Manipal Payment and Identity Solutions will launch its initial public offering on September 9, with the subscription period running until September 11. The Karnataka-based company has set the Manipal Payment IPO price band at Rs. 322 to Rs. 339 per share for the Rs. 805-crore public issue.
At the upper end of the price band, Manipal Payment will have an estimated market valuation of Rs. 7,858 crore. Meanwhile, the anchor investor bidding will take place on September 8, a day before the public issue opens.
The Manipal Payment IPO includes a fresh issue of shares worth Rs. 320 crore. In addition, promoter Manipal Technologies will sell 1.43 crore shares through an offer-for-sale worth about Rs. 485 crore at the upper price band.
The company had previously planned a larger IPO. Its updated draft red herring prospectus filed in November 2025 proposed a Rs. 400-crore fresh issue and an offer-for-sale of 1.75 crore shares. Manipal Payment initially filed its IPO papers through the confidential route in June 2025. SEBI later approved the proposal in September 2025.
Investors can bid for a minimum lot of 44 shares and thereafter in multiples of 44. At Rs. 339 per share, the minimum retail investment stands at Rs. 14,916. The maximum retail investment will be Rs. 1,93,908.
The company expects to finalize the Manipal Payment IPO allotment by September 15. Its shares are scheduled to list on the stock exchanges on September 17.
Manipal Payment reported revenue of Rs. 1,326.8 crore for the financial year ended March 2026, up 5.6% from the previous year. However, profit declined 10.2% to Rs. 253.5 crore.
The profit comparison came against a higher base in the previous year, when the company recorded exceptional gains of Rs. 110 crore. Revenue, however, continued to rise during fiscal 2026.
Manipal Payment plans to use Rs. 238.4 crore from the net fresh issue proceeds to purchase and install new and second-hand equipment across its facilities. It will use the remaining funds for general corporate purposes.
The company provides payment, identification, security, smart-tagging and Internet of Things solutions. Its customers include banks, fintech companies, non-banking financial companies and government agencies in India and overseas markets.
After the IPO, Pai family-promoted Manipal Technologies will retain a 53.02% stake in the company. Touchstone Trust will hold 6.35%, while Nuvama will own 5.65%. Think Investments will hold 2.74%, Mukul Agrawal 2.47%, and Amicus Capital Partners 2.19%.
Manipal Payment said it was ‘among the largest manufacturers of payment cards globally and in India.’ The company estimated that it held a 36.4% share of India’s credit card issuance market and a 30.9% share of the debit card market during fiscal 2026.
It also said it ranked among the largest producers of national identity cards and metal cards during the financial year.
Motilal Oswal Investment Advisors, Axis Capital, ICICI Securities, IIFL Capital Services and Nuvama Wealth Management are managing the Manipal Payment IPO.
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