· Price Band fixed at ₹322 to ₹339 per equity share of face value of ₹10 each
· Anchor Investor Bidding - Tuesday, September 8, 2026
· Bid /Issue opening - Wednesday, September 9, 2026, closing - Friday, September 11, 2026
· Bids can be made for a minimum of 44 Equity Shares and in multiples of 44 Equity Shares thereafter
Manipal Payment and Identity Solutions Limited (MPISL) announced its initial public offering (IPO) details: Wednesday, September 9, 2026, the bids will open and, Friday, September 11, 2026, the bids will close. The Anchor Investor Bidding date is set for Tuesday, September 8, 2026. The Price Band of the Issue has been fixed from ₹322 - ₹339 per Equity Share. Bids can be made for a minimum of 44 Equity Shares and multiples of 44 Equity Shares thereafter. The Offer comprises Fresh Issue of equity shares aggregating up to ₹320 crore and an Offer for sale of up to 14,306,785 Equity Shares by the promoter selling shareholder, Manipal Technologies Limited.
MPISL provides payments solutions, identifications solutions, secure solutions, and smart tagging and internet of things (IOT) solutions to banks, fintechs, NBFCs, and governments worldwide. In Fiscal 2026, the company held approximately 36.4% of India's credit card and 30.9% of its debit card issuance market, positioning it among the largest manufacturers of payment cards, both globally and in India. Additionally, it is one of India's largest national identity card producers, having billed over 1 billion cards in 12 regional languages. MPISL serves customers through 10 facilities across India, catering to a diverse set of over 300 customers in Fiscal 2026 across domestic and international jurisdictions.
MPISL has been certified by payment networks Mastercard (for over 16 years), RuPay (for over nine years) and by other payment networks for over 15 years and nine years, respectively, for manufacturing and personalization of payment cards. Further, the facilities are certified for Payment Card Industry Data Security Standard (Level 1) Version 4.0.1 for secure data management and the Manipal Facility is certified for ‘INTERGRAF’ (Central Bank Level) and Card Quality Management for secure card manufacturing and personalization.
The Equity Shares are proposed to be listed on BSE Limited (BSE) and the National Stock Exchange of India Limited (NSE). For the purpose of the Issue, BSE Limited shall be the Designated Stock Exchange.
The issue:
The Offer is being in terms of Rule 19(2)(b) of the SCRR, read with Regulation 31 of the SEBI ICDR Regulations. The Offer is being made through the Book Building Process and is in compliance with Regulation 6(2) of the SEBI ICDR Regulations, wherein in terms of Regulation 32(2) of the SEBI ICDR Regulations, not less than 75% of the Offer shall be available for allocation on a proportionate basis to Qualified Institutional Buyers (“QIBs”, and such portion, the “QIB Portion”), provided that our Company may, in consultation with the BRLMs, allocate up to 60% of the QIB Portion to Anchor Investors on a discretionary basis, in accordance with the SEBI ICDR Regulations, of which 40% shall be reserved in the following manner (i) 33.33% of the Anchor Investor Portion shall be reserved for domestic Mutual Funds; and (ii) 6.67% of the Anchor Investor Portion shall be reserved for Life Insurance Companies and Pension Funds, subject to valid Bids being received from domestic Mutual Funds, Life Insurance Companies and Pension Funds, as applicable, at or above the Anchor Investor Allocation Price.
Any under-subscription in the Life Insurance Companies and Pension Funds category specified in (ii) above may be allocated to domestic Mutual Funds, in accordance with the SEBI ICDR Regulations. In the event of under-subscription or non-allocation in the Anchor Investor Portion, the balance Equity Shares shall be added to the QIB Portion (other than the Anchor Investor Portion) (the “Net QIB Portion”).
Further, 5% of the net QIB Portion shall be available for allocation on a proportionate basis only to Mutual Funds and the remainder of the net QIB Portion shall be available for allocation on a proportionate basis to all QIB Bidders (other than Anchor Investors) including Mutual Funds, subject to valid Bids being received at or above the Offer Price. However, if the aggregate demand from Mutual Funds is less than 5% of the net QIB Portion, the balance Equity Shares available for allocation in the Mutual Fund Portion will be added to the remaining QIB Portion for proportionate allocation to QIBs. Further, not more than 15% of the Offer shall be available for allocation to Non-Institutional Bidders out of which (a) one-third of such portion shall be reserved for applicants with application size of more than ₹ 0.2 million and up to ₹ 1.00 million; and (b) two-third of such portion shall be reserved for applicants with application size of more than ₹ 1.00 million, provided that the unsubscribed portion in either of such sub-categories may be allocated to applicants in the other sub-category of Non-Institutional Bidders and not more than 10% of the Offer shall be available for allocation to Retail Individual Bidders in accordance with the SEBI ICDR Regulations, subject to valid Bids being received from them at or above the Offer Price.
