Shares of Manipal Payment & Identity Solutions made a weak stock market debut on September 17, following the company’s Rs 805-crore initial public offering (IPO).
On the BSE, the shares opened at Rs 332, reflecting a discount of Rs 7, or 2.06%, to the IPO issue price of Rs 339 per share.
On the NSE, the shares started trading at Rs 330, translating into a discount of Rs 9, or 2.65%, to the issue price.
Read more: NSE IPO Tracker: Catch all the highlights here
Manipal Payment & Identity Solutions IPO details
The Manipal Payment & Identity Solutions IPO was a book-built issue of Rs 805 crore, making it the third-largest among the six IPOs that opened for subscription on September 9.
The offering comprised a fresh issue of 94.40 lakh shares aggregating to Rs 320 crore and an offer for sale (OFS) of 1.43 crore shares worth Rs 485 crore.
The IPO opened for subscription on September 9 and closed on September 11, 2026. The company had fixed the price band at Rs 322-339 per share, with a lot size of 44 shares. Retail investors were required to make a minimum investment of Rs 14,916 to bid for one lot at the upper end of the price band.
The issue was subscribed 1.26 times overall by the end of the subscription period, according to exchange data.
The Retail Individual Investors (RII) category was subscribed 2.19 times, while the Non-Institutional Investors (NII) portion was subscribed 1.22 times. The Qualified Institutional Buyers (QIB) category was subscribed 1.26 times.
The basis of allotment was finalised on September 15, with the company fixing the final issue price at Rs 339 per share, the upper end of the IPO price band.
Motilal Oswal Investment Advisors Ltd, Axis Capital Ltd, ICICI Securities Ltd, IIFL Capital Services Ltd and Nuvama Wealth acted as the book-running lead managers to the issue, while MUFG Intime India Pvt. Ltd. served as the registrar.
The company proposes to use the net proceeds from the fresh issue primarily to fund capital expenditure of Rs 238 crore for the purchase and installation of new and second-hand equipment across its card manufacturing, personalisation, cheque printing, and Smart Tagging & IoT facilities. The remaining proceeds will be used for general corporate purposes.
About Manipal Payment & Identity Solutions
Manipal Payment & Identity Solutions Ltd., formerly known as MCT Cards & Technology Ltd., was incorporated in 2008 and is a key subsidiary of Manipal Technologies Ltd. (MTL), which is part of the wider Manipal Group. The group has a printing legacy dating back to 1948.
The company operates under a single Payment and Identity Solutions segment. It expanded its capabilities through the acquisition of MTL’s Variable Data Printing and Secure Logistics business in 2024 and its Revenue Assurance business in 2025.
Manipal Payment & Identity Solutions operates across four core verticals: Payment Solutions, Identification Solutions, Secure Solutions, and Smart Tagging & IoT Solutions. Its offerings include the manufacturing and personalisation of credit, debit and prepaid cards, cheque books, contactless payment wearables, and instant card issuance kiosks.
This article has been written by Kumar Gaurav, who is not a SEBI-registered Research Analyst or an Investment Adviser. Gaurav and his/her ‘relative(s)’ (as defined under Section 2(77) of the Companies Act, 2013) do not hold any financial interest in the companies mentioned in this article as of the date of publication. The views/recommendations mentioned in this article, wherever applicable, are those of the respective SEBI-registered Research Analyst/brokerage and have been reproduced/reported with due attribution. They should not be construed as the views or recommendations of The Economic Times Digital or the journalist. Readers are advised to consider the original research report and make their investment decisions based on their own assessment.
