Manipal Payment IPO
Market Sentiment
IPO Details
Day-wise Subscription (times subscribed)
| Category | Day 1 | Day 2 | Day 3 |
|---|---|---|---|
| QIB | 0.00x | 0.03x | 1.26x |
| NII | 0.13x | 0.24x | 1.22x |
| bNII > ₹10L | 0.11x | 0.20x | 1.24x |
| sNII 2-10L | 0.18x | 0.34x | 1.18x |
| Retail | 0.73x | 1.22x | 2.19x |
| Total | 0.17x | 0.31x | 1.42x |
Market Lot Size
IPO Reservation
Financial Analysis
Financial Data
Financial Performance
| Metric | 2024 | 2025 | 2026 |
|---|---|---|---|
| Revenue | 1,267.97 | 1,277.11 | 1,356.59 |
| Expense | 967.63 | 1,032.65 | 1,004.93 |
| Profit (PAT) | 249.17 | 282.21 | 253.46 |
| Total Assets | 1,102.71 | 1,409.67 | 1,160.90 |
Peer Comparison
| Company | EPS | P/E | RoNW % | NAV | Income |
|---|---|---|---|---|---|
| Manipal Payment This IPO | 11.53 | - | 22.93 | 48.84 | - |
| Seshaasai Technologies Limited | 15.45 | 24.97 | 16.81 | 88.15 | 1,441.14 Cr |
Promoters & Holding Pattern
Promoters: Tonse Gautham Pai, T. Satish U. Pai, Sandhya S. Pai, Manipal Technologies Limited, Manipal Media Network Limited, Tridevitha Consultancy Services Private Limited and Tridevita Family Trust 2017
| Shareholding | No. of Shares | Holding % |
|---|---|---|
| Promoter Holding Pre Issue | – | 62.10% |
Strengths & Risks
- Solid profit margin — 18.7%.
- Strong return on equity — 29%.
Our data checks haven't flagged a specific concern for Manipal Payment — but that isn't a clean bill of health. Read the risk-factors section of the RHP, which lists company-specific risks our data can't capture.
Compiled from this issue's live GMP, subscription, valuation and financial data, and updated as those figures change. Informational only — not investment advice. Always read the RHP before applying.
Company Information
About Manipal Payment
Incorporated on February 19, 2008, Manipal Payment and Identity Solutions Ltd (MPISL) is one of the leading banking and smart card manufacturers in India. The company engaged in offering payment solutions, identification solutions, secure solutions, and smart tagging and Internet of Things (IoT) solutions to banks, fintech companies, non-banking finance companies, and government organizations in India and international markets. Its payment solutions consist of payment cards, cheque services, NFC and QR code-based payments, payment-enabled wearables, and digital automation solutions. In terms of the shipment and magstripe payment cards, the Manipal payment is the highest-ranked company in India and the 14th-ranked company globally. Along with India, the company has expanded its operations to the United Kingdom, Europe, Asia-Pacific, and the MEA regions. Moreover, the company consists of 10 facilities, 19 production units across 11 cities.
Company Contact Information
N/A
Objects of the Issue
| Purpose | Amount (Cr) |
|---|---|
| Capital Expenditure on Equipment | 287.14 |
| General Corporate Purpose | - |
Resources & Documents
Anchor Investors
Manipal Payment IPO - Quick Take
Manipal Payment has set a price band of Rs 322–Rs 339 per share for an issue size of Rs 805 crore. The stock listed with a 2.06% discount versus its issue price on September 17, 2026.
The issue is promoted by Tonse Gautham Pai, T. Satish U. Pai, Sandhya S. Pai, Manipal Technologies Limited, Manipal Media Network Limited, Tridevitha Consultancy Services Private Limited and Tridevita Family Trust 2017 with Motilal Oswal Investment Advisors Limited, Axis Capital Limited, ICICI Securities Limited, IIFL Capital Services Limited, Nuvama Wealth Management Limited acting as lead manager. Net proceeds will primarily be used towards capital Expenditure on Equipment (Rs 287 crore) and general Corporate Purpose.
On fundamentals, the company is posting revenue growth of 6.2%, a profit margin of 18.7%, return on equity of 29.4% in its most recent reported period. Listed peers in this segment include Seshaasai Technologies Limited (P/E 24.97x) — useful reference points when evaluating the issue's pricing relative to where the broader sector is trading.
On our data-signal score, the combined signals for this issue currently read weak — several key indicators are reading below average. This is a summary of public data, not a recommendation to apply or skip. Past performance does not predict future returns — review the price chart and peer comparison below before trading.
Frequently Asked Questions
Manipal Payment IPO GMP — What It Means
GMP stops mattering once the shares trade — it only ever estimated the listing price. The summary at the top of this page compares the last pre-listing GMP with how the shares actually listed. Its last GMP before listing was -2.4%. Of the 15 Mainboard IPOs we have tracked with a final GMP below zero, 2 listed above, 0 flat and 13 below the issue price; Manipal Payment listed 2.1% below its issue price.
See the full Manipal Payment GMP history and trend, or learn how grey market premium works and how reliable it is.
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