The company has fixed a price band of ₹322-339 per share. Investors can bid for a minimum of 44 shares and in multiples thereof. At the upper end of the price band, retail investors will need to invest a minimum of ₹14,916, while the maximum investment will be ₹1,93,908.
At ₹339 per share, the IPO values Manipal Payment at an estimated post-issue market capitalisation of ₹7,858 crore.
Manipal Payment IPO: GMP today
In the unlisted market, shares of Manipal Payment are commanding a grey market premium (GMP) of around ₹37, indicating an expected listing premium of nearly 11% over the issue price.
However, GMP is only an unofficial indicator of market sentiment in the unlisted market and can change rapidly. It should not be considered a reliable indicator of the actual listing price.
Anchor book
Manipal Payment & Identity Solutions has raised Rs 362.25 crore from 23 anchor investors, including Morgan Stanley, Nomura Singapore, Citigroup and Alchemy, on September 8.
Manipal Payment allocated 1.06 crore equity shares to anchor investors at Rs 339 per share. Of these, 35.1 lakh shares were subscribed by 16 schemes of four domestic mutual fund houses, including Motilal Oswal 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.
The company has reserved 75% of the net offer for qualified institutional buyers (QIBs), while 15% has been set aside for non-institutional investors and the remaining 10% for retail investors.
The IPO comprises a fresh issue of ₹320 crore and an offer-for-sale (OFS) of 1.43 crore shares worth ₹485 crore by promoter Manipal Technologies.
The company has reduced the size of the IPO from the issue structure outlined in its updated draft red herring prospectus (UDRHP) filed in November 2025. At the time, the issue comprised a fresh issue of ₹400 crore and an OFS of 1.75 crore shares. Manipal Payment had initially filed its draft papers through the confidential route in June 2025, before receiving approval from market regulator SEBI in September 2025.
Following the IPO, Pai family-promoted Manipal Technologies 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 IPO: Use of proceeds
Manipal Payment plans to deploy ₹238.4 crore of the net fresh issue proceeds towards purchasing and installing new and second-hand equipment at its facilities in Manipal, Chennai, Navi Mumbai and the Chhattisgarh RTO. The remaining proceeds will be used for general corporate purposes.
Business and financials
Manipal Payment provides payment, identification, security, smart-tagging and Internet of Things (IoT) solutions to banks, fintech companies, non-banking financial companies 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% in credit card issuance and 30.9% in debit card issuance in FY26. It also said it was among the largest producers of national identity cards and metal cards during the fiscal year.
For the year ended March 2026, profit declined 10.2% to ₹253.5 crore, partly due to a high base following exceptional gains of ₹110 crore in the previous year. Revenue, however, rose 5.6% year-on-year to ₹1,326.8 crore.
Motilal Oswal Investment Advisors, Axis Capital, ICICI Securities, IIFL Capital Services and Nuvama Wealth Management are the merchant bankers to the issue.
The share allotment is expected to be finalised by September 15, while the shares are likely to list on the bourses on September 17.
First Published: Sept 9, 2026 7:27 AM IST