Manipal Payment Opens Public Issue on September 9 with ₹322-339 Price Band

Manipal Payment and Identity Solutions has fixed a price band of Rs 322-339 per share for its Rs 805-crore initial public offering. The Karnataka-based payment card manufacturer announced the price band on September 4. At the upper price of Rs 339, the business would be valued at Rs 7,858 crore.  

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The offer will open on September 9 and close on September 11. Institutional investors will get access to the anchor book a day earlier, on September 8. Allotment is likely to be completed by September 15, and trading in Manipal Payment shares is expected to begin on September 17.  

Of the total issue, Rs 320 crore will come from fresh shares. Promoter Manipal Technologies will separately sell 1.43 crore shares through the offer-for-sale, which is worth Rs 485 crore.  

The proposed issue is smaller than the plan disclosed earlier. An updated draft red herring prospectus filed in November 2025 had included fresh shares worth Rs 400 crore and an offer-for-sale of 1.75 crore equity shares.  

Manipal Payment first submitted its draft papers through the confidential route in June 2025. The capital markets regulator SEBI approved them in September 2025.  

Investors can apply for a minimum of 44 equity shares. Any additional bid must also be made in multiples of 44. Based on the price band, a retail investor would need at least Rs 14,916 to apply. The maximum investment would be Rs 1,93,908.  

Once the IPO is completed, Pai family-promoted Manipal Technologies will retain a 53.02 percent holding in Manipal Payment. Among its public shareholders, Touchstone Trust will own 6.35 percent and Nuvama 5.65 percent. Think Investments will hold 2.74 percent, followed by Mukul Agrawal at 2.47 percent and Amicus Capital Partners at 2.19 percent.  

Manipal Payment works with banks, fintech companies, non-banking financial companies and governments in India and overseas. Its offerings cover payment, identification, security, smart-tagging and Internet of Things solutions.  

From the money raised through fresh shares, Rs 238.4 crore has been marked for buying and installing new and second-hand equipment across its facilities. The balance will be available for general corporate purposes.  

For the year ended March 2026, profit declined 10.2 percent to Rs 253.5 crore. The comparison was partly affected by exceptional gains of Rs 110 crore recorded in the previous year. Revenue for the year grew 5.6 percent to Rs 1,326.8 crore.  

Manipal Payment says it is among the largest manufacturers of payment cards in India and globally. Its estimated share of India’s credit card issuance market was around 36.4 percent in fiscal 2026. The corresponding share of the debit card market was 30.9 percent. It was also one of the largest producers of national identity cards and metal cards during the last fiscal year.  

Motilal Oswal Investment Advisors, Axis Capital, ICICI Securities, IIFL Capital Services and Nuvama Wealth Management are the merchant bankers handling the public issue.