Manipal Payment and Identity Solutions IPO Lists at 2.65% Discount on NSE

Manipal Payment and Identity Solutions shares made a subdued stock market debut on September 17, 2026, listing at ₹330.00 per share on the NSE, a 2.65% discount to the IPO issue price of ₹339 per share. On the BSE, the stock debuted at ₹332.00 per share, representing a 2.06% discount to the issue price.

The listing followed the company’s ₹805.00 crore IPO, which was open for subscription from September 9 to September 11, 2026. The issue was subscribed 1.42 times by the end of the bidding period.

Manipal Payment and Identity Solutions’ IPO comprised a fresh issue of 94.40 lakh shares aggregating to ₹320.00 crore and an offer for sale of 1.43 crore shares aggregating to ₹485.00 crore, taking the total issue size to ₹805.00 crore.

Incorporated in 2008, Manipal Payment and Identity Solutions Limited is part of The Manipal Group and provides secure payment, identification, smart tagging and Internet of Things (IoT) solutions. It caters to banks, fintech companies, non-banking financial companies and governments across domestic and international markets.

Manipal Payment and Identity Solutions IPO Listing Details

Manipal Payment and Identity Solutions launched its ₹805.00 crore book-built IPO, comprising a fresh issue of ₹320.00 crore and an offer for sale of ₹485.00 crore. The bidding window opened on September 9 and closed on September 11, 2026.

The IPO price band was fixed at ₹322 to ₹339 per equity share. The minimum lot size was 44 shares, requiring a minimum retail investment of ₹14,916 at the upper end of the price band.

The IPO received an overall subscription of 1.42 times by the end of the bidding period.

Manipal Payment and Identity Solutions subsequently made its stock market debut at ₹330.00 per share on the NSE against the issue price of ₹339, resulting in a listing discount of 2.65%. On the BSE, shares opened at ₹332.00, representing a discount of 2.06%.

• Issue Price: ₹339 per share
• NSE Listing Price: ₹330.00 per share
• NSE Listing Discount: 2.65%
• BSE Listing Price: ₹332.00 per share
• BSE Listing Discount: 2.06%
• IPO Size: ₹805.00 crore
• Fresh Issue: ₹320.00 crore
• Offer for Sale: ₹485.00 crore
• Minimum Lot Size: 44 shares
• Minimum Investment: ₹14,916
• Overall Subscription: 1.42 times
• IPO Open Date: September 9, 2026
• IPO Close Date: September 11, 2026
• Allotment Date: September 15, 2026
• Listing Date: September 17, 2026
• Exchanges: BSE and NSE

First-Day Trading Performance

Listing Price: Manipal Payment and Identity Solutions share price debuted at ₹330.00 per share on the NSE against the IPO issue price of ₹339, resulting in a listing discount of 2.65%.

On the BSE, Manipal Payment and Identity Solutions shares opened at ₹332.00 per share, representing a 2.06% discount to the IPO issue price.

Following the listing, the stock moved lower in early trade. As of 10:12 AM on September 17, 2026, Manipal Payment and Identity Solutions shares were trading at ₹322.20 on the NSE, down 4.96% from the IPO issue price of ₹339.

The debut followed the company’s ₹805.00 crore IPO, which received an overall subscription of 1.42 times by the end of the bidding period.

The listing performance indicated that the stock entered the secondary market below the price at which shares were offered to IPO investors on both the NSE and BSE.

Growth Drivers and Challenges

Growth Drivers

Diversified Solutions Portfolio: The company provides secure payment, identification, smart tagging and IoT solutions across multiple applications.

Broad Customer Base: In FY26, Manipal Payment and Identity Solutions served more than 300 customers globally, including banks, fintech companies, NBFCs and government entities.

Established Product Portfolio: Its offerings include payment cards, cheque solutions, national identity cards, driving licences and transit management systems.

Low Borrowings: Total borrowings stood at ₹0.42 crore as of March 31, 2026, compared with a net worth of ₹1,107.34 crore.

EBITDA Growth: EBITDA increased to ₹455.83 crore in FY26, alongside growth in total income to ₹1,356.59 crore.

Challenges

Profitability Moderation: Profit after tax declined to ₹253.46 crore in FY26 from ₹282.21 crore in FY25 despite growth in total income.

Technology Changes: The company operates in payment, identification and IoT segments that are exposed to changes in technology and evolving customer requirements.

Customer Requirements: Serving banks, financial institutions and government entities requires adherence to security, quality and operational standards.

Capital Expenditure: A significant portion of the fresh issue proceeds is intended for equipment procurement, making effective deployment of the planned capital expenditure important.

Competitive Environment: The company operates across competitive payment technology, identity solutions and digital infrastructure markets.

Utilisation of IPO Proceeds

Manipal Payment and Identity Solutions’ IPO comprised a fresh issue of ₹320.00 crore and an offer for sale of ₹485.00 crore, aggregating to a total issue size of ₹805.00 crore.

The company intends to utilise ₹238.43 crore towards funding capital expenditure requirements for the procurement of equipment.

An amount of ₹56.90 crore is intended to be utilised for general corporate purposes to support ongoing business requirements.

The estimated issue expenses amount to ₹62.02 crore.

The public issue comprised:

• Fresh Issue: ₹320.00 crore
• Offer for Sale: ₹485.00 crore
• Total IPO Size: ₹805.00 crore

Motilal Oswal Investment Advisors Limited managed the issue, while MUFG Intime India Private Limited acted as the registrar.

Business and IPO Overview

Incorporated in 2008, Manipal Payment and Identity Solutions Limited is part of The Manipal Group and provides secure payment, identification, smart tagging and Internet of Things solutions.

The company caters to banks, fintech companies, non-banking financial companies and governments across domestic and international markets.

Its product and solution portfolio includes payment cards, cheque solutions, national identity cards, driving licences and transit management systems.

In FY26, the company served more than 300 customers globally, including institutions such as State Bank of India and HDFC Bank. As of March 31, 2026, it had 1,809 permanent employees and 1,509 contracted employees.

Total income increased to ₹1,356.59 crore in FY26 from ₹1,277.11 crore in FY25 and ₹1,267.97 crore in FY24.

EBITDA reached ₹455.83 crore in FY26. Profit after tax stood at ₹253.46 crore in FY26, compared with ₹282.21 crore in FY25 and ₹249.17 crore in FY24. As of March 31, 2026, total assets stood at ₹1,160.90 crore, net worth at ₹1,107.34 crore and total borrowings at ₹0.42 crore.

Manipal Payment and Identity Solutions entered the public markets through a ₹805.00 crore IPO comprising a fresh issue of ₹320.00 crore and an offer for sale of ₹485.00 crore. The issue opened on September 9 and closed on September 11, 2026, with a price band of ₹322 to ₹339 per share.

The IPO received an overall subscription of 1.42 times by the end of the bidding period.

Manipal Payment and Identity Solutions made a discounted stock market debut on September 17, 2026. Shares listed at ₹330.00 on the NSE, representing a 2.65% discount to the ₹339 issue price, while the BSE listing price of ₹332.00 represented a discount of 2.06%.