Manipal Payment and Identity Solutions IPO subscription stands at 0.23x on Day 2, with Retail investors leading the demand at 0.96x. The issue price band is ₹322-₹339.

Subscription Status

The Manipal Payment and Identity Solutions IPO saw a marginal increase in overall subscription from Day 1 to Day 2. The total subscribed amount rose from 0.16x on Day 1 (09-09-2026) to 0.23x on Day 2 (10-09-2026). Demand remained subdued across all categories, with no significant momentum observed in the Qualified Institutional Buyer (QIB) segment.

Intra-day Timeline

On Day 2 (10-09-2026), subscription numbers ticked up slightly during the session. NII (bHNI) jumped +13.6% from 0.22x to 0.25x, while Retail jumped +6.7% from 0.90x to 0.96x. Total subscription increased by +9.5% from 0.21x to 0.23x.

Category-wise Breakdown

Retail: Retail investors continue to lead the subscription process, contributing 0.96x to the total demand. This represents an increase from 0.70x on Day 1.

Non-Institutional Buyers (NII): NII demand is split between high net-worth individuals (bHNI) and small high net-worth individuals (sHNI). bHNI subscription stands at 0.25x, up from 0.17x, while sHNI subscription is at 0.16x, up from 0.09x.

QIB & Employees: The QIB segment has not subscribed to the issue, remaining at 0.00x. Similarly, employee subscription is at 0.00x.

Offer Details

• Company: Manipal Payment and Identity Solutions
• Price band: ₹322.00000 - ₹339.00000
• Issue size: 14168 - 500000
• Min bid qty: 44
• Open: 2026-09-09 10:00:00
• Close: 2026-09-11 17:00:00

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 across domestic and international jurisdictions. Incorporated on February 19, 2008, the company is part of The Manipal Group.

The company's payment solutions primarily comprise payment cards, cheque solutions, near-field communication (NFC)/quick-response (QR) codes, payment-enabled wearables, and digital automation solutions. Its identification solutions include driving licenses, registration certificates, national identity cards, and transit management solutions.

Financial Highlights

The company reported standalone financial results for the fiscal years ending March 31, 2026, 2025, and 2024.

Objects of the Issue

The company proposes to utilize funds for:

• Capital Expenditure on Equipment: ₹238.43 crores for purchasing and setting up new and second-hand equipment at various facilities including card manufacturing, personalization bureaus, cheque printing facilities, central cards processing centers, and Smart Tagging and IoT Solutions facility.
• General Corporate Purposes: Balance funds towards strategic initiatives, funding growth opportunities, acquisitions, brand building, payment for raw materials, lease expenses, employee related expenses, insurance, repairs and maintenance, and other ordinary business purposes.

Risk Factors

• Customer Concentration Risk: Top 10 customers accounted for 58.67%, 60.98%, and 62.51% of revenue in Fiscals 2026, 2025, and 2024 respectively.
• Supplier Concentration: Purchases from top 10 suppliers accounted for 56.05%, 62.29%, and 59.69% of total purchases in Fiscals 2026, 2025, and 2024.
• Payment Network Compliance: Failure to comply with security requirements for registration with payment networks such as MasterCard and RuPay may lead to revocation of registration.
• Operational Disruption: Slowdown or system outages in manufacturing operations could adversely impact business operations.
• Contingent Liabilities: As of March 31, 2026, the company had contingent liabilities of ₹1,422.08 million, primarily related to taxation matters.

What's Next

The IPO will close on 2026-09-11. Allotment is expected on 2026-09-15, and listing is scheduled for 2026-09-17.