Subscription & GMP
Subscription is live from NSE + BSE bid data. GMP is an unofficial market indicator.
Snapshot & Timeline
Verified against RHP, cross-checked on NSE & BSE.
| Issue Structure | |
|---|---|
| Type | Mainboard · Book Built |
| Face Value | ₹2 |
| Fresh Issue | ₹320 Cr |
| Offer for Sale | ₹485 Cr |
| Market Cap | ≈ ₹7,858.17 Cr |
| Reservation & Parties | |
|---|---|
| QIB (incl. anchor) | 75% |
| NII / HNI | 15% |
| Retail | 10% |
| Lead Managers | Motilal Oswal, Axis Capital, ICICI Securities, IIFL Capital, Nuvama Wealth |
| Registrar | MUFG Intime India |
FY24–FY26 Trend (₹ Cr)
Restated consolidated figures from the RHP.
| Metric | FY24 | FY25 | FY26 | YoY |
|---|---|---|---|---|
| Total Income | 1,267.97 | 1,277.11 | 1,356.59 | +6% |
| EBITDA | 355.57 | 408.77 | 455.83 | +12% |
| PAT | 249.17 | 282.21 | 253.46 | -10% |
| Total Borrowing | 449.47 | 472.87 | 0.42 | debt cleared |
Is the price fair?
From the RHP "Basis for Issue Price". Price (P/E) beside quality (ROE).
| Company | P/E | ROE | Net Margin |
|---|---|---|---|
| Manipal Payment and Identity Solutions | 31.0x | 29.35% | 18.7% |
Who runs it & where the money goes
| Promoters | |
|---|---|
| Promoters | Tonse Gautham Pai, T. Satish U. Pai, Sandhya S. Pai, Manipal Technologies Ltd. & promoter group |
| Pre-issue | 62.1% |
| Post-issue | 53.92% |
| Objects of Issue | |
|---|---|
| Capital expenditure on equipment | ₹238.43 Cr |
| General corporate purposes | Balance |
Strengths & Risks
The part most sites skip — both sides, from the RHP.
- High-quality, debt-free — borrowings fully repaid in FY26 (debt/equity ~0) with fat ~34% EBITDA and ~19% PAT margins.
- Strong returns — ROE ~29% and RoNW ~23%.
- Blue-chip, sticky clients — 300+ customers including SBI, HDFC, ICICI, Axis and Kotak; serves 60+ fintechs and government bodies.
- Diversified platform — payment cards, identity & secure documents, and smart-tag/IoT solutions across 10 facilities.
- Established since 2008 with marquee bankers (Motilal Oswal, Axis, ICICI Securities, IIFL, Nuvama).
- Profit fell ~10% in FY26 (₹282 → ₹253 Cr) on near-flat revenue — growth has stalled.
- Full valuation — ~31x post-issue P/E and ~6.9x book for a no-growth, lower-profit year.
- Large offer-for-sale — ~60% of the issue (₹485 Cr) is Manipal Technologies selling; the ₹320 Cr fresh only funds equipment capex, not a growth leap.
- Near-zero grey market and weak demand — GMP near zero (~₹4–8, ~1–2%, from ₹16), and the book is still well under 1x on the final day (~0.41x; QIB ~0.03x); full subscription is in doubt.
- Client and segment concentration — heavy dependence on large banks and government contracts; card/identity volumes and pricing can swing earnings.
Did the signal hold up? Updates after Sep 17
We close the loop — issue vs listing price, listing-day gain, and whether the call was right.
Manipal Payment and Identity Solutions IPO FAQs
Common questions about the Manipal Payment and Identity Solutions IPO — GMP, price, dates, allotment and more.
What is Manipal Payment and Identity Solutions IPO GMP today?
As of the latest update (Subscription: Sep 11, 5:57 PM IST (Final, IPOJI) · GMP: Sep 11 — ₹0, no premium (IPOJI ₹0 @4:20PM / InvestorGain ₹0)), the grey market premium (GMP) for Manipal Payment and Identity Solutions IPO is around Nil (₹0), implying an estimated listing price of about ≈ ₹339. GMP is unofficial & indicative
What is Manipal Payment and Identity Solutions IPO price band?
The price band is ₹322 – ₹339 per share (face value ₹2).
What is Manipal Payment and Identity Solutions IPO lot size?
The lot size is 44 · min ₹14,916 per application.
When is Manipal Payment and Identity Solutions IPO allotment?
The tentative basis-of-allotment date is Sep 15.
When will Manipal Payment and Identity Solutions IPO be listed?
The tentative listing date is Sep 17, 2026 on BSE · NSE.
What is the expected listing price of Manipal Payment and Identity Solutions IPO?
Based on the current grey market premium of Nil (₹0), the estimated listing price is around ≈ ₹339 — this is unofficial and not a guarantee of the actual listing price.
Should I apply for Manipal Payment and Identity Solutions IPO?
Our view: Neutral · May Apply
In simple terms, Manipal makes the physical and digital plumbing of payments and identity — debit and credit cards, secure ID documents and smart IoT tags — for big banks (SBI, HDFC, ICICI) and government bodies. It is a genuinely high-quality business: it has cleared almost all its debt, earns fat profit margins and a strong ~29% return, and has long-standing blue-chip customers. But the demand and pricing signals are weak: its revenue has barely grown and its profit actually fell about 10% last year, yet the shares are priced fully (about 31 times earnings); most of this issue (~60%) is an existing owner selling rather than money for the company; the grey market has faded to zero (₹0, down from ₹16); and the final book only just crossed full at about 1.42 times (retail ~2.2x, NII ~1.2x, QIB ~1.3x). It is a solid company, but the full price on flat-to-lower profits, a zero grey market and soft final demand point to a flat-to-weak listing — keep expectations low. This is IPOSignal's research view, not investment advice.
What is Manipal Payment and Identity Solutions IPO subscription status?
As of Final · Sep 11, 5:57 PM IST (IPOJI), the issue was subscribed 1.4× overall — Retail 2.2×, QIB 1.3×, NII / HNI 1.2×.
Who is the registrar of Manipal Payment and Identity Solutions IPO?
The registrar is MUFG Intime India; the lead manager(s): Motilal Oswal, Axis Capital, ICICI Securities, IIFL Capital, Nuvama Wealth.