Manipal Payment and Identity Solutions
Maker of payment cards, identity and secure-credential solutions and smart tags for banks, fintechs, NBFCs and governments.
Last updated 24 Sept 2026, 11:38 pm IST
- Price band
- ₹322 – ₹339
- Lot size
- 44
- Issue size
- ₹805 Cr (₹320 Cr fresh + OFS)
- Opens
- 9 Sept 2026
- Closes
- 11 Sept 2026
- Exchange
- Both
The numbers
- GMP
- ₹0 (flat) (17 Sep, 7:00 AM; still not quoting)
- Subscription
- 1.42× (final)
- Listing gain
- NSE -2.7% / BSE -2.1% (17 Sep)
- Listing date
- 17 Sept 2026
- Model prediction
- ~flat expected → Neutral. Listed -2.7% NSE / -2.1% BSE (17 Sep), closed day 1 at +1.8%; call held.
The Ticker Tales take
Manipal Payment and Identity Solutions makes payment cards, identity documents and secure smart tags for banks, fintechs, NBFCs and governments — the physical plumbing behind the cards in your wallet. FY26 revenue was ₹1,356.59 crore. Of the ₹805 crore issue, ₹320 crore was fresh money and the rest went to existing owners selling down, and the retail quota was only 10%. Demand was the weakest of the week: the book scraped over the line at 1.42 times covered, and the grey market premium had drained away to nothing. We expected a flat debut at best and called it Neutral. It listed on 17 September at ₹330 on NSE, down 2.7%, and ₹332 on BSE, down 2.1% — a soft start, much as the thin demand suggested. It recovered through the day to close at ₹345.15, up 1.8%. Flat was the call and flat is roughly where it ended.
More details
- Sector
- Payments & identity solutions
- Issue type
- Book-built (₹320 Cr fresh + OFS)
- FY26 revenue
- ₹1,356.59 Cr
- Retail quota
- 10%
- Anil Singhvi - Long-term call
- Not clearly stated
- Anil Singhvi - Listing-gain call
- Not clearly stated
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Calls here follow a set formula (GMP, subscription trends) plus Anil Singhvi's publicly shared view — not investment advice. Please do your own research before investing.