{"id":70529,"date":"2026-09-11T18:04:43","date_gmt":"2026-09-11T12:34:43","guid":{"rendered":"https:\/\/www.equentis.com\/blog\/?p=70529"},"modified":"2026-09-11T18:04:45","modified_gmt":"2026-09-11T12:34:45","slug":"manipal-payment-issue-31-subscribed","status":"publish","type":"post","link":"https:\/\/www.equentis.com\/blog\/manipal-payment-issue-31-subscribed\/","title":{"rendered":"Manipal Payment &#038; Identity Solutions IPO: Last Day; Issue 31% Subscribed"},"content":{"rendered":"<div id=\"bsf_rt_marker\"><\/div>\n<p class=\"wp-block-paragraph\">The <strong>Manipal Payment &amp; Identity Solutions IPO enters its final day of bidding today, September 11, 2026<\/strong>, with the \u20b9805-crore issue subscribed 0.31 times as of the latest available exchange data from September 10. Retail investors have shown stronger interest, with their portion subscribed 1.22 times, while QIB demand remains subdued at 0.03 times. Investors considering the IPO should therefore look beyond subscription numbers and assess the company&#8217;s business, valuation, growth plans and risks before applying.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Manipal Payment &amp; Identity Solutions IPO: Key Details<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Manipal Payment &amp; Identity Solutions is a Manipal Group company that operates across payment cards, identification products, secure solutions, smart tagging and Internet of Things (IoT) solutions. Its customers include banks, fintech companies, NBFCs and government entities in India and overseas.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The <a class=\"wpil_keyword_link\" href=\"https:\/\/www.equentis.com\/researchandranking\/ipos\"   title=\"IPO\" data-wpil-keyword-link=\"linked\"  data-wpil-monitor-id=\"1672\">IPO<\/a> opened on September 9 and closes on September 11. The company has fixed the <strong>price band at \u20b9322\u2013\u20b9339 per share<\/strong>, with a lot size of 44 shares. At the upper price band, a retail investor needs \u20b914,916 for one lot. The shares are proposed to be listed on both NSE and BSE on September 17.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The \u20b9805-crore issue consists of a <strong>\u20b9320-crore fresh issue and an offer for sale (OFS) of up to \u20b9485 crore<\/strong> by promoter Manipal Technologies. The company had also raised \u20b9362.25 crore from anchor investors before the IPO opened.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Manipal Payment IPO Subscription Status<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Subscription demand has been relatively muted compared with some of the other IPOs opening this week.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">As of September 10, the IPO had received bids for 39,87,368 shares against 1,30,60,472 shares available for subscription, resulting in an overall subscription of <strong>0.31 times<\/strong>. The retail category was subscribed 1.22 times, while the NII category stood at 0.24 times and QIBs at 0.03 times.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The numbers are important because QIB participation often becomes more visible towards the end of an IPO. Therefore, the final subscription figure could change materially during the last day.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">It is also worth clarifying the headline figure: the latest exchange-reported subscription data available before the final day showed <strong>31% overall subscription<\/strong>, rather than 36%. The 36% figure may refer to an earlier or category-specific data point.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">What Does Manipal Payment &amp; Identity Solutions Do?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">The company&#8217;s business goes beyond conventional payment cards. It manufactures and processes payment cards and provides identification and secure-document solutions.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Its portfolio includes payment cards, cheque solutions, NFC and QR-enabled products, payment-enabled wearables, driving licences, registration certificates, national identity cards and voter identity products. It also operates in secure logistics, RFID-based tracking, anti-counterfeiting and smart-tagging solutions.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The company says it served more than 300 customers in FY26 through 10 facilities across India. Business Standard reported that the company had an estimated 36.4% share of Indian credit-card issuance and 30.9% of debit-card issuance in FY26.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Where Will the IPO Money Be Used?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">A significant portion of the fresh issue is earmarked for capital expenditure.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The company plans to use approximately <strong>\u20b9238.43 crore<\/strong> from the fresh issue for purchasing and setting up new and second-hand equipment. This includes investments in card manufacturing, personalisation and cheque-printing facilities, central card-processing centres and its Smart Tagging and IoT Solutions facility.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This is an important distinction between the fresh issue and the OFS. Money raised through the fresh issue goes to the company for specified purposes, while proceeds from the OFS go to the selling shareholder.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Manipal Payment IPO: Opportunities and Risks<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">One potential growth driver is the continued expansion of India&#8217;s formal financial ecosystem. Banks, fintech companies and government agencies require secure cards, identity documents and related technology infrastructure.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The company&#8217;s established customer relationships are another factor investors may examine. Business Standard reported that more than 72% of revenue came from customers with relationships of over five years.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">However, the business also faces challenges. The increasing adoption of digital payments, cardless transactions and evolving payment technologies could affect traditional card volumes. SBI Securities also highlighted subdued card-volume growth and increased working-capital intensity as factors to watch.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Valuation is another consideration. At the upper price band, the company is valued at roughly \u20b97,858 crore in post-issue market capitalisation, and brokerages have differed on whether the valuation adequately reflects its growth prospects.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">What Should Investors Watch on the Last Day?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Investors should focus on the final QIB and NII subscription numbers rather than relying only on retail demand. The final subscription level can provide a better indication of institutional appetite for the issue.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The <strong>Manipal Payment IPO allotment is expected on September 15<\/strong>, refunds are scheduled to begin on September 16, and shares are expected to be credited to successful applicants on September 16. The tentative listing date is September 17.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Grey market premium (GMP) should also be treated cautiously. GMP is an unofficial market indicator and is not a guarantee of the eventual listing price or post-listing performance.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Conclusion<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">The <strong>Manipal Payment &amp; Identity Solutions IPO is entering its final bidding day with relatively modest overall demand, despite the retail portion already being fully subscribed<\/strong>. The company&#8217;s position in payment cards, identification products and secure technology provides a potentially attractive business backdrop, but investors also need to consider card-volume trends, digital-payment disruption, working-capital requirements and IPO valuation.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">For investors evaluating the issue today, the final QIB participation, valuation and the company&#8217;s ability to deploy IPO funds effectively may be more meaningful than headline subscription numbers alone.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Frequently Asked Questions<\/h2>\n\n\n\n<h3 class=\"wp-block-heading\">1. When is the last day to apply for the Manipal Payment &amp; Identity Solutions IPO?<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">The last day to apply for the Manipal Payment &amp; Identity Solutions IPO is <strong>September 11, 2026<\/strong>. Retail investors can submit their bids until the applicable UPI cut-off time on the closing day. The IPO opened on September 9 and is scheduled to list on September 17, subject to the completion of the allotment process.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">2. What is the Manipal Payment &amp; Identity Solutions IPO price band?<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">The IPO price band has been fixed at <strong>\u20b9322 to \u20b9339 per equity share<\/strong>. Investors can bid within this range, while the final issue price will be determined through the book-building process. The face value of each share is \u20b92.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">3. What is the Manipal Payment IPO lot size?<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">The minimum lot size is <strong>44 shares<\/strong>. At the upper price band of \u20b9339, one lot requires an investment of \u20b914,916. Retail investors can apply for up to 13 lots, subject to the applicable IPO rules and limits.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">4. How much is the Manipal Payment IPO subscribed?<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">As of the latest exchange data available from September 10, the Manipal Payment &amp; Identity Solutions IPO was subscribed <strong>0.31 times<\/strong> overall. The retail category was subscribed 1.22 times, NII 0.24 times and QIB 0.03 times. Subscription figures can change significantly during the final day of bidding.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">5. Is the Manipal Payment IPO fully subscribed by retail investors?<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Yes. Based on the latest available data before the final day, the retail portion was subscribed <strong>1.22 times<\/strong>, meaning bids exceeded the shares reserved for retail investors. However, the overall issue remained undersubscribed because QIB and NII participation was considerably lower.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">6. What is the total size of the Manipal Payment IPO?<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">The Manipal Payment &amp; Identity Solutions IPO has a total issue size of <strong>\u20b9805 crore<\/strong>. It includes a fresh issue of \u20b9320 crore and an offer for sale of up to \u20b9485 crore by promoter Manipal Technologies.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">7. How will Manipal Payment use the IPO proceeds?<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">The company plans to use approximately <strong>\u20b9238.43 crore<\/strong> from the fresh issue for capital expenditure on equipment. Planned investments include card manufacturing, personalisation, cheque-printing facilities, central card-processing centres and Smart Tagging and IoT infrastructure. The remaining fresh-issue proceeds are intended for general corporate purposes.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">8. When will Manipal Payment IPO allotment be finalised?<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">The tentative date for finalising the basis of allotment is <strong>September 15, 2026<\/strong>. Refund initiation and credit of shares to successful applicants are scheduled for September 16, followed by the proposed NSE and BSE listing on September 17.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">9. What are the main risks in the Manipal Payment IPO?<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Key risks include slower growth in traditional card volumes, increasing adoption of cardless and digital payment methods, technological changes, working-capital requirements and valuation concerns. Investors should also examine the company&#8217;s debt, customer concentration, cash flows and ability to generate sustainable growth after listing.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">10. Should investors apply for the Manipal Payment &amp; Identity Solutions IPO?<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">The subscription data alone should not determine an investment decision. Investors should assess the company&#8217;s financial performance, valuation, industry outlook, competitive position, risks and intended use of IPO proceeds. The final QIB and NII participation on the closing day may also provide additional information about institutional demand, but it does not guarantee future share-price performance.<\/p>\n\n\n\n<p class=\"has-ast-global-color-5-color has-vivid-red-background-color has-text-color has-background has-link-color wp-elements-e86fd587e2d124f6150f0adba7a93ed0 wp-block-paragraph\">Disclaimer Note: The securities quoted, if any, are for illustration only and are not recommendatory. This article is for education purposes only and shall not be considered as a recommendation or investment advice by Equentis. We will not be liable for any losses that may occur. Investments in the securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI, membership of BASL &amp; certification from NISM in no way guarantee the performance of the intermediary or provide any assurance of returns to investors.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Manipal Payment &amp; Identity Solutions IPO enters its final day of bidding today, September 11, 2026, with the \u20b9805-crore [&hellip;]<\/p>\n","protected":false},"author":26,"featured_media":70533,"comment_status":"closed","ping_status":"0","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[948],"tags":[],"class_list":["post-70529","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-stock-market-news"],"_links":{"self":[{"href":"https:\/\/www.equentis.com\/blog\/wp-json\/wp\/v2\/posts\/70529","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.equentis.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.equentis.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.equentis.com\/blog\/wp-json\/wp\/v2\/users\/26"}],"replies":[{"embeddable":true,"href":"https:\/\/www.equentis.com\/blog\/wp-json\/wp\/v2\/comments?post=70529"}],"version-history":[{"count":1,"href":"https:\/\/www.equentis.com\/blog\/wp-json\/wp\/v2\/posts\/70529\/revisions"}],"predecessor-version":[{"id":70539,"href":"https:\/\/www.equentis.com\/blog\/wp-json\/wp\/v2\/posts\/70529\/revisions\/70539"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.equentis.com\/blog\/wp-json\/wp\/v2\/media\/70533"}],"wp:attachment":[{"href":"https:\/\/www.equentis.com\/blog\/wp-json\/wp\/v2\/media?parent=70529"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.equentis.com\/blog\/wp-json\/wp\/v2\/categories?post=70529"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.equentis.com\/blog\/wp-json\/wp\/v2\/tags?post=70529"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}