Manipal Payment IPO opens on September 09; check price band, issue size, financials & key details

Karnataka-based Manipal Payment and Identity Solutions has fixed a price band of Rs 322 to Rs 339 per share for its Rs 805-crore initial public offering, announced on September 4. At the upper end of the price band, the maiden public issue values the company at Rs 7,858 crore.

The IPO comprises a fresh issue of shares worth Rs 320 crore and an offer-for-sale of 1.43 crore shares worth Rs 485 crore by promoter Manipal Technologies. The issue will open for subscription from September 9 to September 11, while the one-day anchor book for institutional investors will open on September 8.

The company has reduced the size of its IPO from the plan outlined in its updated draft red herring prospectus filed in November 2025. At that stage, the issue comprised a fresh issue of Rs 400 crore and an offer-for-sale of 1.75 crore equity shares. Manipal Payment had filed its draft papers through the confidential route in June 2025, and these were later approved by capital markets regulator SEBI in September 2025.

According to the company’s price band advertisement published on Friday, bids can be made for a minimum of 44 equity shares and thereafter in multiples of 44 shares. Based on the upper end of the price band, the minimum investment for retail investors will be Rs 14,916, while the maximum investment will be Rs 1,93,908. The share allotment is likely to be finalised by September 15, and the shares are expected to list on the bourses on September 17.

Post issue, Pai family-promoted Manipal Technologies will hold a 53.02 per cent stake in Manipal Payment. Among the current public shareholders, Touchstone Trust will hold 6.35 per cent, Nuvama 5.65 per cent, Think Investments 2.74 per cent, Mukul Agrawal 2.47 per cent, and Amicus Capital Partners 2.19 per cent.

Manipal Payment provides payment, identification, security, smart-tagging and Internet of Things solutions to banks, fintechs, non-banking financial companies and governments in domestic and international markets. The company said it will use Rs 238.4 crore from the net fresh issue proceeds to buy and install new and second-hand equipment at its facilities, with the remaining funds earmarked for general corporate purposes.

For the year ended March 2026, the company’s profit fell 10.2 per cent to Rs 253.5 crore, partly affected by a high base because of exceptional gains of Rs 110 crore in the previous year. Revenue rose 5.6 per cent year-on-year to Rs 1,326.8 crore.

Manipal Payment said it was among the largest manufacturers of payment cards globally and in India, with an estimated market share of about 36.4 per cent in the credit card issuance market and 30.9 per cent in the debit card market in fiscal 2026. It also said it was one of the largest producers of national identity cards and metal cards in the last financial year.

Motilal Oswal Investment Advisors, Axis Capital, ICICI Securities, IIFL Capital Services and Nuvama Wealth Management are the merchant bankers to the issue. The company is coming to the market with a reduced IPO size, a price band of Rs 322 to Rs 339 per share, and a subscription window between September 9 and September 11.