Manipal Payment and Identity Solutions Limited IPO
Offer terms, application timeline, financial context and company details in one place.
Issue at a glance
- Issue size
- ₹0.11 crore
- Face value
- ₹2
- Issue method
- Book Building
- Fresh issue
- ₹0.11 crore
- Symbol
- MPIMANIPAL
- ISIN
- INE241U01028
Subscription
0.87×overall subscribed
| Investor category | Applications | Shares bid | Subscribed |
|---|---|---|---|
| Qualified Institutional Buyers(QIBs) | — | 58,61,460 | 0.82× |
| Foreign Institutional Investors(FIIs) | — | 11,47,520 | — |
| Domestic Financial Institutions(Banks/ Financial Institutions(FIs)/ Insurance Companies) | — | 0 | — |
| Mutual funds | — | 38,05,120 | — |
| Others | — | 9,08,820 | — |
| Non Institutional Investors | — | 20,30,116 | 0.57× |
| Non Institutional Investors(Bid amount of more than Ten Lakh Rupees) | — | 10,13,012 | 0.43× |
| Corporates | — | 40,260 | — |
| Individuals(Other than RIIs) | — | 9,11,988 | — |
| Others | — | 60,764 | — |
| Non Institutional Investors(Bid amount of more than Two Lakh Rupees upto Ten Lakh Rupees) | — | 10,17,104 | 0.86× |
| Corporates | — | 10,296 | — |
| Individuals(Other than RIIs) | — | 9,71,872 | — |
| Others | — | 34,936 | — |
| Retail Individual Investors(RIIs) | — | 34,96,592 | 1.47× |
| Cut Off | — | 31,33,856 | — |
| Price bids | — | 3,62,736 | — |
| Total | — | 1.14 | 0.87× |
About the company
Incorporated in 2008, Manipal Payment & Identity Solutions Limited is part of The Manipal Group. The Company 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 markets. Its payment solutions include payment cards, cheque solutions, Near-Field Communication (NFC)/Quick Response (QR) codes, payment-enabled wearables and digital automation solutions. Its identification solutions include driving licences, registration certificates, national identity cards and transit management solutions. Its secure solutions include secure logistics, personalisation of insurance policies, premium notices, renewal letters and marketing collaterals, as well as tamper-evident envelopes, holograms and coated products. The Company also provides smart tagging and IoT solutions and operates a coated products business.
Financial snapshot
Figures in ₹ crore unless otherwise specified.
| Period Ended | Mar-26 | Mar-25 | Mar-24 |
|---|---|---|---|
| Assets | 1,160.90 | 1,409.67 | 1,102.71 |
| Total Income | 1,356.59 | 1,277.11 | 1,267.97 |
| Profit After Tax | 253.46 | 282.21 | 249.17 |
| EBITDA | 455.83 | 408.77 | 355.57 |
| NET Worth | 1,107.34 | 619.7 | 405.05 |
| Reserves and Surplus | 747.43 | 262.89 | 48.25 |
| Total Borrowing | 0.42 | 472.87 | 449.47 |
What to consider
Business strengths
- Leading Payment Card ManufacturerThe company is one of the leading manufacturers of payment cards in India and among the largest manufacturers of payment cards globally. Its capabilities cover the complete card manufacturing and delivery process.
- Long-Standing Customer RelationshipsMPISL has established long-standing relationships with marquee customers across the banking, fintech, and government sectors. These relationships support its established position in the payment card industry.
- Expansive and Innovative Product PortfolioThe company offers an expansive product portfolio powered by innovation and provides comprehensive card solutions. Its services cover creation, design, manufacturing, personalisation, and delivery.
Key risks
- Customer Concentration RiskThe company's top 10 customers accounted for 69.22%, 60.98%, 62.51%, and 69.94% of revenue from operations in the three months ended June 30, 2025 and Fiscals 2025, 2024, and 2023, respectively. Loss of key customers or a reduction in revenue from them could adversely affect the company's business and financial performance.
- Supplier Concentration and Supply RiskPurchases from the company's top 10 suppliers accounted for 64.28%, 62.29%, 59.69%, and 60.17% of total raw material costs in the three months ended June 30, 2025 and Fiscals 2025, 2024, and 2023, respectively. Any failure by suppliers to meet delivery obligations or increases in their prices could adversely affect the business.
- Dependence on Card ManufacturingThe company generates a significant portion of its revenues from the sale of cards manufactured by it.
Peer comparison
| Company | P/E (x) | CMP*(₹) | Face value (₹) |
|---|---|---|---|
| Manipal Payment and Identity Solutions Limited | 29.74 | 339 | 2 |
| Seshaasai Technologies Limited | 24.97 | 385.8 | 10 |