Manipal Payment & Identity Solutions IPO Day 2: Issue subscribed 17% so far. Check GMP, review

The company has set the IPO price band at ₹322–339 per equity share.AI Quick ReadManipal Payment & Identity Solutions IPO has entered its second day of bidding. The ₹805 crore IPO received muted response from investors on the first day, with issue being subscribed over 17% so far.

The Manipal Payment & Identity Solutions IPO opened for bidding on 9 September and will close on 11 September.

The company has set the IPO price band at ₹322–339 per equity share. The issue includes a fresh issue of shares worth ₹320 crore and an Offer for Sale (OFS) of up to 1.43 crore shares, valued at ₹485 crore, by promoter Manipal Technologies.

At the upper price band, the total IPO size is estimated at around ₹805 crore, while the company’s implied post-issue market capitalisation is expected to be approximately ₹7,858 crore.

The Manipal Payment & Identity Solutions IPO was subscribed 17% on the first day of bidding.

The retail investor portion received the strongest response, with the issue subscribed 0.73 times, while the Non-Institutional Investors (NII) category was subscribed 0.18 times. The Qualified Institutional Buyers (QIB) portion remained unsubscribed, with a subscription of 0.00 times as of Day 1.

Manipal Payment and Identity Solutions IPO GMP stood at ₹8 as of September 10. With the upper price band fixed at ₹339 per share, the IPO is estimated to list at around ₹347, indicating an expected gain of 2.36% per share, according to Investorgain.

Brokerage firm SBI Securities has assigned ‘neutral’ rating to the Manipal Payment & Identity Solutions IPO, saying that the issue is valued at 30.7x FY26 post-issue P/E. While MPISL is well-placed to benefit from growth in payment and identity solutions, muted revenue growth, rising working capital requirements, and the increasing adoption of digital payment alternatives such as UPI may impact future growth outlook.

“Manipal Payments & Identity Solutions Ltd is among the largest payment card manufacturers in India and globally, serving 300+ customers across banking, fintech, government, and corporate segments. The company delivered a Revenue/EBITDA/PAT CAGR of 3.1%/12.7%/0.9% during FY24-FY26, while maintaining healthy RoCE/RoE of 50.1%/32.3%. However, growth in card volumes remained subdued, with banking cards issued declining from 92.0 mn in FY24 to 86.2 mn in FY26. Working capital intensity has also increased, reflected in higher receivable and inventory days,” it said.

Meanwhile, brokerage firm Venture Securities, while giving ‘subscribe’ rating to the IPO, said that the company has established a strong presence in India’s digital payments and identity infrastructure ecosystem, supported by its experience in secure card manufacturing, payment technology and document processing.

“The company is positioned to benefit from increasing digital payment adoption, financial inclusion initiatives, demand for secure authentication solutions and rising outsourcing of payment infrastructure by banks and institutions. Its capabilities across physical and digital identity solutions provide an opportunity to participate in the broader formalisation and digitisation of financial services,” the firm said.

Ahead of its initial public offering (IPO), Manipal Payment and Identity Solutions Ltd raised ₹362.25 crore from anchor investors. The company allotted 1.07 crore equity shares to anchor investors at ₹339 per share, which is the upper end of the IPO price band, according to a circular filed with the stock exchanges.

The Manipal Payment & Identity Solutions IPO allotment is likely to be finalised on September 15, 2026. The equity shares are proposed to be listed on both the NSE and BSE, with the tentative listing date set for September 17, 2026.

The company plans to utilise ₹238.43 crore from the ₹320 crore fresh issue towards capital expenditure. The funds will be used to purchase and install new and second-hand equipment at its card manufacturing facility, personalisation bureau and cheque printing facility in Manipal; personalisation bureaus and cheque printing facilities in Chennai and Noida; a personalisation bureau in Navi Mumbai; cheque printing facilities in Navi Mumbai and Howrah; central card processing centres at Chhattisgarh RTO; and its Smart Tagging and IoT Solutions facility in Manipal. The remaining proceeds will be used for general corporate purposes.

Of the ₹238.43 crore earmarked for capital expenditure, ₹170.40 crore is expected to be spent in FY2027, ₹18.96 crore in FY2028 and ₹49.07 crore in FY2029.