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₹322 - 339
Manipal Payment and Identity Solutions Ltd
IT - SoftwareIPO
₹322 - 339
We provide payments solutions, identifications solutions, secure solutions, and smart tagging and internet of things ("IOT") solutions to banks, fintechs, non-banking finance companies and governments, across domestic and international jurisdictions. Incorporated on February 19, 2008, our Company is part of The Manipal Group. The Manipal Group commenced operations in 1948 as a printing company, under the name of Express Printers Private Limited, catering to the secured printing requirements of banks in India and has since added products and services catering to customer requirements across various industries.
Lot44Min Invest₹14,916Face Value₹2Issue Size₹805 CrFresh Issue₹320 CrOffer for Sale₹485 Cr
Timeline
9 Sept
Bidding opens
11 Sept
Bidding closes
15 Sept
Allotment
16 Sept
Refund & demat credit
17 Sept
Listing
Subscription
Subscription opens 9 Sept
Reports
Offer Details
Terms
Issue Size₹805 Cr
Fresh Issue₹320 Cr
Offer for Sale₹485 Cr
Face Value₹2
Lot Size44 shares
ReservationQIB 75% · NII 15% · RETAIL 10%
Application Sizes
Retail₹14,9161-13 lots
sNII₹2,08,824from 14 lots
bNII₹10,14,288from 68 lots
Managers & Registrar
Lead ManagerMotilal Oswal Investment Advisors Limited
Co-ManagerAxis Capital Limited, ICICI Securities Limited, IIFL Capital Services Limited, Nuvama Wealth Management Limited
RegistrarMUFG Intime India Pvt Ltd
Ownership & Proceeds
Offer for Sale
Selling ShareholderShares OfferedAmt ₹ CrManipal Technologies LimitedPRMTR1,43,06,785485.00Total1,43,06,785485.00
Shareholding
CategoryPre IPOPost IPOPromoter Group61.55%53.92%Public38.45%46.08%
Objects of the Issue
- Capital Expenditure on Equipment
- General corporate purposes
Anchor Book
Bid Date08-Sep-2026
Strengths & Risks
Strengths · as stated in the DRHP
- We were among the largest manufacturers of payment cards, both globally and in India in Fiscal 2026.
- We have long-standing relationships with marquee customers.
- We have expansive product portfolio, powered by innovation, offering comprehensive solutions.
- We have technology-driven facilities and operations, with a focus on security compliance.
- We have experienced management team with committed employee base, backed by the Manipal Group.
Strategies · as stated in the DRHP
- Increase our payment cards market share globally.
- Focus on growing our metal cards portfolio.
- Consolidate our market leadership in India.
- Diversify our offerings through identity solutions projects in India and globally.
- Expanding our tax stamps solutions across Indian and international jurisdictions.
- Increase capacity to cater to increasing demand.
Risks · as stated in the DRHP
- Our top 10 customers accounted for 58.67%, 60.98% and 62.51% of our revenue from operations in Fiscals 2026, 2025 and 2024, respectively. Loss of any of our key customers, or reduction in revenue earned from such key customers, may have an adverse effect on our business, financial condition and results of operations.
- Purchases from our top 10 suppliers accounted for 56.05%, 62.29% and 59.69% of our total purchases in Fiscals 2026, 2025 and 2024, respectively. We rely on the timely supply of different raw materials for manufacturing, personalizing and printing our products. Our business could be adversely affected if our suppliers fail to meet their delivery obligations or raise their prices.
- We generate a significant portion of our revenues from sale of cards manufactured by us. Any adverse developments affecting this vertical may adversely affect our business, results of operations, financial condition, and cash flows.
- Our Promoter, Tonse Gautham Pai and Primacy Industries Private Limited ("PIPL"), one of our Group Companies and an entity forming part of the members of our Promoter Group, have provided personal and corporate guarantees, respectively, in relation to financing arrangement availed by MVP Group International Inc., one of the members of our Promoter Group. The invocation of such guarantees and involvement of our Promoter and PIPL pose a material risk to our business operations, reputation and financial condition.
- Our planned acquisition of second-hand equipment as part of the Objects of the Offer carries inherent operational, efficiency and financial risks.
- In order to be registered with payment networks such as MasterCard and RuPay, we are required to comply with extensive security requirements. Failure to comply with such security requirements may lead to revocation of our registration, which may adversely affect our business, financial condition, results of operations and cash flows.