Manipal Payment (Manipal Cards) IPO

Last updated: September 10, 2026 at 7:01 pm IST

Manipal Payment (Manipal Cards) IPO Price Range is ₹322 - ₹339, with a minimum investment of ₹14,916 for 44 shares per lot.

Subscription Rate

0.31x

as on 10 Sep 2026, 08:20PM IST

Minimum Investment

₹14,916

/ 44 shares

IPO Status

Live

Price Band

₹322 - ₹339

Bidding Dates

Sep 9, 2026 - Sep 11, 2026

Issue Size

₹805.00 Cr

Lot Size

44 shares

Min Investment

₹14,916

Listing Exchange

BSE

IPO Doc

RHP PDF

Manipal Payment (Manipal Cards) IPO Application Timeline

Open Date9 Sep 2026

Close Date11 Sep 2026

Allotment Date15 Sep 2026

Listing Date17 Sep 2026

IPO Subscription Status

as on 10 Sep 2026, 08:20PM IST

IPO subscribed over

🚀 0.31x

This IPO has been subscribed by 1.221x in the retail category and 0.03x in the QIB category.

Subscription Rate

Total Subscription	0.31x
Retail Individual Investors	1.221x
Qualified Institutional Buyers	0.03x
Non Institutional Investors	0.245x

Manipal Payment IPO Review: What’s in It for Investors?

Manipal Payment and Identity Solutions makes high-security banking cards, cheque books, and identity documents, while also handling card personalization, packaging, and delivery. This short video breaks down how Manipal Payment makes money, its card manufacturing business, customer base, security capabilities, and growth areas.

Objectives of IPO

The company is launching an IPO worth ₹805 crore. The IPO has two parts. The first is a fresh issue of up to ₹320 crore. The second is an offer for sale (OFS) of up to ₹485 crore. Importantly, the company gets none of this OFS money. It goes directly to the existing shareholder selling the shares - in this case, its promoter, Manipal Technologies Limited. The fresh issue money, meanwhile, will be used for the purposes explained below.
The company plans to spend ₹238.43 crore from the fresh issue on buying new and second-hand machinery. The machinery budget is split across two main business areas: 1) Cards, Cheques, and Secure Printing: ₹196.49 crore will go towards equipment such as card printing systems, chip personalization machines, and card-checking systems. 2) Smart Tags and Wireless Solutions: ₹41.94 crore will be spent on equipment such as smart radio-frequency (RFID) label personalization machines and label-testing tools. Some of the equipment is second-hand, with an estimated remaining working life of 2.93 to 14.90 years. The company is buying these machines to increase production capacity, replace rented equipment with its own, and support premium products such as metal cards and smart wearables.
The remaining fresh issue proceeds will be used for everyday business needs, such as raw materials, employee salaries, rent or lease payments, marketing, consultant fees, machinery repairs, insurance, and taxes.

Financial Performance of Manipal Payment (Manipal Cards)

*Value in ₹ crore

Details	FY24	FY25	FY26
Total Revenue	₹1,247.52	₹1,256.07	₹1,326.75
Total Assets	₹1,102.71	₹1,409.67	₹1,160.90
Total Profit	₹249.17	₹282.21	₹253.46

Operating revenue grew steadily from ₹1,247.52 crore in FY24 to ₹1,326.75 crore in FY26. The growth came from higher sales of services such as secure logistics, along with stronger demand for products like tax stamps, holograms, and smart RFID tags. Profit rose to ₹282.21 crore in FY25, helped by higher card sales and customization services. However, profit fell to ₹253.46 crore in FY26, mainly because the previous year included a one-time gain of ₹110 crore from selling an investment. As a result, the net profit margin (profit earned from each rupee of revenue) fell from 22.10% in FY25 to 18.68% in FY26. At the same time, its EBITDA margin (operating profit as a percentage of revenue) improved from 28.04% to 33.60%, helped by better raw material pricing.

The company also made a big dent in its debt. Outstanding borrowings fell from ₹472.87 crore n FY25 to just ₹0.42 crore in FY26, after it fully repaid high-interest debentures and converted other debentures into equity. This sharp debt reduction also helps explain why total assets fell from ₹1,409.67 crore to ₹1,160.90 crore during the same period. To repay the debt, the company used part of its cash reserves, while it also received repayment of a ₹100.11 inter-corporate loan it had earlier given out.

Strengths and Risks

Strengths

It holds an estimated 36.4% share of India’s credit card market and 30.9% of the debit card market in FY26, producing 86.20 million banking cards. This strong market position gives it a clear edge and more bargaining power than smaller competitors.
Its metal cards business grew sharply from ₹15.99 crore in FY24 to ₹82.94 crore in FY26. It also holds a special patent and supplies cards to India’s top four credit card issuers, which together account for more than 70% of credit cards in use.
By offering payment cards, secure cheque printing, and logistics together, it gives banks a convenient one-stop solution. This end-to-end service also cuts the need to manage multiple vendors, making it harder for single-product competitors to win these customers.
It has long-standing relationships with more than 300 major clients, while its top 10 customers have stayed with the company for an average of 12.46 years. This loyalty helps keep orders coming in, particularly when banks need to replace cards that typically expire every three to seven years.
Its facilities and personalization centres hold important security certifications such as PCIDSS Level 1 and INTERGRAF. These strict security requirements create a strong entry barrier, as payment networks like Mastercard and RuPay require such compliance before awarding contracts.
Revenue reached ₹1,326.75 crore in FY26, while its EBITDA margin (operating profit as a percentage of revenue) rose from 28.04% to 33.60% over three years. That combination of growth and improving margins points to strong operating efficiency as the business scales.

Risks

Its top 10 customers contributed 58.67% of operating revenue in FY26, worth ₹778.35 crore. This heavy dependence means losing even one major client, or seeing them reduce orders, could have a meaningful impact on revenue.
Payment cards alone contributed 57.25% of operating revenue, or ₹759.52 crore, in FY26. Regulatory changes, supply disruptions, or a faster shift towards digital-only payments could therefore put pressure on its cash flows.
The company has 16 ongoing direct and indirect tax disputes involving ₹143.28 crore in FY26. If these cases go against it, the resulting payments could put pressure on its cash reserves and financial position.
It depends heavily on the “The Manipal Group” brand and pays 1.75% of net turnover as royalties, which amounted to ₹23.35 crore in FY26. The promoter can end this trademark agreement with 120 days’ notice, which could create both branding and reputation risks.
Promoter Gautham Pai has personally guaranteed third-party debts of $77.46 million. With insolvency proceedings initiated against him by the lender, the situation could create risks for the company’s reputation, leadership stability, and corporate image.
The company plans to spend ₹238.43 crore of the IPO proceeds on card-making equipment, including second-hand machinery. Older machines can bring higher maintenance and efficiency risks, while delays in purchasing or installing them could also push up project costs.

How to Apply for Manipal Payment (Manipal Cards) IPO on INDmoney

Download the INDmoney app and complete your KYC.
Go to INDstocks → IPO, or just search “IPO”.
Tap on Manipal Payment (Manipal Cards) IPO from the list of live IPOs.
View key details like price band, lot size, and dates.
Tap Apply Now and choose your number of lots.
Use INDpay UPI for instant mandate tracking.
Your funds will be blocked until the share allotment is finalized.

Listed Competitors of Manipal Payment (Manipal Cards)

Company	Operating Revenue	EBITDA Margin	Profit	P/E Ratio	Return on Equity	Return on Capital Employed
Manipal Payment	₹1,326.75 Cr	33.60%	₹253.46 Cr	30.27x	29.35%	32.69%
Seshaasai Technologies	₹1,441.14 Cr	27.35%	₹240.01 Cr	24.97x	16.83%	22.89%

Manipal Payment (Manipal Cards) Shareholding Pattern

Promoters		61.55%
Name	Role	Stakeholding
Manipal Technologies Limited	Promoter	61.55%

Public		38.45%
Name	Role	Stakeholding
Touchstone Trust Scheme IV	Public	6.61%
Think Investments PCC	Public	2.85%
Mukul Mahavir Agrawal	Public	2.58%
Nuvama Crossover Opportunities Fund – Series III	Public	2.5%
Amicus Capital Partners India Fund II	Public	2.28%
India SME Investments Fund II	Public	2.26%
Nuvama Crossover Opportunities Fund – Series IIIA	Public	1.91%
Nuvama Crossover Opportunities Fund – Series IIIB	Public	1.47%
Others		15.99%

About Manipal Payment (Manipal Cards)

Have you ever wondered who actually makes the plastic credit or debit card in your wallet, or prints the high-security hologram on a government ID? That’s exactly what Manipal Payment and Identity Solutions does. In simple words, it is a master creator of high-security cards, cheque books, and identity documents. It is the highest-ranked Indian card maker globally, producing an impressive 86.20 million banking cards in FY26.

Its business model covers the entire physical journey of these products. When you order a card, the bank securely shares your details with the company. The company then handles the process end-to-end: it manufactures the card, "personalizes" it (meaning it embeds the secure chip and laser-engraves your name), packs your welcome letter kit, and coordinates the delivery directly to your doorstep. Meanwhile, the bank simply tracks the package online. The company operates this same complete, worry-free process for printed cheque books, tax stamps, and driving licenses.

It serves more than 300 major clients, including leading private and government-owned banks like State Bank of India, HDFC Bank, and ICICI Bank, alongside fintechs like Airtel Payments Bank. It also works closely with government authorities. For example, it is a leading printer of national IDs, having printed over 100 crore (1,000 million) Aadhaar cards, and runs specialized driving license operations across 88 RTOs. While India is its biggest market, it exports to more than 15 countries, including the UK, Singapore, and the UAE.

When dealing with sensitive data, security is key. Operating 10 highly certified, secure facilities across India, it controls nearly one-third, 31.7%, of India's credit and debit card manufacturing market, which includes 36.4% of credit cards and 30.9% of debit cards. Another massive differentiator is its premium metal cards division, where it holds a special patent and supplies to India’s top four credit card issuers (covering over 70.00% of active credit cards).

To keep growing, the company is expanding its high-margin metal card business, developing payment-enabled smart wearables like rings and watches, and setting up local service centers in the UK and Nigeria to serve international banks much faster.

For more details, visit here: https://mpimanipal.com/

IPO Valuation

At the IPO price of ₹339, the company’s post-IPO price-to-earnings (P/E) ratio is 30.27x, with a post-IPO market cap of ₹7,672 crore. On the surface, that looks expensive compared with its only listed peer, Seshaasai Technologies Limited, which trades at a P/E of 24.97x. But there’s more to the story.

For an asset-heavy business like this, which runs large security-printing plants and specialised card-making machinery, P/E can sometimes give a distorted picture. The company recorded ₹56.26 crore in depreciation and ₹47.91 crore in finance costs in FY26. These accounting expenses reduce the net profit used in the P/E calculation, making the stock appear more expensive than its underlying operations may suggest.

A better way to judge its earning power is the Enterprise Value to EBITDA (EV/EBITDA) multiple. In simple words, this compares the value of the entire business, market cap plus debt minus cash, with its operating profit before interest, taxes, and depreciation.

This is where the company looks particularly strong. It is almost debt-free, with borrowings of just ₹42 lakh in FY26. Its Enterprise Value comes to around ₹7,670 crore. Once you factor in the ₹320 crore being raised through the fresh IPO issue, the Enterprise Value comes to around ₹7,350 crore. Against EBITDA of ₹455.83 crore, this works out to an EV/EBITDA multiple of roughly 16.12x to 16.83x, against 13.8x for Seshaasai Technologies.

Now, let’s see what you’re getting at that price compared with Seshaasai:

Vastly Superior Margins: The company’s operating revenue of ₹1,326.75 crore is slightly below Seshaasai’s ₹1,441.14 crore, but its EBITDA of ₹455.83 crore is actually higher than Seshaasai’s ₹394.09 crore. Its operating margin of 33.60% is also comfortably ahead of Seshaasai’s 27.35%.

Exceptional Efficiency: The company generates a Return on Equity (ROE) of 29.35% and Return on Capital Employed (ROCE) of 32.69%, both well ahead of Seshaasai’s ROE of 16.83% and ROCE of 22.89%.

A 30.27x P/E and 16.83x EV/EBITDA may look expensive, but return ratios give a more balanced picture of the business. With its strong market position, high-margin, patent-backed metal card business, and better profitability and efficiency than its peer, paying a modest premium can be justified.

Manipal Payment IPO GMP

The Grey Market Premium (GMP) is an unofficial indicator based on market demand and can change rapidly. It does not guarantee listing gains or reflect the intrinsic value of an IPO. Investment decisions should be based on the company's fundamentals, valuation, financial performance, and risks rather than GMP alone. Read our detailed guide on IPO GMP to understand how it works and its limitations.

Industry Overview

India’s payment card market is expected to grow from ₹2,849.90 crore in 2025 to ₹6,054.20 crore by 2030. As India’s top-ranked domestic card manufacturer, the company is well-placed to benefit from this 20.7% annual growth.
India still has plenty of room for growth, with just 1.27 cards per person and 17.73 crore Jan Dhan accounts without debit cards. The company can tap this demand with its 30.9% share of India’s debit card market.
Premium metal cards are expected to grow 47.6% annually through 2030. The company is well-placed to benefit, with a key patent and supply deals with India’s top four credit card issuers.
As UPI takes over more small-value payments, card market growth could face some pressure. For card makers like this 31.7%-share leader, adapting to changing payment habits will be key.

Know more about Manipal Payment (Manipal Cards)

From Rentomojo to Manipal Payments: 6 IPOs Closing Soon - Which Ones Should Investors Consider?

Six IPOs are competing for investor attention. We compare their businesses, growth opportunities, competitive strengths, risks and valuations to help investors shortlist the most compelling IPOs.

6 IPOs Closing: Rentomojo to Manipal Payments - Which to Choose?

Frequently Asked Questions of Manipal Payment (Manipal Cards) IPO

What is the size of the Manipal Payment (Manipal Cards) IPO?

The size of the Manipal Payment (Manipal Cards) IPO is ₹805 Cr.

What is the allotment date of the Manipal Payment (Manipal Cards) IPO?

Manipal Payment (Manipal Cards) IPO allotment date is Sep 15, 2026 (tentative).

What are the open and close dates of the Manipal Payment (Manipal Cards) IPO?

The Manipal Payment (Manipal Cards) IPO will open on Sep 9, 2026 and close on Sep 11, 2026

What is the lot size of Manipal Payment (Manipal Cards) IPO?

The lot size for the Manipal Payment (Manipal Cards) IPO is 44.

When will my Manipal Payment (Manipal Cards) IPO order be placed?

Your Manipal Payment (Manipal Cards) IPO order will be placed on Sep 9, 2026

Can we invest in Manipal Payment (Manipal Cards) IPO?

Yes, once Manipal Payment (Manipal Cards) IPO opens, you can invest in the shares of the company.

What would be the listing gains on the Manipal Payment (Manipal Cards) IPO?

The potential listing gains on the Manipal Payment (Manipal Cards) IPO will depend on various market factors and cannot be predicted with certainty.

What is 'pre-apply' for Manipal Payment (Manipal Cards) IPO?

'Pre-apply' for Manipal Payment (Manipal Cards) IPO indicates your interest in the IPO before it opens for subscription. This ensures quick application when the IPO goes live.

Who are the promoters of Manipal Payment?

The company is promoted by three individuals, Tonse Gautham Pai, T. Satish U. Pai, and Sandhya S. Pai, along with four corporate entities: Manipal Technologies Limited, Manipal Media Network Limited, Tridevitha Consultancy Services, and Tridevita Family Trust - 2017. Together, they own 61.55% of the company before the IPO, equal to 13.93 crore (139,302,995) equity shares.

Who are the competitors of Manipal Payment?

Its only listed Indian peer is Seshaasai Technologies Limited, which reported operating revenue of ₹1,441.14 crore in FY26, compared with ₹1,326.75 crore for Manipal Payment. Among unlisted players, it also competes with global and domestic card manufacturers such as IDEMIA, Giesecke+Devrient (G+D), KL Hi-Tech, and CPI Card Group.

How does Manipal Payment make money?

The company makes money by manufacturing and selling high-security products such as payment cards, cheque books, holograms, and smart RFID tags. In FY26, it generated ₹1,326.75 crore in operating revenue, with payment cards being its biggest revenue source at ₹759.52 crore. It also earns from specialised card customisation and secure delivery services.