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
Where your money goes
Only the fresh issue reaches the company. The offer for sale is existing shareholders selling their own stock — that money goes to them, not the business.
60% of this issue is existing shareholders cashing out. Only ₹320 Cr reaches the business.
A red herring prospectus is filed before the price is fixed, so it states share counts rather than rupee amounts. derived: shares x cut-off price Rs339. Checked: exchange issue size Rs805 Cr vs derived Rs805 Cr (0.0% apart).
What the fresh money funds
The stated uses of the net proceeds, from the prospectus’s Objects of the Issue table. Only the fresh issue funds these — the offer-for-sale money goes to the selling shareholders above.
As stated in the prospectus. “General corporate purposes” is the part with no committed use; SEBI caps it at 25% of the issue.
The price they’re asking
From the prospectus’s own “Basis for Issue Price” — the issuer’s earnings multiple against the peers it chose to compare itself with.
Priced 21% above the median multiple of the peers the issuer itself names.
| Listed peer (issuer’s choice) | P/E | RoNW | EPS |
|---|---|---|---|
| Manipal Payment and Identity Solutions Limited | — | 22.93% | ₹11.26 |
| Seshaasai Technologies Limited | 24.97× | 16.81% | ₹15.45 |
| This issue | 30.1× | 22.93% | ₹11.26 |
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). Peer figures are as printed in the prospectus — they date from its filing, not today. A multiple is one lens, not a verdict.
Terms of the issue
The mechanics of what is being sold. Held for every issue we track.
Not here yet
The anchor-investor allocation — which institutions were allotted shares before bidding opened — is still to be read out of its document.