exchange.
Manipal Payment and Identity Solutions IPO Schedule
The key dates for the Manipal Payment and Identity Solutions IPO are as follows:
- Anchor Investor Bidding: Tuesday, September 8, 2026
- IPO Opens: Wednesday, September 9, 2026
- IPO Closes: Friday, September 11, 2026
- Price Band: ₹322 to ₹339 per equity share
- Face Value: ₹10 per equity share
- Minimum Bid: 44 equity shares
- Further Bids: In multiples of 44 equity shares
The Red Herring Prospectus for the Manipal Payment and Identity Solutions IPO has been made available by the company.
Manipal Payment and Identity Solutions: Business Profile
Manipal Payment and Identity Solutions provides payment solutions, identification solutions, secure solutions, and smart tagging and Internet of Things (IoT) solutions to banks, fintechs, non-banking financial companies (NBFCs), and governments worldwide.
In Fiscal 2026, Manipal Payment and Identity Solutions held approximately 36.4% of India’s credit card issuance market and 30.9% of its debit card issuance market. This positioned the company among the largest manufacturers of payment cards globally and in India.
In addition to payment cards, Manipal Payment and Identity Solutions is one of India’s largest national identity card producers. The company has billed more than 1 billion cards in 12 regional languages.
The company serves its customers through 10 facilities across India and catered to more than 300 customers across domestic and international jurisdictions in Fiscal 2026.
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Payment Network Certifications
Manipal Payment and Identity Solutions has been certified by payment networks including Mastercard, RuPay and other payment networks for the manufacturing and personalization of payment cards.
The company has held Mastercard certification for more than 16 years and RuPay certification for more than nine years. Its certifications from other payment networks have been held for more than 15 years and nine years, respectively.
The facilities of Manipal Payment and Identity Solutions are also certified for the Payment Card Industry Data Security Standard (PCI DSS) Level 1 Version 4.0.1 for secure data management.
The Manipal facility is certified for ‘INTERGRAF’ at the Central Bank Level and Card Quality Management for secure card manufacturing and personalization.
Manipal Payment and Identity Solutions IPO Offer Structure
The Manipal Payment and Identity Solutions IPO is being made in terms of Rule 19(2)(b) of the Securities Contracts (Regulation) Rules, 1957 (SCRR), read with Regulation 31 of the SEBI ICDR Regulations.
The offer is being made through the Book Building Process and is in compliance with Regulation 6(2) of the SEBI ICDR Regulations.
Under the offer structure, not less than 75% of the offer will be available for allocation on a proportionate basis to Qualified Institutional Buyers (QIBs), subject to the applicable provisions of the SEBI ICDR Regulations.
The company may, in consultation with the Book Running Lead Managers (BRLMs), allocate up to 60% of the QIB Portion to Anchor Investors on a discretionary basis, in accordance with the SEBI ICDR Regulations.
Of the Anchor Investor Portion, 40% will be reserved in the prescribed manner. This includes 33.33% of the Anchor Investor Portion reserved for domestic Mutual Funds and 6.67% reserved for Life Insurance Companies and Pension Funds, subject to valid bids being received from the respective categories at or above the Anchor Investor Allocation Price.
Any under-subscription in the Life Insurance Companies and Pension Funds category may be allocated to domestic Mutual Funds in accordance with the SEBI ICDR Regulations.
In the event of under-subscription or non-allocation in the Anchor Investor Portion, the balance equity shares will be added to the QIB Portion other than the Anchor Investor Portion, referred to as the Net QIB Portion.
QIB, Non-Institutional and Retail Allocation
Under the Manipal Payment and Identity Solutions IPO structure, 5% of the Net QIB Portion will be available for allocation on a proportionate basis only to Mutual Funds.
The remaining portion of the Net QIB Portion will be available for allocation on a proportionate basis to all QIB Bidders, other than Anchor Investors, including Mutual Funds, subject to valid bids being received at or above the Offer Price.
If aggregate demand from Mutual Funds is less than 5% of the Net QIB Portion, the balance equity shares available for allocation in the Mutual Fund Portion will be added to the remaining QIB Portion for proportionate allocation to QIBs.
Not more than 15% of the Manipal Payment and Identity Solutions IPO will be available for allocation to Non-Institutional Bidders.
Of this portion, one-third will be reserved for applicants with an application size of more than ₹0.2 million and up to ₹1.00 million, while two-thirds will be reserved for applicants with an application size of more than ₹1.00 million.
The unsubscribed portion in either of these sub-categories may be allocated to applicants in the other sub-category of Non-Institutional Bidders.
Not more than 10% of the offer will be available for allocation to Retail Individual Bidders in accordance with the SEBI ICDR Regulations, subject to valid bids being received from them at or above the Offer Price.
ASBA Process for Manipal Payment and Identity Solutions IPO
All potential bidders, except Anchor Investors, are required to mandatorily use the Application Supported by Blocked Amount (ASBA) process to participate in the Manipal Payment and Identity Solutions IPO.
Applicants are required to provide details of their respective bank accounts through which the bid amount will be blocked by the Self Certified Syndicate Banks (SCSBs) or Sponsor Banks, as applicable.
UPI Bidders using the UPI mechanism are required to provide their UPI ID as part of the application process.
Anchor Investors are not permitted to participate in the Anchor Investor Portion of the Manipal Payment and Identity Solutions IPO through the ASBA process.
