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Manipal Payment & Identity Solutions IPO

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Registrar: MUFG Intime India Private Limited · Listing 2026-09-17
IPO Timeline
Today · 06 Sept 2026
Today
06 Sept 2026
Opens
09 Sept 2026
Closes
11 Sept 2026
Allotment
13 Sept 2026
Refund
14 Sept 2026
Demat
15 Sept 2026
Listing
17 Sept 2026
Price Band
₹322–339
GMP
₹29
0%
Lot Size
44 Shares
Min ₹14,916
Subscription
0x
Issue Size
₹805 Cr
Open
2026-09-09
Close
2026-09-11
Listing
2026-09-17

About the company

GMP trend (Grey Market Premium by date)

Today₹29 (0%)
High₹29
Low₹18
Est. Listing₹368
DateGMP (₹)Est. ListingChange
11 Sep₹29₹368+1
10 Sep₹28₹3670
09 Sep₹28₹3670
08 Sep₹28₹367+1
07 Sep₹27₹366+1
06 Sep₹26₹365-1
05 Sep₹27₹366+1
04 Sep₹26₹3650

Strengths

  • Strong presence in the payment-card and identity solutions market
  • Long-standing relationships with banks, fintechs, NBFCs and government customers
  • Diversified portfolio across payment cards, identity documents, secure printing, RFID and IoT solutions
  • Established technology and security-focused manufacturing capabilities
  • Experienced management backed by the Manipal Group
  • Strong operating margins and significant reduction in borrowings support financial strength
  • Fresh IPO funds are planned largely for equipment acquisition and capacity expansion

Risks

  • High dependence on a limited number of major customers
  • Significant reliance on top suppliers for raw materials
  • Payment-card manufacturing remains a major revenue contributor
  • Growing adoption of digital payments could affect long-term physical card demand
  • Government identity business depends on tenders and government spending
  • Technology, cybersecurity and payment-network compliance risks could affect operations
  • Future profitability may be affected if recent strong margins are not sustained
  • IPO valuation needs careful assessment relative to earnings growth

Financial performance (₹ Cr)

IPO Roadmap / Timeline

Current Status · as of 06 Sept 2026
Pre-Open
Opens on 09 Sept 2026
Opens in 3 days

  1. IPO Opens

    Upcoming
    09 Sept 2026

    Bidding starts for all investor categories

  2. IPO Closes

    Upcoming
    11 Sept 2026

    Last day to place your bid

  3. Basis of Allotment

    Upcoming
    13 Sept 2026

    Share allotment finalised

  4. Refund Initiation

    Upcoming
    14 Sept 2026

    Refunds credited for non-allottees

  5. Credit to Demat

    Upcoming
    15 Sept 2026

    Allotted shares credited to demat account

  6. Listing on Exchange

    Upcoming
    17 Sept 2026

    Shares list on NSE / BSE

Post-close dates are indicative as per SEBI T+3 listing framework and may change per registrar updates.

Lot size & minimum investment

Lot Size
44 shares
Price / Share (upper)
₹339
Min Investment (1 lot)
₹14,916
Price Band
₹322–339
Retail
≤ ₹2,00,000
Min lots
1
Min shares
44
Min amount
₹14,916
Max amount
₹193,908
sHNI (Small HNI)
₹2L – ₹10L
Min lots
14
Min shares
616
Min amount
₹208,824
Max amount
₹999,372
bHNI (Big HNI)
> ₹10L
Min lots
68
Min shares
2992
Min amount
₹1,014,288
Max amount
₹1,088,868

Shares reserved per category & allotment probability

QIB
100% allotment
Reservation
50%
Amount
₹402.5 Cr
Shares offered
12,178,518
Shares bid
0
Subscribed
0.00x
NII
100% allotment
Reservation
15%
Amount
₹120.75 Cr
Shares offered
3,653,555
Shares bid
0
Subscribed
0.00x
Retail
100% allotment
Reservation
35%
Amount
₹281.75 Cr
Shares offered
8,524,962
Shares bid
0
Subscribed
0.00x

Retail is a lottery-based allotment when oversubscribed; QIB/NII get pro-rata. Probability ≈ 1 / subscription times (100% if under-subscribed).