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Manipal Payment IPO Sees Muted Day Two Response; Reviews Diverge
Manipal Payment & Identity Solutions is selling shares to the public in an IPO.
The IPO opened on September 9 and closes on September 11.
On the first day, investors bought only 17% of the shares offered.
Retail investors showed the most interest, while large institutional investors had not subscribed by then.
The shares are priced between ₹322 and ₹339 each.
The grey market suggested a possible listing price of about ₹347, but this is only an estimate.
One brokerage warned about slow growth, higher working-capital needs and competition from digital payments.
Another brokerage said the company could benefit from growing digital payments and demand for secure identity services.
Investors therefore received mixed advice on whether to apply.
Manipal Payment & Identity Solutions’ ₹805 crore IPO was subscribed 17% on the first bidding day.
Retail investors subscribed 0.73 times, while NII subscription stood at 0.18 times and QIB subscription at 0.00 times.
The IPO is priced at ₹322–339 per share and includes a ₹320 crore fresh issue plus an OFS of up to 1.43 crore shares.
The grey market premium was ₹8, implying an estimated listing price of ₹347, or a potential 2.36% gain at the upper price band.
SBI Securities rated the issue neutral, while Venture Securities recommended subscribing, citing different views on growth prospects and risks.
- Who
- Manipal Payment and Identity Solutions, its promoter Manipal Technologies, and prospective investors.
- What
- An ₹805 crore initial public offering is open for subscription, with mixed brokerage recommendations.
- Where
- The shares are proposed to be listed on the NSE and BSE in India.
- When
- Bidding runs from September 9 to September 11; allotment is likely on September 15, 2026, with tentative listing on September 17, 2026.
- Why
- The company plans to use fresh-issue proceeds mainly for capital expenditure at its manufacturing, processing, printing and IoT facilities, with the remainder for general corporate purposes.
Cautious View
Positive View
Growth and valuation
Cautious View
SBI Securities said the IPO is valued at 30.7 times FY26 post-issue P/E and flagged muted revenue growth, rising working-capital requirements and competition from digital payment alternatives such as UPI.
Positive View
Venture Securities said the company is positioned to benefit from digital-payment adoption, financial-inclusion initiatives, demand for secure authentication and increased outsourcing of payment infrastructure.
Operating performance
Cautious View
SBI Securities noted that banking cards issued declined from 92.0 million in FY24 to 86.2 million in FY26, while receivable and inventory days increased.
Positive View
Venture Securities highlighted the company’s established presence in secure card manufacturing, payment technology, document processing and physical and digital identity solutions.
Key facts
- IPO size
- Approximately ₹805 crore at the upper price band
- Price band
- ₹322–339 per equity share
- Day 1 subscription
- 17% overall; retail 0.73 times, NII 0.18 times and QIB 0.00 times
- Grey market premium
- ₹8 as of September 10, implying an estimated ₹347 listing price
- Fresh issue and OFS
- ₹320 crore fresh issue and an OFS of up to 1.43 crore shares worth ₹485 crore
- Anchor investment
- ₹362.25 crore raised from anchor investors through the allotment of 1.07 crore shares at ₹339 each
- Planned capital expenditure
- ₹238.43 crore of the fresh issue proceeds
- Brokerage views
- SBI Securities: neutral; Venture Securities: subscribe
Quotes
Venture Securities
Brokerage firm that assigned a subscribe rating to the IPO
“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.”
livemint.com
“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.”
livemint.com
Sources
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