Manipal Payment and Identity Solutions IPO
IT - Software • ₹805cr
High risk because:
- Low institutional interest (QIB 0.5x subscription)
- 5 material risk factors disclosed in DRHP
- High customer concentration flagged in the DRHP
IPOFins risk score from DRHP risk factors, subscription demand & issue structure
Price Band
₹322-339
Lot Size
44 shares
Issue Size
₹805cr
Open
09 Sept 2026
Close
11 Sept 2026
Subscription
0.67×
GMP +₹1 → est. ₹340
IPO Schedule
| Issue Open Date | 09 Sept 2026 |
| Issue Close Date | 11 Sept 2026 |
| Allotment Date | 15 Sept 2026 |
| Listing Date | 17 Sept 2026 |
About Manipal Payment and Identity Solutions
Manipal Payment and Identity Solutions manufactures and personalizes plastic and metal banking, smart, and ID cards, offering services like embossing, encoding, and chip embedding. Through acquisitions, it expanded into secure logistics, revenue assurance, and variable data/security printing—including cheques, policy booklets, tax stamps, and IoT smart tagging. Operating 10 facilities across India (manufacturing plants, personalization bureaus, and cheque centers), the company primarily generates revenue from card sales and personalization, complemented by institutional security printing solutions.
Company Details
Founders / Promoters
Mr Abhay Anant Gupte
Founded
2023
Registrar
LINK
Documents
DRHP / RHP Document (PDF)
View official prospectus →
Subscription Status
0.67×
Total Subscription
Grey Market Premium (GMP)
Issue Price
₹339
GMP
+₹1
Est. Listing
₹340
Est. Gain
+0.3%
GMP is unofficial grey market data — not regulated by SEBI. Use only as a sentiment indicator alongside subscription data. View all IPO GMP →
Investment Analysis
Manipal Payment and Identity Solutions — IPOFins Verdict
QuantitativeDriven by QIB demand at 0.5x and elevated disclosed risk (9/10). The signals look weak — weigh the risks carefully. This is a quantitative flag, not a recommendation.
- Manipal Payment and Identity Solutions serves banks, fintechs, NBFCs and government clients in India and overseas.
- The company offers a wide range of payment, identity, secure printing and smart tagging solutions.
- It generates revenue from both product sales and related personalisation and printing services.
- The company provides RFID, QR code and IoT-based tracking and anti-counterfeiting solutions.
- Its business includes high-security products such as payment cards, identity cards and secure packaging solutions.
Score breakdown — what drove this verdict
High risk from DRHP → score -1.6
Institutional subscription → score −1.5
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.
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FAQ
What is the price band of Manipal Payment and Identity Solutions IPO?
The price band is ₹322-339 per share with a lot size of 44 shares. Minimum investment: ₹14,916.
What does Manipal Payment and Identity Solutions do?
Manipal Payment and Identity Solutions manufactures and personalizes plastic and metal banking, smart, and ID cards, offering services like embossing, encoding, and chip embedding. Through acquisitions, it expanded into secure logistics, revenue assurance, and variable data/security printing—including cheques, policy booklets, tax stamps, and IoT smart tagging. Operating 10 facilities across India (manufacturing plants, personalization bureaus, and cheque centers), the company primarily generates revenue from card sales and personalization, complemented by institutional security printing solutions.
Should I apply for Manipal Payment and Identity Solutions IPO?
Manipal Payment and Identity Solutions is drawing muted interest at 0.7x overall subscription (QIB 0.5x, retail 1.6x). IPOFins Score 2/10: Driven by QIB demand at 0.5x and elevated disclosed risk (9/10). 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.