Manipal Cards IPO opens: Should you apply? Check price band, latest GMP, reviews, key risks & more

The initial public offering (IPO) of Manipal Payment and Identity Solutions opens for subscription on September 9. The Rs 805 crore IPO comprises a fresh share sale of Rs 320 crore and an offer-for-sale (OFS) of about Rs 485 crore by promoter Manipal Technologies. Here are the key details of Manipal Payment and Identity Solutions IPO:

What does Manipal Payment and Identity Solutions do?
Manipal Payment and Identity Solutions provides payment, identification, secure, smart-tagging and Internet of Things (IoT) solutions to banks, fintech companies, NBFCs and governments in India and overseas. It is among the largest payment card manufacturers, with an estimated 36.4 per cent share in India's credit-card issuance market and 30.9 per cent in debit-card issuance in FY26.

How much Manipal Payment raised from anchor investors ahead of its IPO?
Ahead of its IPO, Manipal Cards issued 1,06,85,841 equity shares to 36 anchor investors at a price of Rs 339 apiece to raise a total of Rs 362.25 crore. Key names like Motilal Oswal MF, Baroda BNP Paribas MF, Abakkus Funds, ITI MF, Groww MF, New Mark Capital, Sageone Flagship Fund, Sanshi Fund, Alchemy Emerging Leaders, CSIM India Opportunities Fund participated in the anchor book.

What are the objective of fresh share sale in Manipal Payment IPO?
The company plans to use Rs 238.4 crore of the fresh issue proceeds to purchase and install new and second-hand equipment. The remaining funds will be used for general corporate purposes.

What is the financial performance of Manipal Payment?
For FY26, the company's revenue rose 5.6 per cent year-on-year to Rs 1,327 crore, while profit declined 10.2 per cent to Rs 254 crore. The decline in profit was partly due to a high base in the previous year, which included exceptional gains of about Rs 110 crore.

What is the valuation demanded by Manipal Payment IPO?
At the upper price band of Rs 339, Manipal Payment commands a market capitalisation of around Rs 7,858 crore. Based on FY26 PAT of about Rs 254 crore, the IPO is valued at roughly 31 times earnings.

What is the latest grey market premium (GMP) for Manipal Payment IPO?
The latest GMP was around Rs 38, indicating a potential gain of about 11 per cent over the upper price band of Rs 339. GMP is unofficial and subject to change.

When will the allotment for Manipal Payment IPO be finalised?
The basis of allotment is expected on September 15, followed by refunds and demat credit on September 16. The shares are scheduled to list on September 17 on NSE and BSE.

What are the leading managers and registrar of Manipal Payment IPO?
Motilal Oswal Investment Advisors, Axis Capital, ICICI Securities, IIFL Capital Services and Nuvama Wealth Management Ltd are the book-running lead managers. MUFG Intime India is the registrar.

What are the key positives for Manipal Payment IPO?
Brokerage firms tracking the issue have cited market leadership, high entry barriers, strong customer base, diversified portfolio, solid profitability, excellent return ratios, debt free balance sheet, export opportunity, multiple verticles for growth are key positive for the issue.

What are the key concerns or risk factors for Manipal Payment IPO?
However, they have pin-pointed muted revenue growth, premium valuation, subdued card volumes, disruption in digital payment, customer concentration, high need of working capital and limited market share are the key concerns for the issue.

What brokerage firms have to say on Manipal Payment IPO?
Brokerage firms like Aditya Birla Money, BP Equities, DR Choskey Finserv, IDBI Capital and Ventura have suggested to subscribe to the issue. However, SBI Securities, Swastika Investmart and SMC Global are 'neutral' on the issue.