The IPO was subscribed 1.42 times by the close of bidding on September 11, according to NSE data. Investors placed bids for 1.85 crore equity shares against 1.31 crore shares on offer.
The retail portion was subscribed 2.19 times, while the non-institutional investor (NII) category received 1.22 times subscription.
In the unlisted market, Manipal Payment shares are trading at a discount of around ₹6 to the issue price. At the upper end of the IPO price band of ₹339, this implies a potential listing price of around ₹333, or a discount of roughly 1.8%.
However, the grey market premium (GMP) is an unofficial indicator of market sentiment and can change rapidly. It should not be considered a reliable indicator of the actual listing price.
Manipal Payment IPO: Issue size, price band and valuation
The ₹805 crore initial public offering (IPO) of Karnataka-based Manipal Payment & Identity Solutions was open for subscription from September 9 to September 11.
The company had fixed a price band of ₹322-₹339 per share. At the upper end of the price band, the IPO values Manipal Payment at an estimated post-issue market capitalisation of ₹7,858 crore.
Manipal Payment raises ₹362 crore from anchor investors
Ahead of the IPO, Manipal Payment raised ₹362.25 crore from 23 anchor investors on September 8, including Morgan Stanley, Nomura Singapore, Citigroup and Alchemy.
The company allocated 1.06 crore equity shares to anchor investors at ₹339 per share.
Of these, 35.1 lakh shares were subscribed by 16 schemes across four domestic mutual fund houses, including Motilal Oswal Asset Management Company (AMC), Baroda BNP Paribas Mutual Fund, ITI Mutual Fund and Groww Mutual Fund.
New Mark Capital AIF, SageOne, Sanshi Funds, Alpha Alternatives Financial Services, Emerge Capital and SVAN Velocity Fund, among others, also participated in the anchor book.
Fresh issue, OFS and use of proceeds
The IPO comprised a fresh issue of ₹320 crore and an Offer For Sale (OFS) of 1.43 crore shares worth ₹485 crore by promoter Manipal Technologies.
Following the IPO, Manipal Technologies, promoted by the Pai family, will hold a 53.02% stake in Manipal Payment.
Among the existing public shareholders, Touchstone Trust will hold 6.35%, Nuvama 5.65%, Think Investments 2.74%, Mukul Agrawal 2.47% and Amicus Capital Partners 2.19%.
Manipal Payment plans to deploy ₹238.4 crore of the net proceeds from the fresh issue towards the purchase and installation of new and second-hand equipment at its facilities in Manipal, Chennai, Navi Mumbai and the Chhattisgarh Regional Transport Office (RTO).
The remaining proceeds will be used for general corporate purposes.
What does Manipal Payment do?
Manipal Payment & Identity Solutions provides payment, identification, security, smart-tagging and Internet of Things (IoT) solutions to banks, fintech companies, non-banking financial companies (NBFCs) and government entities in India and overseas.
The company describes itself as one of the largest payment card manufacturers globally and in India. It estimated its market share at 36.4% of credit card issuance and 30.9% of debit card issuance in FY26.
The company also said it was among the largest producers of national identity cards and metal cards during FY26.
How have Manipal Payment’s financials fared?
For the year ended March 2026, Manipal Payment’s revenue rose 5.6% year-on-year to ₹1,326.8 crore.
Profit after tax (PAT), however, declined 10.2% to ₹253.5 crore. The company attributed part of the decline to a high base in the previous year, which included exceptional gains of ₹110 crore.
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