Manipal Payment and Identity Solutions IPO Day 1: Subscribed 0.08x; Retail leads at 0.33x

2 min read | Published on 09 Sept 2026, 11:37 AM |Updated on 09 Sept 2026, 12:45 PM

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Ritika DScanX News Team

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Key Highlights

Manipal Payment and Identity Solutions IPO subscribed 0.08x on Day 1.
Retail investors lead demand at 0.33x; QIBs remain inactive at 0.00x.
Total subscription jumped 60% from morning levels to 0.08x by 12:15 PM.
Issue price band set between ₹322.00000 and ₹339.00000.
IPO closes on 2026-09-11 with listing scheduled for 2026-09-17.

*this image is generated using AI for illustrative purposes only.

Manipal Payment and Identity Solutions IPO is subscribed 0.08x on Day 1. Retail investors lead the demand at 0.33x, while Qualified Institutional Buyers (QIBs) remain inactive with 0.00x subscription so far.

Subscription Status

The issue saw a modest start on its first day of subscription. The total subscription stands at 0.08x against the offer size. Retail investors contributed the most significant portion of the demand, registering 0.33x subscriptions. Non-Institutional Investors (NII) also showed interest, with small HNI (sHNI) subscribers accounting for 0.07x and big HNI (bHNI) subscribers at 0.05x. Employee category subscriptions were recorded at 0.00x.

Day	Date	QIB	NII (bHNI)	NII (sHNI)	Retail	Total
Day 1	09-09-2026	0.00x	0.05x	0.07x	0.33x	0.08x

Intra-day Timeline

Subscription activity picked up pace during the day. At 11:15 AM IST, the total subscription was 0.05x. By 12:15 PM IST, the total jumped to 0.08x, driven by increases in both NII (bHNI) and Retail categories.

Time (IST)	QIB	NII (bHNI)	Retail	Total
11:15	0.00x	0.05x	0.23x	0.05x
12:15	0.00x	0.07x	0.33x	0.08x

Offer Details

Price Band: ₹322.00000 - ₹339.00000
Issue Size: ₹14,168 lakh - ₹500,000 lakh
Min Bid Qty: 44 shares
IPO Open Date: 2026-09-09
IPO Close Date: 2026-09-11
Allotment Date: 2026-09-15
Listing Date: 2026-09-17

About the Company

Manipal Payment and Identity Solutions provides payment solutions, identification solutions, secure solutions, and smart tagging and internet of things (IOT) solutions to banks, fintechs, non-banking finance companies, and governments. Incorporated in 2008, the company is part of The Manipal Group. Its payment solutions include payment cards, cheque solutions, NFC/QR codes, and digital automation solutions. Identification solutions comprise driving licenses, registration certificates, and national identity cards.

Financial Highlights

The company reported revenue from operations of ₹1,326.75 crore in FY2026, up from ₹1,256.07 crore in FY2025. Profit after tax stood at ₹253.46 crore in FY2026, compared to ₹282.21 crore in FY2025.

Particulars	FY2026 (₹ crores)	FY2025 (₹ crores)	FY2024 (₹ crores)
Revenue from Operations	1326.75	1256.07	1247.52
Total Revenue	1356.59	1277.11	1267.97
Total Expenses	1004.93	1032.65	967.62
Profit Before Tax	349.26	354.46	300.35
Total Profit (PAT)	253.46	282.21	249.17

Objects of the Issue

Capital Expenditure on Equipment: ₹238.43 crore for purchasing and setting up new and second-hand equipment at various facilities including card manufacturing and personalization bureaus.
General Corporate Purposes: Balance funds for strategic initiatives, acquisitions, brand building, and other ordinary business purposes.

Risk Factors

Customer Concentration Risk: Top 10 customers accounted for 58.67% of revenue in FY2026.
Supplier Concentration: Top 10 suppliers accounted for 56.05% of total purchases in FY2026.
Revenue Concentration in Card Manufacturing: Cards represented 57.25% of revenue in FY2026.
Contingent Liabilities: Contingent liabilities of ₹1,422.08 million as of March 31, 2026, primarily related to taxation matters.
Cybersecurity Risk: Handling sensitive cardholder data makes the company a potential target for cyber-attacks.