MANIPAL HELTH PAYMENET AND IDENTITY SOLUTIONS IPO
MANIPAL HELTH PAYMENET AND IDENTITY SOLUTIONS is a MAINBOARD IPO with a current status of CLOSED. The price band is 322 - 339. The issue opens on 09 SEP and closes on 11 SEP. The listing date is 17 SEP.
Price Band
322 - 339
Unofficial GMP
₹4
Lot Size
44 shares
Minimum Investment
₹14,916
MANIPAL HELTH PAYMENET AND IDENTITY SOLUTIONS IPO GMP
The latest available GMP is ₹4. Grey Market Premium is unofficial, may change frequently and does not guarantee the listing price, listing gains or investment returns.
Estimated Listing Price
₹343.00
Estimated Gain
+1.2%
MANIPAL HELTH PAYMENET AND IDENTITY SOLUTIONS IPO GMP History
38
07 SEP
37
08 SEP
8
09 SEP
5
10 SEP
4
11 SEP
MANIPAL HELTH PAYMENET AND IDENTITY SOLUTIONS IPO Details
- IPO Type
- MAINBOARD
- Status
- CLOSED
- Price Band
- 322 - 339
- Issue Size
- 805 CR
- Issue Type
- Book Build Issue
- Fresh Issue
- ₹320.00 Cr
- Offer for Sale
- ₹485.00 Cr
- Face Value
- 2
- Lot Size
- 44
- Minimum Investment
- 14,916
- Exchange
- BSE, NSE
- Registrar
- MUFG Intime India Pvt.Ltd.
- Lead Managers
- ICICI Securities Ltd.
MANIPAL HELTH PAYMENET AND IDENTITY SOLUTIONS IPO Dates
- Open Date
- 09 SEP
- Close Date
- 11 SEP
- Allotment Date
- 15 SEP
- Refund Date
- 16 SEP
- Demat Credit Date
- 16 SEP
- Listing Date
- 17 SEP
MANIPAL HELTH PAYMENET AND IDENTITY SOLUTIONS IPO Subscription
- QIB
- 0.59x
- NII / HNI
- 0.45x
- Retail
- 1.74x
- Total
- 0.76x
MANIPAL HELTH PAYMENET AND IDENTITY SOLUTIONS IPO Financials
Revenue
FY2026
₹1,326.75 Cr
+5.63% vs FY2025
PAT
FY2026
₹253.46 Cr
-10.19% vs FY2025
Total Assets
FY2026
₹1,160.90 Cr
-17.65% vs FY2025
| Particulars | FY2024 | FY2025 | FY2026 |
|---|---|---|---|
| Revenue | 1,247.52 | 1,256.07 | 1,326.75 |
| Net Profit | 249.16 | 282.21 | 253.46 |
| Total Assets | 1,102.71 | 1,409.67 | 1,160.90 |
MANIPAL HELTH PAYMENET AND IDENTITY SOLUTIONS IPO Valuation
- Market Cap (Post IPO)
- ₹7858.17 Cr
- EPS
- 11.40
- P/E Ratio
- 29.74x
- Price to Book Value
- 6.64
- ROE
- 29.35%
- ROCE
- 32.69%
- RONW
- 22.93%
- Debt / Equity
- 0.00%
- PAT Margin
- 18.68%
- EBITDA Margin
- 33.60%
- Valuation
- FAIR
MANIPAL HELTH PAYMENET AND IDENTITY SOLUTIONS Peer Comparison
| Peer | Revenue | PAT | EPS | P/E | ROE | RONW | Debt / Equity |
|---|---|---|---|---|---|---|---|
| SESHAASAI TECHNOLOGIES LIMITED | ₹1,441.14 Cr | 16.65% | 15.45 | 24.97x | 18% | 16.81% | 0.01% |
| MANIPAL HELTH PAYMENET AND IDENTITY SOLUTIONS | 1,326.75 CR | 18.68% | 11.40 | 29.74x | 29.35% | 22.93% | 0.00x |
MANIPAL HELTH PAYMENET AND IDENTITY SOLUTIONS IPO Market Lot
| Category | Lots | Shares | Investment |
|---|---|---|---|
| Retail Minimum | 1 | 44 | ₹14,916 |
| Retail Maximum | 13 | 572 | ₹1,93,908 |
| Small HNI | 14 | 616 | ₹2,08,824 |
| Big HNI | 68 | 2,992 | ₹10,14,288 |
MANIPAL HELTH PAYMENET AND IDENTITY SOLUTIONS IPO Reservation
- QIB
- 75%
- NII / HNI
- 15%
- Retail
- 10%
MANIPAL HELTH PAYMENET AND IDENTITY SOLUTIONS Promoter Holding and Anchor Allocation
- Pre-IPO Promoter Holding
- 62.10%
- Post-IPO Promoter Holding
- 53.92%
- Anchor Allocation
- 1,06,85,841 SHARE
MANIPAL HELTH PAYMENET AND IDENTITY SOLUTIONS Company Overview
Manipal Payment and Identity Solutions Limited (MPi), formerly known as MCT Cards & Technology Private Limited, is a technology-driven payment, identity and secure-solutions company established in 2008. It provides products and services to banks, fintech companies, NBFCs, government entities and other institutional customers in India and overseas. The company has developed an extensive portfolio covering payment cards, smart wearables, cheque solutions, NFC/QR solutions, driving licences and vehicle registration certificates, national identity solutions, secure logistics, insurance documents, holograms, coated products, tax stamps and IoT-based track-and-trace solutions. MPi is one of India's leading payment-card manufacturers. In FY2026, it produced approximately 13.54 million credit cards and 72.66 million debit cards, representing estimated shares of around 36.4% of India's credit-card issuance market and 30.9% of the debit-card issuance market. As of the RHP, the company served customers through 10 facilities across India, covering card manufacturing, personalisation, cheque printing, smart-tagging, IoT and coated-product operations. It also operates Central Cards Processing Centres for driving licence and registration-certificate activities.
MANIPAL HELTH PAYMENET AND IDENTITY SOLUTIONS Business Model
MPi operates across four major solution categories: Payment Solutions, Identification Solutions, Secure Solutions, and Smart Tagging & IoT Solutions. Its payment business covers the complete card lifecycle—from design and manufacturing to personalisation and delivery. It works with private and public-sector banks, small finance banks, cooperative banks and fintech companies. The company also provides government-related identity solutions such as driving licences, registration certificates and national-ID products. Beyond cards, MPi provides secure printing and logistics, cheques, insurance-related documents, holographic and coated products, RFID/QR-based tracking, tax stamps and anti-counterfeiting solutions. This diversified portfolio reduces complete dependence on conventional payment-card manufacturing, although cards remain a significant part of the business. In FY2026, MPi served over 300 customers. It has also developed an international presence, supplying payment products to markets including the UK, Singapore, UAE, Bahrain, Nepal, Sri Lanka, Nigeria and several other countries.
MANIPAL HELTH PAYMENET AND IDENTITY SOLUTIONS Objects of the Issue
Purchase and installation of new and second-hand equipment ₹238.43 Cr General Corporate Purposes ₹81.57 Cr / balance as applicable Fresh Issue ₹320 Cr OFS ₹485 Cr Total IPO Size ₹805 Cr Fresh proceeds are primarily intended for purchasing and installing equipment. OFS proceeds will go to the selling shareholder(s), not to MPi.
MANIPAL HELTH PAYMENET AND IDENTITY SOLUTIONS Strengths
1. Strong payment-card market position: MPi was among the largest payment-card manufacturers in India and globally in FY2026. Its estimated share of India's credit- and debit-card issuance markets provides significant operating scale. 2. Established banking relationships: The company serves a broad mix of private banks, public-sector banks, small finance banks, cooperative banks and fintech companies. A substantial portion of its customers have maintained relationships with MPi for more than five years, supporting recurring business and customer stickiness. 3. Diversified product portfolio: MPi is not limited to conventional debit and credit cards. Its portfolio extends into identity solutions, secure documents, smart wearables, cheques, secure logistics, holograms, tax stamps and IoT/traceability solutions. 4. Technology and security infrastructure: Payment-card and identity manufacturing requires high security and compliance standards. MPi maintains multiple certifications and standards, including payment-network and information-security related certifications, supporting its ability to serve regulated financial institutions. 5. Strong balance sheet: As discussed in the IPOWEB Signal section, FY2026 debt is extremely low. This gives the company comparatively low financial leverage and greater flexibility for future investments. 6. Capacity expansion through IPO: Approximately ₹238.43 crore of fresh IPO proceeds is earmarked for purchasing and installing new and second-hand equipment. Successful deployment could enhance production capabilities and support future growth.
MANIPAL HELTH PAYMENET AND IDENTITY SOLUTIONS Risks
1. High customer concentration: MPi's top 10 customers generated 58.67% of FY2026 revenue from operations, compared with 60.98% in FY2025 and 62.51% in FY2024. Loss or material reduction of business from major customers could significantly affect revenue and profitability. 2. Supplier concentration: The company depends on a limited number of suppliers for certain important raw materials. Disruptions, shortages or adverse price changes involving these suppliers could affect production schedules and margins. 3. Payment-card concentration: Despite diversification into identity and IoT solutions, payment-card manufacturing and related products remain a significant component of operations. Changes in payment technology or consumer behaviour could affect demand over the longer term. 4. Security and compliance risk: MPi handles sensitive payment and identity-related products. Failure to comply with payment-network standards, information-security requirements or regulatory requirements could result in loss of customers, penalties or reputational damage. 5. Acquisition integration risk: The company acquired the Variable Data Printing and Secure Logistics division of Manipal Technologies Limited, effective March 31, 2024. Integrating acquired operations and achieving expected benefits introduces operational and execution risks. 6. Profitability slowdown: While revenue increased in FY2026, PAT declined compared with FY2025. Total income was approximately ₹1,356.59 crore in FY2026 versus ₹1,277.11 crore in FY2025, while PAT declined from ₹282.21 crore to ₹253.46 crore. This divergence between revenue and earnings should be monitored. 7. Regulatory and technology-change risk: Payments and identity technologies evolve rapidly. Increased adoption of digital-only payment methods, regulatory changes or new security standards may require continuing capital expenditure and product innovation.
MANIPAL HELTH PAYMENET AND IDENTITY SOLUTIONS Frequently Asked Questions
What is the MANIPAL HELTH PAYMENET AND IDENTITY SOLUTIONS IPO price band?
The MANIPAL HELTH PAYMENET AND IDENTITY SOLUTIONS IPO price band is 322 - 339.
What is the latest MANIPAL HELTH PAYMENET AND IDENTITY SOLUTIONS IPO GMP?
The latest available MANIPAL HELTH PAYMENET AND IDENTITY SOLUTIONS IPO GMP in the IPOWEB database is ₹4. GMP is unofficial and does not guarantee a listing gain.
When does the MANIPAL HELTH PAYMENET AND IDENTITY SOLUTIONS IPO open and close?
The MANIPAL HELTH PAYMENET AND IDENTITY SOLUTIONS IPO opens on 09 SEP and closes on 11 SEP.
When is the MANIPAL HELTH PAYMENET AND IDENTITY SOLUTIONS IPO allotment date?
The MANIPAL HELTH PAYMENET AND IDENTITY SOLUTIONS IPO allotment date is 15 SEP.
When is the MANIPAL HELTH PAYMENET AND IDENTITY SOLUTIONS IPO listing date?
The MANIPAL HELTH PAYMENET AND IDENTITY SOLUTIONS IPO listing date is 17 SEP.
What is the MANIPAL HELTH PAYMENET AND IDENTITY SOLUTIONS IPO subscription?
The latest total subscription available for the MANIPAL HELTH PAYMENET AND IDENTITY SOLUTIONS IPO is 0.76x.