Manipal Payment and Identity Solutions IPO
Manipal Payment and Identity Solutions LtdMainboard
This IPO has listed.
- Open date
- 9 Sep 2026
- Close date
- 11 Sep 2026
- Min. Investment
- ₹14,916
- Lot Size
- -
- Fresh Issue
- ₹320.00 Cr
- Price Range
- -
- Face Value
- -
- IPO Document
- DRHP - PDF(opens in a new tab)
Subscription rate
- Qualified Institutional Buyers1.26x
- Non-Institutional Investors1.22x
- Retail-Individual Investors2.19x
- Total1.42x
Schedule
- Completed: IPO open date9 Sep 2026
- Completed: IPO close date11 Sep 2026
- Completed: Allotment date15 Sep 2026
- Completed: Funds unblock or debit16 Sep 2026
- Completed: Tentative listing date17 Sep 2026
About
Promoter shareholding in Manipal Payment and Identity Solutions Ltd, before and after the issue.
| Promoter | Pre-issue shares | Pre-issue % | Post-issue shares | Post-issue % |
|---|---|---|---|---|
| Manipal Technologies Limited | 13,93,02,995 | 61.55% | 12,49,96,210 | 53.02% |
Manipal Payment and Identity Solutions IPO Strengths & Risks
- We were among the largest manufacturers of payment cards, both globally and in India in Fiscal 2026.
- We have long-standing relationships with marquee customers.
- We have expansive product portfolio, powered by innovation, offering comprehensive solutions.
- We have technology-driven facilities and operations, with a focus on security compliance.
- We have experienced management team with committed employee base, backed by the Manipal Group.
- Risks Relating to the Business: The company's top 10 customers accounted for 58.67%, 60.98% and 62.51% of its revenue from operations in Fiscals 2026, 2025 and 2024, respectively. Loss of any of the company's key customers, or reduction in revenue earned from such key customers, may have an adverse effect on its business, financial condition and results of operations.
- Risks Relating to the Business: Purchases from the company's top 10 suppliers accounted for 56.05%, 62.29% and 59.69% of its total purchases in Fiscals 2026, 2025 and 2024, respectively. The company relies on the timely supply of different raw materials for manufacturing, personalizing and printing the company's products. Its business could be adversely affected if the company's suppliers fails to meet their delivery obligations or raise their prices.
- Risks Relating to the Business: The company generates a significant portion of its revenues from sale of cards manufactured by it. Any adverse developments affecting this vertical may adversely affect the company's business, results of operations, financial condition, and cash flows.
- Risks Relating to the Business: The company's Promoter, Tonse Gautham Pai and Primacy Industries Private Limited ("PIPL"), one of its Group Companies and an entity forming part of the members of the company's Promoter Group, have provided personal and corporate guarantees, respectively, in relation to financing arrangement availed by MVP Group International Inc., one of the members of its Promoter Group. The invocation of such guarantees and involvement of the company's Promoter and PIPL pose a material risk to its business operations, reputation and financial condition.
- Risks Relating to the Business: The company's planned acquisition of second-hand equipment as part of the Objects of the Offer carries inherent operational, efficiency and financial risks.
- Risks Relating to the Business: In order to be registered with payment networks such as MasterCard and RuPay, the company is required to comply with extensive security requirements. Failures to comply with such security requirements may lead to revocation of its registration, which may adversely affect the company's business, financial condition, results of operations and cash flows.
- Risks Relating to the Business: The company's Promoter, Tonse Gautham Pai, has provided guarantees in connection with its borrowings. The company's business, financial condition, results of operations and prospects may be adversely affected by the revocation of all or any of the guarantees provided by the company's Promoter in connection with its borrowings.
- Risks Relating to the Business: There have been instances of non-compliance with rules and regulations framed by the RBI, in relation to issuances of securities of the Company, particularly in relation to delay in reporting requirements and refund of excess share application amount. The company has filed a compounding application with the RBI and has received a compounding order. The company cannot assure you that any regulatory proceedings or actions will not be initiated against it in the future and its will not be subject to any penalty imposed by regulatory authorities.
- Risks Relating to the Business: The company enters into certain related party transactions in the ordinary course of its business and the company cannot assure you that such transactions will not have an adverse effect on its results of operation and financial condition.
- Risks Relating to the Business: Any slowdown, system outages, or disruption in the company's manufacturing operations, personalization bureaus and printing facilities could have an adverse impact on its business operations and financial performance.
- Risks Relating to the Business: The company's contracts with customers subject it to extensive compliance requirements. Failures to comply with the terms of these contracts may lead to actions against it for such breach, including termination of such contracts, which may adversely affect the company's business, financial condition and results of operations.
- Risks Relating to the Business: Breaches in the security of its systems may adversely affect the company's business, financial condition and results of operations.
- Risks Relating to the Business: The company depends on The Manipal Group, including its brand and recognition, for the company operations. Any change in its relationship with The Manipal Group could adversely affect the company operations and its ability to retain and expand the company's customer base.
- Risks Relating to the Business: The company's ability to access capital at attractive costs depends on its credit ratings. Non-availability of credit ratings or a poor rating may restrict the company's access to capital and thereby adversely affect its business and results of operations.
- Risks Relating to the Business: Under-utilization of the company's manufacturing facilities, personalization bureaus and printing facilities could have an adverse effect on its business, results of operations and financial condition.
- Risks Relating to the Business: The company has not yet placed orders in relation to the capital expenditure to be incurred for certain of its proposed objects of the Offer. In the event of any delay in placing the orders, or in the event the vendors are not able to provide the requisite equipment in a timely manner, or at all, the same may result in time and cost over-runs.
- Risks Relating to the Business: The company imports a substantial portion of its raw material requirements. Cost of imports of raw materials in Fiscals 2026, 2025 and 2024 amounted to 49.56%, 43.70% and 51.70%, respectively, of the company's total purchases. In addition, its exports the company's products to international markets and revenues from exports during the Fiscals 2026, 2025 and 2024 amounted to 7.21%, 4.33% and 1.41%, respectively, of the company's revenue from operations. Its inability to handle risks associated with import and export of products could affect the company's business and revenue from operations.
- Risks Relating to the Business: The company's Registered and Corporate Office and a majority of its manufacturing facilities, personalisation bureaus, printing facilities and warehouses are located on leased premises. The company cannot assure you that the lease deeds governing its premises will be renewed upon expiry or that the company will be able to obtain other premises on same or similar commercial terms.
- Risks Relating to the Business: The company is unable to trace some of its historical corporate records including in relation to certain allotments made by the Company. Further, certain corporate filings have been made with delays. Its cannot assure you that no legal proceedings or regulatory actions will be initiated against the Company in the future in relation to these matters, which may impact the company's financial condition and reputation.
- Risks Relating to the Business: There are outstanding legal proceedings involving it, the company's Directors and its Promoters. Any adverse outcome in such proceedings may have an adverse impact on its reputation, business, financial condition, results of operations and cash flows.
- Risks Relating to the Business: Delay/default in payment of statutory dues may attract penalties and in turn have a material adverse impact on the company's financial condition.
- Risks Relating to the Business: The company has completed the acquisitions of variable data printing and smart tagging and internet of things solutions, along with holograms, coated products, and other security printed products businesses of one of its Promoters, Manipal Technologies Limited, and the company may pursue other strategic acquisitions for inorganic growth in the future. The company may not be able to integrate these acquisitions, or may be faced with operating difficulties due to such integration, which could adversely affect its business, financial condition, cash flows and results of operations.
- Risks Relating to the Business: The company is subject to laws and regulations globally, including those related to data privacy, data protection, information security, consumer protection and industry specifications in other countries, and is exposed to business risks associated with international operations.
- Risks Relating to the Business: Five of the company's 10 facilities are located in the state of Karnataka in India. Any adverse developments affecting this region could have an adverse effect on its business, results of operations, financial condition and cash flows.
- Risks Relating to the Business: The industries the company operates in are subject to various threats and challenges. Failures to respond to such threats and challenges could adversely affect its results of operations, financial condition and cash flows.
- Risks Relating to the Business: New and developing technology solutions and products could make the company's existing solutions and products obsolete or irrelevant, and if the company is unable to introduce new products and services in a timely manner, its business could be adversely affected.
- Risks Relating to the Business: The company's intellectual property rights may be difficult to enforce and protect, which could enable others to copy or use aspects of its technology without compensating it, thereby eroding the company's competitive advantages.
- Risks Relating to the Business: Implementation of the company's growth strategies is subject to various risks and uncertainties. Its inability to grow the company operations or execute such strategies could adversely affect its business, financial condition and results of operations.
- Risks Relating to the Business: As of March 31, 2026, the company has contingent liabilities which have not been provided for in its financial statements and could adversely affect the company's financial condition.
- Risks Relating to the Business: The company undertakes projects, such as the production of identity solutions and cards, and printing of excise stamps, for central and state governments. Any change in policies, eligibility conditions, or transition towards solutions the company does not offer could have an impact on its revenue, results of operations and financial condition.
- Risks Relating to the Business: The company participates in public tenders for supplying its products and solutions, following which the company enters into master agreements with the relevant counterparties. Its ability to negotiate the terms on which the company provides these products and solutions may be limited.
- Risks Relating to the Business: The company is dependent on third party transportation providers for the delivery of its products to the end customers. Any disruptions in logistics and transportation or significant increase in freight charges could adversely affect the company's business, financial condition and results of operations.
- Risks Relating to the Business: The financial payment card industry may be subject to pricing pressure as a result of card issuers seeking to reduce their expenses, which could have an adverse effect on the company's business, cash flows, results of operations and financial condition.
- Risks Relating to the Business: The company may experience software defects, which could harm its business and expose it to potential liability.
- Risks Relating to the Business: The company's business may be adversely affected by costs relating to product defects, and its could be faced with product liability and warranty claims.
- Risks Relating to the Business: The company operations are dependent on adequate and uninterrupted external supply of power and water. Any disruption or shortage in power or water may lead to disruption in operations, higher operating cost and consequent decline in the company operating margins.
- Risks Relating to the Business: The company's inability to accurately forecast demand for its products, manage the company's working capital balances, or its inability to collect receivables in a timely manner may have an adverse effect on the company's business, results of operations, cash flows and financial condition.
- Risks Relating to the Business: The company faces competition that may result in a loss of its market share and/or a decline in the company's profitability.
- Risks Relating to the Business: The company has incurred indebtedness and an inability to comply with repayment and other covenants in the company's financing agreements could adversely affect its business and financial condition. Further, certain of the company's financing agreements involve variable interest rates and an increase in interest rates may adversely affect its results of operations and financial condition.
- Risks Relating to the Business: Its may not be able to sustain the historical growth the company has experienced in its business and revenue from operations.
- Risks Relating to the Business: The company's peer company may have better KPIs than it, and the company cannot assure you that its will be able to compete effectively or improve the company's KPIs in future.
- Risks Relating to the Business: Significant differences exist between Ind AS used to prepare the company's financial information and other accounting principles, such as U.S. GAAP and IFRS, which investors may be more familiar with and may consider material to their assessment of its financial condition.
- Risks Relating to the Business: The company is subject to environmental, health and safety laws, regulations and standards. Non-compliance with and adverse changes in health, safety, labour, and environmental laws and other similar regulations applicable to its operations may adversely affect the company's business, results of operations and financial condition.
- Risks Relating to the Business: The company is required to obtain, renew and maintain statutory and regulatory permits, licenses and approvals to operates its business, and any delay or inability in obtaining, renewing or maintaining such permits, licenses and approvals could result in an adverse effect on the company's results of operations.
- Risks Relating to the Business: If the company is unable to establish and maintain an effective internal controls and compliance system, its business and reputation could be adversely affected.
- Risks Relating to the Business: Information relating to the installed production capacity and capacity utilization for the company's products included in this Red Herring Prospectus are based on various assumptions and estimates and future production and capacity may vary.
- Risks Relating to the Business: Any disruption to the steady and regular supply of workforce for the company operations could adversely affect its business, cash flows and results of operations.
- Risks Relating to the Business: The company is dependent on a number of key personnel, including its Individual Promoter, the company's Key Managerial Personnel and members of the Senior Management, and the loss of or its inability to attract or retain such persons could adversely affect the company's business, results of operations, financial condition and cash flows.
- Risks Relating to the Business: Industry information included in this Red Herring Prospectus has been derived from an industry report exclusively commissioned and paid for by the company in connection with the Offer.
- Risks Relating to the Business: The company's insurance cover may not be adequate or its may incur uninsured losses or losses in excess of the company's insurance coverage which could adversely affect its results of operations and financial condition.
- Risks Relating to the Business: Negative publicity against it, the company's Promoters, Promoter group, its suppliers, the company's customers or any of its or their affiliates could cause it reputational harm and could have a material adverse effect on the company's business, financial condition, results of operations and prospects.
- Risks Relating to the Business: The average cost of acquisition of Equity Shares by the Promoter Selling Shareholder, could be lower than the floor price of the Price Band.
- Risks Relating to the Business: The company has issued Equity Shares during the preceding 12 months at prices that may be lower than the Offer Price.
- Risks Relating to the Business: The Company will not receive any proceeds from the Offer for Sale.
- Risks Relating to the Business: The company's Promoters and Promoter Group will continue to exercise significant influence over it after completion of the Offer.
- Risks Relating to the Business: The company's Promoters, certain of its Directors, senior management and Key Managerial Personnel are interested in the Company's performance in addition to their remuneration and reimbursement of expenses.
- Risks Relating to the Business: The company's Promoters, Directors, Key Managerial Personnel, members of the Senior Management and other key executives of the Company may enter into ventures that may lead to real or potential conflicts of interest with its business. Further, conflicts of interest may arise out of common business objects between the Company and Group Companies.
- Risks Relating to the Business: The company has in this Red Herring Prospectus included certain non-GAAP financial measures and certain other industry measures related to its operations and financial performance. These non-GAAP measures and industry measures may vary from any standard methodology that is applicable across the industries in which the company operates, and therefore may not be comparable with financial or industry related statistical information of similar nomenclature computed and presented by other companies.
- Risks Relating to the Business: The company's customers or vendors may engage in transactions in or with countries or persons that are subject to United States and other sanctions.
- Risks Relating to the Business: The Offer Price, market capitalization to revenue from operations multiple and price to earnings ratio based on the Offer Price of the Company, may not be indicative of the market price of the Equity Shares on listing.
- Risks Relating to the Business: The company's funding requirements and proposed deployment of the Net Proceeds are based on management estimates and may be subject to change based on various factors, some of which are beyond its control. Further, any variation in the utilization of the Net Proceeds would be subject to certain compliance requirements, including prior shareholders approval.
- Risks Relating to the Business: Some of the company's Directors may not have prior experience as directors of companies listed on recognized stock exchanges in India.
