Manipal Payment and Identity Solutions IPO
IT - Software • ₹805 Cr
High risk because:
- 5 material risk factors disclosed in DRHP
- High customer concentration flagged in the DRHP
- Regulatory or legal risks cited in DRHP
IPOFins risk score from DRHP risk factors, subscription demand & issue structure
Price Band
₹339
Lot Size
44 shares
Issue Size
₹805 Cr
Open
09 Sept 2026
Close
11 Sept 2026
Subscription
1.17×
IPO Schedule
| Issue Open Date | 09 Sept 2026 |
| Issue Close Date | 11 Sept 2026 |
| Allotment Date | 15 Sept 2026 |
| Listing Date | 16 Sept 2026 |
About Manipal Payment and Identity Solutions
Manipal Payment & Identity Solutions Limited is a provider of payments, identification, secure, smart tagging, and Internet of Things (IoT) solutions for banks, fintechs, non-banking finance companies, and governments in India and international markets. Its payment solutions include payment cards, cheque solutions, near-field communication (NFC) and 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. The company’s secure solutions include secure logistics, insurance policy personalisation, premium notices, renewal letters, marketing collaterals, tamper-evident envelopes, holograms and coated products. Its smart tagging and IoT solutions include excise labels with holograms and encrypted QR codes, RFID-based IoT and track-and-trace solutions, and anti-counterfeiting solutions. Incorporated in 2008, the company is part of the Manipal Group. It acquired the variable data printing and secure logistics business of Manipal Technologies Limited in 2024 and its smart tagging and IoT solutions and related security printing businesses in 2025. Use of proceeds: The IPO consists of both a fresh issue of shares and an offer for sale (OFS). Net proceeds from the OFS will go to the respective selling shareholders, while the net proceeds from the fresh issue will be utilised for the following purposes: Capital expenditure on equipment — Rs 238.43 crore General corporate purposes
Company Details
Founders / Promoters
Mr Abhay Anant Gupte
Founded
2023
Registrar
LINK
Documents
DRHP / RHP Document (PDF)
View official prospectus →
Investment Analysis
Manipal Payment and Identity Solutions — IPOFins Verdict
QuantitativeDriven by QIB demand at 1.1x and elevated disclosed risk (8/10), Manipal Payment and Identity Solutions listed at a discount of 2.7% to its issue price. The signals look weak — weigh the risks carefully. This is a quantitative flag, not a recommendation.
- The company was among the largest payment card manufacturers globally and in India in FY26. It produced 13.54 million credit cards and 72.66 million debit cards during the year with an estimated marke
- The company has long-standing relationships with banks, fintechs, and payment companies. In FY26, it served over 300 customers, including 22 private banks, 12 public sector banks, 11 small finance ban
- The company has a presence across multiple payment, identification and security-related product categories. Its offerings include payment cards, cheques, contactless payment products, driving licences
- The company has an established presence in government identification projects. It has been selected for 17 central and state government projects during the three preceding fiscal years, with project t
- The company claims to have technology-driven manufacturing and security infrastructure for payment card production. Its facilities use systems for card printing, laminating, punching, milling, chip em
Score breakdown — what drove this verdict
High risk from DRHP → score -1.2
Institutional subscription → score 0
Actual listing outcome → score −0.5
Base score: 5.0 · Final score = base + all factor adjustments, capped 1–10. Full methodology →
IPOFins Score is a quantitative signal from subscription demand, disclosed risk, and listing data — not investment advice. Not SEBI-registered.
Listing Performance
Issue Price
₹339
Listing Price
₹330
Listing Gain/Loss
-2.65%
Listing Date
16 Sept 2026
Price Since Listing
Returns are measured against the ₹339 issue price.
Listing
₹330
-2.7%
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FAQ
What is the price band of Manipal Payment and Identity Solutions IPO?
The price band is ₹339 per share with a lot size of 44 shares. Minimum investment: ₹14,916.
What does Manipal Payment and Identity Solutions do?
Manipal Payment & Identity Solutions Limited is a provider of payments, identification, secure, smart tagging, and Internet of Things (IoT) solutions for banks, fintechs, non-banking finance companies, and governments in India and international markets. Its payment solutions include payment cards, cheque solutions, near-field communication (NFC) and 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. The company’s secure solutions include secure logistics, insurance policy personalisation, premium notices, renewal letters, marketing collaterals, tamper-evident envelopes, holograms and coated products. Its smart tagging and IoT solutions include excise labels with holograms and encrypted QR codes, RFID-based IoT and track-and-trace solutions, and anti-counterfeiting solutions. Incorporated in 2008, the company is part of the Manipal Group. It acquired the variable data printing and secure logistics business of Manipal Technologies Limited in 2024 and its smart tagging and IoT solutions and related security printing businesses in 2025. Use of proceeds: The IPO consists of both a fresh issue of shares and an offer for sale (OFS). Net proceeds from the OFS will go to the respective selling shareholders, while the net proceeds from the fresh issue will be utilised for the following purposes: Capital expenditure on equipment — Rs 238.43 crore General corporate purposes
Should I apply for Manipal Payment and Identity Solutions IPO?
Manipal Payment and Identity Solutions listed at ₹330 (-2.7% discount to the ₹339 issue price) after 1.2x subscription. IPOFins Score 3/10: Driven by QIB demand at 1.1x and elevated disclosed risk (8/10), Manipal Payment and Identity Solutions listed at a discount of 2.7% to its issue price. The signals look weak — weigh the risks carefully. This is a quantitative flag, not a recommendation.
Who founded Manipal Payment and Identity Solutions?
Manipal Payment and Identity Solutions was founded by Mr Abhay Anant Gupte in 2023.