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
Read from the 555-page prospectus. Indian prospectuses list hundreds of risk factors, most of them generic boilerplate. These are the 14 specific to this company; 450 generic ones were skipped. Every one is quoted verbatim with its page, so you can check it against the document.
On account of MVP's inability to repay the loan availed from the Bank, the Bank invoked the Personal Guarantee to the extent of USD 77,461,427.07 and initiated insolvency proceedings against Tonse Gautham Pai. The Bank also invoked PIPL's corporate guarantee and marked a lien on PIPL's bank account for the pending amount of USD 22.20 million
Related Party Transactions (₹ million) ... 12,071.24 ... Percentage of Revenue from Operations (%) ... 96.10% ... 1,038.97 ... 8.33%
Our handling of sensitive cardholder data, including cardholder names, account numbers and similar information, makes us a potential target of cyber-attacks and threats to our IT systems
MTL has granted to our Company a non-exclusive, non-transferable and revocable right to use the Manipal Trademarks... our Company is liable to pay user royalty and management fee at the rate of 1.75% of the net turnover of our Company... subject to a maximum aggregate payment of ₹ 400.00 million in a financial year
The order demands excise duty of Rs. 517.17 million and a penalty of Rs. 517.17 million related to the chargeability of excise duty on personalisation and fulfilment activities for banking and non-banking cards manufactured by us.
certain licenses and approvals pertaining to the smart tagging and internet of things solutions, along with holograms, coated products, and other security printed products business continue to be in the name of MTL
Our top 10 customers accounted for 58.67%, 60.98% and 62.51% of our revenue from operations in Fiscals 2026, 2025 and 2024, respectively
the transaction volume and value of debit card payments declined during Fiscal 2021 to Fiscal 2026. Transaction value decreased from ₹ 6,626.7 billion in Fiscal 2021 to ₹ 4,454.8 billion in Fiscal 2025 ... primarily attributed to the rapid adoption of UPI
Delay in allotment of shares after receipt of consideration, delay in refund of refund of excess share application amount and allotment of shares prior to receipt of consideration ... 9 years, six months and 27 days
we have not placed any firm orders for 100% amounting to ₹ 2,384.26 million of such machinery and equipment for any of the proposed capital expenditure
Cost of imports of raw materials in Fiscals 2026, 2025 and 2024 amounted to 49.56%, 43.70% and 51.70%, respectively, of our total purchases
There have been no instances of default in the payment or nonpayment of statutory dues... except as follows: [followed by 48 listed defaults]
These instruments were subsequently sold to MTL, resulting in a recognized profit of ₹ 1,100.00 million
Receivable Turnover Days ... 54.30 ... 40.41 ... 34.89 ... Net Working Capital Days ... 70.80 ... 45.55 ... 41.71
Extracted from the issuer’s own prospectus and ranked by how specific and material each risk is to this company. Severity is our assessment of the disclosure, not a prediction — and nothing here is a recommendation to apply to this issue.
The issuer’s own summary of outstanding legal proceedings — SEBI requires this table in every prospectus. Counts and amounts are as disclosed.
| Against | Criminal | Tax | Other material | Amount at stake |
|---|---|---|---|---|
| The company | 1 | 16 | 0 | ₹143 Cr |
| Subsidiaries | 0 | 0 | 0 | — |
| Promoters | 6 | 24 | 3 | ₹12 Cr |
| Directors | 4 | 0 | 0 | — |
| Group companies | 0 | 0 | 1 | — |
Central Excise Order dated October 29, 2018 against Company: ₹517.17 million duty + equal ₹517.17 million penalty (~₹103.43 crore) for alleged incorrect excise duty assessment; appeal pending before CESTAT Bangalore
Central Excise Order dated January 11, 2020 against Company: ₹249.53 million duty + ₹24.95 million penalty (~₹27.45 crore); appeal pending before CESTAT Bangalore
Satish Reddy filed ₹200 million defamation suit against promoter Manipal Media Network Limited and other media houses over alleged BBMP Covid war room bed-allocation scam reporting
Promoter Manipal Technologies Limited filed civil suit against Kerala State Centre for Advance Printing and Training for recovery of ₹137.23 million (security deposit, excess stock and outstanding dues) plus 18% p.a. interest
Bank of Baroda invoked personal guarantee of promoter Tonse Gautham Pai for USD 77,461,427.07 plus unapplied interest; insolvency petition filed before NCLT Bangalore (pending)
Amounts stated in ₹ million converted to crore (1 crore = 10 million). Only explicit per-party aggregates stated are for tax proceedings: Company ₹1,432.77 million (₹143.277 crore; 1 direct + 15 indirect) and Promoters ₹122.94 million (₹12.294 crore; 6 direct + 18 indirect); no grand total stated. Criminal/other proceedings have no stated aggregate — counts above reflect disclosed proceeding items. Promoter criminal includes 30 sub-cases by Manipal Media Network Limited under Section 138 NI Act totalling ₹7.22 million (counted as 1 disclosed item). Director criminal includes 6 sub-cases under Section 138 NI Act against Ramchandra Kasargod Kamath (counted as 1 disclosed item). Group Companies section discloses 1 other material proceeding (PIPL writ petition against Bank of Baroda over USD 22.20 million lien-marked remittance). Bank of Baroda personal guarantee invocation amount stated in USD only; no INR equivalent provided in the document, so no INR conversion given.. Outstanding means unresolved — a listed case is an exposure, not a verdict.
What the issuer and the exchanges published. Everything else on this tab is read out of these.
The full prospectus — business, financials, risk factors and litigation.
Which institutions were allotted shares before bidding opened, and how many.
Where physical applications could be submitted.
The issuer's own "basis of issue price": the earnings multiples it is asking for, and the peer companies it chose to compare itself against.
The full prospectus — business, financials, risk factors and litigation.
