Manipal Payment & Identity Solutions IPO
Manipal Payment & Identity Solutions IPO is a mainboard IPO raising ₹805 Cr at ₹322 – ₹339 a share. The smallest application you can make is 44 shares, costing ₹14,916 at the top of the band. Bidding has closed; the shares list on 17 Sept 2026. So far it has been subscribed 1.42× in total.
Just covered — bids slightly exceed the shares on offer
populated partly populated we hold nothing here — the tab says why
What happens when
Next: bidding closes on 11 Sept 2026.
What this company actually does
Read out of the prospectus’s business section, stripped of its marketing language.
Part of The Manipal Group, the company manufactures and personalises payment cards (credit, debit, prepaid, metal, dual-interface, NCMC-compliant transit cards, recyclable PVC), prints cheques and personalised bank communications, and produces secure identity documents (national ID cards, polycarbonate driving licenses, vehicle registration certificates) along with secure packaging (holograms, tamper-evident envelopes, VVPAT rolls) and smart tagging/IoT products (RFID tags, excise labels with encrypted QR codes, anti-counterfeiting solutions). Customers include private and public sector banks, small finance and co-operative banks, fintechs, payment banks and central/state governments in India, plus overseas markets across 15+ countries including UK, Singapore, UAE, Bahrain, Hong Kong, South Africa, Brazil, Nigeria and several other African and South Asian nations.
How it earns
Revenue from manufacturing, personalisation and sale of cards, cheques, identity documents and secure products under contracts with banks, fintechs, NBFCs and governments; FY26 revenue from operations was ₹13,267.53 million (~₹1,326.75 crore; original figures in ₹ million, converted at 1 crore = 10 million).
Who buys
Over 300 customers in FY26, comprising 22 private banks, 12 public sector banks, 11 small finance banks, 78 co-operative banks and 60+ fintechs/payment banks. Named customers include State Bank of India, Canara Bank, Bank of India, Central Bank of India, Indian Bank, Jammu and Kashmir Bank, Punjab and Sind Bank, HDFC Bank, ICICI Bank, Axis Bank, Kotak Mahindra Bank, Federal Bank, City Union Bank, Airtel Payments Bank, Scapia and Revolut. Top 5 customers contributed 38.58% of revenue from operations in FY26 (40.94% in FY25; 43.03% in FY24); top 10 customers contributed 58.67% in FY26 (60.98% in FY25; 62.51% in FY24). Average length of relationship with top 10 customers was 12.46 years as of March 31, 2026; 211 of customers (61.34%) had been serviced for more than five years in FY26. Customer names for top 10 not disclosed due to lack of consent.
Scale
10 facilities across India (card manufacturing + personalisation bureau in Manipal, Karnataka; card manufacturing + cheque printing in Manipal; personalisation bureau in Navi Mumbai; personalisation + cheque printing in Noida and Chennai; cheque printing in Navi Mumbai and Howrah; 3 smart tagging/IoT and coated-products facilities in Manipal and Bengaluru); 5 central card processing centres at RTO premises; capacity to produce 118.97 million cards in FY26; over 1,800 employees as of March 31, 2026; overseas subsidiaries in USA, UK, UAE and Nigeria; on-ground sales consultants in Sri Lanka, Nepal, UK, USA, Indonesia, Kazakhstan, Kyrgyzstan, Tanzania, Bolivia, Uzbekistan, Singapore, Turkey, Nigeria and UAE
What it says sets it apart
- Among the largest payment card manufacturers in India with ~36.4% share of credit card issuance and ~30.9% of debit card issuance in FY26; billed 13.54 million credit cards and 72.66 million debit cards that year; ranked 14th globally in payment card shipments (chips + magstripe) in 2023 per F&S Report
- Holds a patent for metal card manufacturing in India; supplies metal cards to the top four credit card issuers in India; manufacturing capacity of 0.16 million metal cards per quarter
- Pioneered India's first recyclable PVC (rPVC) Rupay card (2024) and National Common Mobility Card with Airtel Payments Bank; among the largest manufacturers of dual-interface cards in India in FY26; deployed over 500 instant issuance kiosks simultaneously for State Bank of India
- Long-standing customer relationships (average 12.46 years with top 10 customers) backed by multiple certifications acting as entry barriers: Mastercard (over 16 years), RuPay (over 9 years), PCIDSS Level 1 v4.0.1, INTERGRAF Central Bank Level, IBA-certified VDP facilities
- Bundled offering of cards + cheques + secure logistics from a single provider, described in the prospectus as a gatekeeping moat against single-product competitors; hub-and-spoke model with card manufacturing concentrated in Manipal and personalisation bureaus distributed across India for proximity-based delivery
Revenue mix
The numbers at a glance
The price they’re asking →derived: cut-off price Rs339 / stated EPS Rs11.26 (Fiscal 2026 diluted EPS (restated consolidated), post sub-division of equity shares from face value Rs 10 to Rs 2). Stated figures are as printed in the prospectus; margins, growth and the borrowing ratio are computed from its own summary table. A multiple is one lens, not a verdict.
The last few years in numbers
From the prospectus’s own summary financial table (Mixed: Restated Consolidated for FY2026 and FY2025; Restated Standalone for FY2024 (company had no subsidiaries in FY2024)). Margins and growth are computed from the stated figures; everything else is as printed.
| Period | Revenue | Profit after tax | PAT margin | Net worth | Borrowings |
|---|---|---|---|---|---|
| FY2026 | ₹1,327 Cr+6% | ₹253 Cr-10% | 19.1% | ₹792 Cr | ₹0 Cr |
| FY2025 | ₹1,256 Cr+1% | ₹282 Cr+13% | 22.5% | ₹304 Cr | ₹473 Cr |
| FY2024 | ₹1,248 Cr | ₹249 Cr | 20.0% | ₹90 Cr | ₹449 Cr |
Where the money goes
The offer →60% of this issue is existing shareholders cashing out — only the fresh issue reaches the business.
How the book stands today
The category split is the number worth reading, not the total.
Demand is spread fairly evenly across investor categories.
What could go wrong
All 14risks & documents →From the register read out of the issuer’s own prospectus — each item is quoted verbatim with its page on the risks tab.
What we hold for this issue
Stated up front on every issue, so a sparse page reads as a fact about the source rather than a broken one.
How this cohort has done
63 mainboard issues listed in 2026 that we can price today. This is the group it is about to join.
Neither figure is a forecast for this issue — they describe what happened to comparable issues. Full cohort analytics →
Led by Axis Capital Limited — median +35.0% across the 112 of its issues we can price. All lead managers →
What to watch
- 60% of the issue is offer for sale — only ₹320 Cr of new money reaches the company.
- Priced at 30.1× earnings — 21% above the median of the peers the issuer itself names.
- The register's top risk: Promoter insolvency over invoked USD 77.46M guarantee (prospectus page 25).
Each line restates a disclosure from the prospectus or the exchanges — nothing here is a recommendation to apply to this issue.
Track this company once it lists
Results, orders, board decisions and every other filing — summarised and sent to your WhatsApp the minute they are out.
Figures are as published by the exchanges and the issuer’s prospectus. MarketPing publishes facts, comparisons and history only — nothing here is a recommendation to apply to this issue, and we do not publish grey market premium.