Manipal Payment and Identity Solutions Limited IPO — the disclosed details

Manipal Payment and Identity Solutions Limited has filed its Red Herring Prospectus (RHP), dated 3 September 2026, for a mainboard initial public offering on the BSE and NSE, with the Bid/Offer opening on Wednesday, 9 September 2026. This page restates what the company has filed — its business, its financials, why it is raising money, the RHP’s own stated risk factors, and exactly which shares are free to change hands on listing day — using only the figures in the filed documents, including the separately filed Price Band Advertisement, also dated 3 September 2026, which fixes the price band and lot size the RHP itself still leaves blank. If the vocabulary is new — DRHP, price band, buckets, allotment — read how an Indian IPO actually works first.

What the company does

Manipal Payment and Identity Solutions Limited, part of the Manipal Group, provides payment solutions (payment cards, cheque solutions, NFC/QR, payment-enabled wearables, digital automation), identification solutions (driving licences, registration certificates, national identity cards, transit management), secure solutions (secure logistics, personalisation of insurance policies, premium notices, renewal letters and marketing collaterals, tamper-evident packaging, holograms), and smart tagging/IoT solutions (excise-label printing with holograms and encrypted QR codes, RFID track-and-trace, anti-counterfeiting) to banks, fintechs, NBFCs and governments, in India and internationally.

The Company operates under a single reportable segment, which the RHP describes as “Payment and Identity Solutions.” It serves customers through 10 facilities across India, plus five Central Cards Processing Centres — at Port Blair; Raipur, Chhattisgarh; and Mumbai, Nagpur and Aurangabad in Maharashtra. The RHP describes the Company as among the largest manufacturers of payment cards, both in India and globally, in Fiscal 2026.

What the money is for

The Offer totals up to ₹8,050.00 million (₹805.00 crore) at the ₹339 cap price, in two parts: a Fresh Issue of up to ₹3,200.00 million (₹320.00 crore) — proceeds that go to the Company — and an Offer for Sale of up to 14,306,785 Equity Shares by Manipal Technologies Limited, the Promoter Selling Shareholder (₹4,850.00 million / ₹485.00 crore at that cap); that money goes to Manipal Technologies Limited, not to the Company, net of its proportion of the Offer expenses and taxes. Manipal Technologies Limited is the sole Selling Shareholder and the only Promoter with an actual shareholding — it holds 139,302,995 Equity Shares, which is 62.65% of the pre-Offer paid-up equity share capital or 61.55% on a fully diluted basis (the RHP’s narrative text consistently cites the fully-diluted figure; the two differ because 3,942,000 vested-but-unexercised employee stock options count toward diluted capital). Its weighted average cost of acquiring the shares on offer is certified at ₹2.18 per Equity Share, by Manian & Rao, Chartered Accountants, in a certificate dated 3 September 2026.

Object of the fresh issue	Amount, as filed
Capital expenditure — purchasing and setting up new and second-hand equipment at: (a) the card-manufacturing facility, personalisation bureau and cheque-printing facility in Manipal, Karnataka; (b) the personalisation bureau and cheque-printing facility in Chennai (Tamil Nadu) and Noida (Uttar Pradesh), and the personalisation bureau in Navi Mumbai (Maharashtra); (c) the cheque-printing facilities in Navi Mumbai (Maharashtra) and Howrah (West Bengal); (d) the central cards processing centre at the Chhattisgarh RTO; and (e) the Smart Tagging and IoT Solutions facility in Manipal, Karnataka	₹2,384.26 million (₹238.43 crore), inclusive of applicable GST, customs duty and other taxes
General corporate purposes	To be finalised on determination of the Offer Price; not to exceed 25% of the Gross Proceeds of the Fresh Issue

The Company will not receive any proceeds from the Offer for Sale; Manipal Technologies Limited receives those proceeds, net of its proportion of Offer expenses and taxes.

The RHP carries two slightly different dates for the board authorisation behind the Offer for Sale: its summary tables (Capital Structure, and Other Regulatory and Statutory Disclosures chapters) print 21 June 2025, while its narrative text — repeated in the same three places — states the relevant Board resolutions are dated 23 June 2025 and 3 September 2026, and separately identifies 21 June 2025 and 20 August 2026 as the dates of two consent letters from Manipal Technologies Limited. Both readings are printed in the filed RHP; this page uses the narrative’s board-resolution dates and notes the inconsistency rather than resolving it.

What the RHP flags as risks

These are drawn from the RHP’s own risk-factor section, restated here as filed, without added commentary:

• Customer concentration. The top 10 customers accounted for 58.67%, 60.98% and 62.51% of revenue from operations in Fiscal 2026, Fiscal 2025 and Fiscal 2024 respectively; the RHP flags the loss of key customers as a risk to the business.
• Supplier concentration. The top 10 suppliers accounted for 56.05%, 62.29% and 59.69% of total purchases in Fiscal 2026, Fiscal 2025 and Fiscal 2024 respectively; the RHP flags reliance on timely, competitively priced supply of raw materials.
• Product concentration in card manufacturing. Cards manufactured by the Company accounted for 57.25%, 58.40% and 59.61% of revenue from operations in Fiscal 2026, Fiscal 2025 and Fiscal 2024 respectively; the RHP flags heavy dependence on this one vertical.
• A Promoter and a Group Company’s guarantees for an overseas Promoter-Group borrower have already been invoked. Tonse Gautham Pai (Promoter, personal guarantee, USD 80,061,000) and Primacy Industries Private Limited (Group Company, corporate guarantee, USD 55,486,000) had guaranteed Bank of Baroda’s New York-branch credit facilities availed by MVP Group International Inc. (Promoter Group). Following MVP’s default, the Bank has invoked both guarantees, initiated insolvency proceedings against Tonse Gautham Pai, and debited USD 22.20 million from Primacy Industries Private Limited’s account; both parties have obtained an interim stay from the Karnataka High Court, and the matter is pending.
• The same Promoter has separately guaranteed the Company’s own borrowings. Tonse Gautham Pai has personally guaranteed the Company’s own borrowings — ₹900.00 million outstanding as of 31 March 2026 — with one prior instance of invocation already in Fiscal 2022.
• Past non-compliance with RBI reporting requirements. The RHP discloses delayed FC-GPR filings and delayed refunds of excess share-application money on certain historical non-resident allotments made in 2008, 2010, 2012 and 2014. RBI’s Compounding Authority compounded the admitted contraventions by an order dated 23 May 2024, on payment of ₹1.59 million, with a completion certificate received 26 June 2024; the RHP gives no assurance against further regulatory action.
• Payment-network registration risk. The Company must maintain extensive security-compliance registration with payment networks such as MasterCard and RuPay; failure to comply with security requirements could lead to revocation of registration, adversely affecting the business, financial condition, results of operations and cash flows.

The numbers as filed

Item	As filed
Face value	₹2 per Equity Share
Price band	₹322 (floor) – ₹339 (cap) per Equity Share
Fresh issue	Up to ₹3,200.00 million (₹320.00 crore); 9,439,528 Equity Shares at the ₹339 cap
Offer for Sale	Up to 14,306,785 Equity Shares, by Manipal Technologies Limited (₹4,850.00 million / ₹485.00 crore at the cap price)
Total offer (at the cap)	23,746,313 Equity Shares, aggregating up to ₹8,050.00 million (₹805.00 crore)
Lot size	44 Equity Shares
Minimum retail investment	₹14,916 for one lot (44 shares × ₹339 cap)

The RHP itself leaves the Floor Price, Cap Price, Offer Price and Bid Lot as “[●]” throughout — standard practice before a Price Band Advertisement is filed. The ₹322–339 band, the 44-share lot, and the exact Fresh Issue and Offer-for-Sale figures above come from the Price Band Advertisement dated 3 September 2026, a document separate from the RHP (also dated 3 September 2026), not from a tracker estimate. At the ₹322 floor, the equivalent totals are 9,937,888 Fresh Issue shares and 24,244,673 shares for the Total Offer, aggregating ₹7,806.78 million. The face value was sub-divided from ₹10 to ₹2 per share — each ₹10 share split into five ₹2 shares — pursuant to a Board resolution dated 13 May 2024 and a Shareholders’ resolution dated 15 May 2024.

Fiscal year	Revenue from operations	Total income	EBITDA (margin)	Profit for the year (margin)	Net worth	Basic EPS	Total borrowings
FY2026	₹13,267.53 million	₹13,565.92 million	₹4,558.32 million (33.60%)	₹2,534.62 million (18.68%)	₹11,053.78 million	₹11.53	₹4.16 million
FY2025	₹12,560.71 million	₹12,771.06 million	₹4,087.66 million (32.01%)	₹2,822.14 million (22.10%)	₹6,196.99 million	₹13.65	₹4,728.66 million
FY2024	₹12,475.22 million	₹12,679.72 million	₹3,555.72 million (28.04%)	₹2,491.65 million (19.65%)	₹4,050.51 million	₹12.05	₹4,494.74 million

EBITDA margin and profit margin are both computed on Total Income, the RHP’s own stated denominator, not on Revenue from Operations alone. The RHP states there are no qualifications, reservations or adverse remarks by its Statutory Auditor on this Restated Financial Information.

Who can actually sell on listing day

Manipal Technologies Limited is the only Promoter with an actual shareholding — the RHP’s other named Promoters (T. Satish U. Pai, Sandhya S. Pai, Tonse Gautham Pai, Manipal Media Network Limited, Tridevitha Consultancy Services Private Limited and Tridevita Family Trust – 2017) each hold nil Equity Shares — so every promoter lock-in below applies to Manipal Technologies Limited’s holding alone. Manipal Technologies Limited is also the sole Selling Shareholder in the Offer for Sale.

Who	Locked for, per this RHP
Minimum Promoter’s Contribution — 20% of the fully diluted post-Offer equity share capital (from Manipal Technologies Limited’s holding)	3 years from the date of Allotment
Manipal Technologies Limited’s holding above the 20% minimum	1 year from the date of Allotment
All other (non-Promoter) pre-Offer shareholders	6 months from the date of Allotment
Anchor Investors	50% of shares allotted locked 90 days from Allotment; the remaining 50% locked 30 days from Allotment

Regulation 17 technically locks the entire pre-Offer equity share capital for six months, including Promoter holdings, but Manipal Technologies Limited’s shares are separately bound by the longer 3-year and 1-year Regulation 16 locks above, so the 6-month period is the binding constraint only for non-Promoter (pre-IPO public) holders.

This RHP applies the longer 3-year/1-year promoter-lock tier rather than the shorter 18-month/6-month alternative available under the SEBI ICDR Regulations for issues that do not fund a “project.” The Objects of the Offer include capital expenditure on new and second-hand equipment across five facilities, which reads as a “project” for that purpose — the RHP’s own lock-in clause does not say this is why the longer tier applies, so the link is noted here as an observation, not a rule it states.

The figures below are computed at the ₹339 cap price, using the Price Band Advertisement’s own Fresh Issue and Offer-for-Sale share counts — both filed, not estimated:

Step	Shares	% of post-issue capital
Fresh issue	9,439,528	4.07%
Offer for Sale	14,306,785	6.17%
Total offer	23,746,313	10.24%
Scenario A — less: maximum Anchor allotment (up to 60% of the QIB Portion), locked 30/90 days	−10,685,840	−4.61%
= Scenario A: sellable on listing day (maximum anchor)	13,060,473	5.63%
Scenario A: locked or not offered — the rest of the register	218,744,055	94.37%
Scenario B — less: zero Anchor allotment	0	0.00%
= Scenario B: sellable on listing day (zero anchor)	23,746,313	10.24%
Scenario B: locked or not offered — the rest of the register	208,058,215	89.76%
Post-issue capital	231,804,528	100.00%

The maximum-anchor scenario assumes a QIB Portion of not less than 75% of the Total Offer — this Offer’s Regulation 6(2) route requirement — and is this page’s own arithmetic; the RHP itself leaves the exact QIB Portion share count blank pending the Offer Price. Anchor Investor bidding is scheduled for Tuesday, 8 September 2026, one working day before the Offer opens, and had not occurred as of this page’s publication; the final sellable count lands only once the exchange publishes the Anchor Investor allocation.

A lock-in is not a forecast of anything — it is a restriction on selling; it says who may trade, not what the price will do.

This reflects the RHP’s Capital Structure chapter and the Price Band Advertisement, both dated 3 September 2026, as re-verified against the filed documents as of 6 September 2026.

Dates and mechanics

Event	Date
Anchor Investor Bidding Date	Tuesday, 8 September 2026
Bid/Offer Opens	Wednesday, 9 September 2026
Bid/Offer Closes (UPI mandate end time 5:00 p.m.)	Friday, 11 September 2026
Finalisation of Basis of Allotment with the Designated Stock Exchange	On or about Tuesday, 15 September 2026
Credit of Equity Shares to demat accounts of Allottees; initiation of refunds (Anchor Investors) / unblocking of ASBA funds	On or about Wednesday, 16 September 2026
Commencement of trading on the Stock Exchanges	On or about Thursday, 17 September 2026

Bucket	Share of the Offer
Qualified Institutional Buyers (QIB)	Not less than 75%
— Anchor Investor Portion, within the QIB Portion (discretionary)	Up to 60% of the QIB Portion
— Mutual Funds, within the Anchor Portion	33.33% of the Anchor Portion
— Life Insurance Companies / Pension Funds, within the Anchor Portion	6.67% of the Anchor Portion
— Mutual Funds, within the Net QIB Portion	5% of the Net QIB Portion
Non-Institutional Bidders (NII)	Not more than 15%
— Bids above ₹2 lakh up to ₹10 lakh	One-third of the NII portion
— Bids above ₹10 lakh	Two-thirds of the NII portion
Retail Individual Bidders (RIB)	Not more than 10%

This is the Regulation 6(2) SEBI ICDR route (the Company did not meet the Regulation 6(1)(a) profitability/net-worth eligibility test). Any under-subscription in the Life Insurance/Pension Fund reservation within the Anchor Portion may be reallocated to Mutual Funds. Exact share counts for each bucket remain “[●]” in the RHP pending the Offer Price.

Allotment is proportionate within each of the QIB, NII and RIB categories. Under Regulation 49(1) of the SEBI ICDR Regulations, the Company must ensure not less than 1,000 total Bidders are Allotted shares, failing which the entire application money is unblocked or refunded. Under-subscription in the NII or RIB categories (but not QIB) may be met by spill-over from other categories, at the discretion of the Company and the Book Running Lead Managers.

Book Running Lead Managers: Motilal Oswal Investment Advisors Limited; Axis Capital Limited; ICICI Securities Limited; IIFL Capital Services Limited (formerly IIFL Securities Limited); Nuvama Wealth Management Limited. Registrar to the Offer: MUFG Intime India Private Limited (formerly Link Intime India Private Limited).

Proposed listing is on BSE Limited and the National Stock Exchange of India Limited (NSE), with NSE as the Designated Stock Exchange. Both exchanges granted in-principle approval by letters each dated 21 August 2025.

How to read this page

Link back to the explainer: how an Indian IPO actually works covers the buckets, the allotment lottery, the T+3 timeline, and the general lock-in framework behind the listing-day-float section above.

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Information as of 6 Sep 2026, taken from the offer documents and pages linked below. This is not an IPO review and no subscribe/avoid rating is given. Figures move through the issue lifecycle — check the filed documents before acting on any of them. Grey-market premium is an unofficial, unregulated price with no exchange record, and is not referenced here as information. Where the standing notice below refers to hypothetical figures, that covers the illustrative worked examples used in the options posts on this site — every number on this page is reproduced from the filed documents cited above.

This post is for educational purposes only and does not constitute investment advice or a recommendation to buy or sell any security or derivative contract. The author is not a SEBI-registered Research Analyst or Investment Adviser. Futures and options trading carries a high risk of loss and is not suitable for every investor — you can lose your entire premium, and more when selling naked. All figures and examples in this post, including the rupee premiums and price levels, are hypothetical and used only to illustrate the framework; they are not predictions, return promises, performance claims, or a recommendation to trade any specific instrument. Lot sizes and premiums change over time — always check current exchange data before trading. Please consult a SEBI-registered investment adviser before making any investment decisions.