Manipal Payment & Identity Solutions IPO

About the company

Manipal Payment & Identity Solutions IPO will open for subscription on 9 September 2026. The IPO will remain open till 11 September, followed by listing on 17 September. Incorporated in 2008, Manipal Payment offers different financial products and services to banks, fintechs, NBFCs and government organisations worldwide. The company primarily provides payments and identification solutions, and secure and smart tagging/IoT solutions for financial institutions. The company provides services ranging from payment cards, cheque solutions, identity documents, secure logistics, payment wearables, tax stamps, RFID-based tracking and anti-counterfeiting solutions. It provides its services in four major verticals: payment solutions, identification solutions, secure solutions and smart tagging/IoT solutions. Manipal Payment is among the top payment card producers in the world and in India. In FY26, the company had an approximate market share of 36.4% in India's credit card issuance market and 30.9% in the debit card issuance market, issuing 1.35 crore credit cards and 7.27 crore debit cards. The company was also ranked as the highest in India and 14th in the world in shipments of chip and magstripe payment cards in 2023. The company had capabilities with respect to metal cards, dual interface cards, recyclable PVC cards and payment-enabled wearables. As of March 31, 2026, it was supplying metal cards to the top four credit card issuers in India and was amongst the largest manufacturers of dual-interface cards in India. The company is among the largest manufacturers of National Identity Cards in India and has billed over 100 crore cards in 12 regional languages and has also installed more than 500 instant issuance kiosks simultaneously for State Bank of India. It has a presence across 10 locations in India, including card manufacturing plants, personalisation bureaus, cheque printing facilities and smart tagging/IoT facilities. The company also had a central card processing centre across five locations for driving licence and registration certificate projects. Plastic card production in FY26 was 8.17 crore cards at 69.1% capacity utilisation, and for metal cards it was 77.2%. Tax stamp production was 543.54 crore units at 67.7% capacity utilisation, while cheque printing and secure solutions were at 32.1% and 36.7% capacity utilisation, respectively. In FY26, the company provided services to more than 300 clients, comprising private banks, PSBs, SFBs, payment banks, cooperative banks, fintechs and government organisations. In FY26, 22 private banks, 12 PSBs, 11 SFBs, and 78 cooperative banks were being serviced by the company. Also, in FY26, 211 customers, which is 61.3% of total customers, have been associated with the company for more than five years, while income from customers who have been with the company for more than five years has comprised 72.7% of the revenue from operations of FY26. Cards contribute the most to the company's revenue at 57.2% of FY26 revenue from operations. Tax stamps, holograms, thermal and RFID products contributed 13.5%, while cheque books, collaterals, and ID cards contributed 9.1%. Services contributed 15.1% of FY26 revenue from operations. It has exported payment cards, such as credit, debit and metal cards, in multiple international markets in the last three fiscal years. In FY26, exports generated revenues of ₹95.7 crore, constituting 7.2% of revenues from operations, which was ₹54.4 crore in FY25 and ₹17.6 crore in FY24. It has subsidiaries in countries like the US, UK, UAE, and Nigeria and has a sales footprint on the ground in multiple international jurisdictions. India’s payment card manufacturing industry is well poised for high growth, backed by demographics, disposable incomes, rise in financial inclusion and banking infrastructure. The total issuance market size in India is expected to be 57.50 crore units in FY30, while the market size in terms of market value is expected to grow to ₹6,642.52 crore owing to higher credit card penetration and premiumisation of credit cards through metal cards. The credit card issuance market is expected to grow at 34.8% CAGR during FY26-FY30, while metal card issuance is expected to grow at 47.2% CAGR, indicating a high growth potential in premium and specialised payment products. India has also remained highly underpenetrated, with one payment card per capita, compared with 7.2 in the US. Manipal Payments and Identity Solutions can take advantage of these positive industry trends due to the diversity of its operations that range from payment cards, metal cards, government and smart identity cards to identity, authentication and tracking solutions. The firm is one of the leading payment card makers globally and was ranked as the highest-ranked Indian company and 14th worldwide in payment card shipments, as per the Nilson Report, as well as 11th in chip-enabled payment cards. Being present in the domestic as well as international markets, with exposure to growing sectors like credit cards, premium metal cards and smart cards, will allow the firm to capitalise on the growing number of cards in use, financial inclusion and the need for secure payment and identity solutions. The global reach, coupled with its dominance in high-security cards, provides additional means for the company to capitalise on the new opportunities presented by both the growing domestic market and foreign exports. Now, Manipal Payment & Identity Solutions is launching its initial public offering (IPO), which consists of a fresh issue of ₹320 crore and an offer for sale of ₹485 crore. The total issue size of the IPO is ₹805 crore. Its shares will be listed on the NSE and BSE. ### **How to apply for Manipal Payment IPO?** If you are interested in this investment opportunity but unsure how to apply for Manipal Payment IPO, follow these steps. When the public issue opens for subscription, one can follow this step-by-step guide on how to apply for the Manipal Payment IPO on Upstox: - Log in to your Upstox account, using your six-digit PIN - After logging in, click on ‘Discover’ - On the ‘Discover’ tab, you will find the ‘Invest in IPO’ section - Under the Invest in IPO section, look for the ‘Manipal Payment IPO’ tab and click on it - Now fill in all the required information, like ‘bid price’ and ‘lot size’ - Confirm and click on ‘Apply’ - Accept the mandate on your UPI app

GMP trend (Grey Market Premium by date)

Financial performance (₹ Cr)

Subscription breakup (final, times)

IPO Roadmap / Timeline

1. IPO Opens

   Completed
   09 Sept 2026

   Bidding starts for all investor categories

2. IPO Closes

   Completed
   11 Sept 2026

   Last day to place your bid

3. Basis of Allotment

   Completed
   15 Sept 2026

   Share allotment finalised

4. Refund Initiation

   Completed
   16 Sept 2026

   Refunds credited for non-allottees

5. Credit to Demat

   Completed
   16 Sept 2026

   Allotted shares credited to demat account

6. Listing on Exchange

   Completed
   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.