Manipal Payment and Identity Solutions Limited IPO
Manipal Payment and Identity Solutions Limited IPO closed on 11 Sept 2026. Allotment 15 Sept 2026, listing 17 Sept 2026. Price band ₹322–₹339, lot 44 shares, GMP +₹0 (0%). Track allotment on Allotly.
| Status | Closed |
|---|---|
| Category | Mainboard · NSE |
| Price band | ₹322–₹339 |
| Lot size | 44 shares |
| Minimum investment | ₹14,916 |
| Issue size | ₹805 Cr |
| GMP | +₹0 (0%) |
| Open date | 9 Sept 2026 |
| Close date | 11 Sept 2026 |
| Allotment date | 15 Sept 2026 |
| Listing date | 17 Sept 2026 |
| Registrar | LINK |
About Manipal Payment and Identity Solutions Limited
Manipal Payment and Identity Solutions manufactures and personalizes plastic and metal banking, smart, and ID cards, offering services like embossing, encoding, and chip embedding. Through acquisitions, it expanded into secure logistics, revenue assurance, and variable data/security printing—including cheques, policy booklets, tax stamps, and IoT smart tagging. Operating 10 facilities across India (manufacturing plants, personalization bureaus, and cheque centers), the company primarily generates revenue from card sales and personalization, complemented by institutional security printing solutions.
Strengths
- Manipal Payment and Identity Solutions serves banks, fintechs, NBFCs and government clients in India and overseas.
- The company offers a wide range of payment, identity, secure printing and smart tagging solutions.
- It generates revenue from both product sales and related personalisation and printing services.
- The company provides RFID, QR code and IoT-based tracking and anti-counterfeiting solutions.
- Its business includes high-security products such as payment cards, identity cards and secure packaging solutions.
Risks
- A large share of the company’s revenue comes from its top 10 customers.
- The business depends heavily on a limited number of suppliers for raw materials.
- A significant portion of revenue is generated from card manufacturing and related products.
- Failure to meet payment network security standards could impact its operations.
- The company has reported past regulatory non-compliance related to RBI reporting requirements.