Manipal Payment & Identity Solutions Ltd. IPO Review 2026: Listing Dates, Allotment, GMP & Overview

09 Sep 2026
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Manipal Payment & Identity Solutions Ltd. IPO Review 2026: Listing Dates, Allotment, GMP & Overview

Manipal Payment & Identity Solutions IPO is a ₹805 crore book-built issue comprising a fresh issue of ₹320 crore and an offer for sale of ₹485 crore. The IPO opens on September 9, 2026 and closes on September 11, 2026. The price band is ₹322 to ₹339 per share, with a lot size of 44 shares. The shares are proposed to be listed on NSE and BSE on September 17, 2026.

Manipal Payment & Identity Solutions IPO – Details

IPO Open DateSeptember 9, 2026
IPO Close DateSeptember 11, 2026
Price Band₹322 to ₹339 per share
Issue Size₹805 crore
Fresh Issue₹320 crore
Offer for Sale₹485 crore
Lot Size44 shares
Minimum Retail Investment₹14,916
Face Value₹2 per share
Issue TypeBookbuilding IPO
ListingNSE and BSE
Tentative Listing DateSeptember 17, 2026

Manipal Payment & Identity Solutions IPO Details

Total Issue Size2,37,46,313 shares aggregating up to ₹805 crore
Fresh Issue94,39,528 shares aggregating up to ₹320 crore
Offer for Sale1,43,06,785 shares aggregating up to ₹485 crore
Pre-Issue Shareholding22,23,65,000 shares
Post-Issue Shareholding23,18,04,528 shares
Market Capitalisation*₹7,858.17 crore
Book Running Lead ManagersMotilal Oswal Investment Advisors Ltd., Axis Capital Ltd., ICICI Securities Ltd., IIFL Capital Services Ltd. and Nuvama Wealth Management Ltd.
RegistrarMUFG Intime India Private Limited

*Market capitalisation based on the upper end of the price band.

Manipal Payment & Identity Solutions IPO Timeline

Anchor Investor BiddingSeptember 8, 2026
IPO OpensSeptember 9, 2026
IPO ClosesSeptember 11, 2026
AllotmentSeptember 15, 2026
RefundSeptember 16, 2026
Share CreditSeptember 16, 2026
ListingSeptember 17, 2026

Objects of the Manipal Payment & Identity Solutions IPO

The net proceeds from the fresh issue are proposed to be used primarily for capital expenditure on equipment, with the balance allocated towards general corporate purposes. The RHP estimates capital expenditure on equipment at approximately ₹238.43 crore. The amount allocated towards general corporate purposes will not exceed 25% of the gross proceeds.

ObjectEstimated Amount
Capital Expenditure on Equipment₹238.43 crore
General Corporate PurposesBalance amount, subject to applicable limits

Refer to RHP for detailed information.

About Manipal Payment & Identity Solutions Limited

Incorporated in 2008 and formerly known as MCT Cards & Technology Limited, Manipal Payment & Identity Solutions Limited is part of The Manipal Group. The company provides payment, identification, secure solutions, smart tagging and Internet of Things (IoT) solutions to banks, fintechs, non-banking financial companies and government customers across domestic and international markets.

Its offerings include payment cards, cheque solutions, NFC and QR solutions, payment-enabled wearables, digital automation, driving licences, registration certificates, identity cards, secure logistics, personalised communications, tamper-evident products, smart tagging and IoT solutions.

In Fiscal 2026, the company served more than 300 customers across domestic and international markets. As of March 31, 2026, it had 10 facilities across India and a card production capacity of approximately 118.97 million cards. It also had over 1,800 permanent employees and 1,509 contracted employees.

Key Strengths of Manipal Payment & Identity Solutions

  • Significant payment card manufacturing scale: The company was among the largest payment card manufacturers globally and in India in Fiscal 2026.
  • Strong Indian market position: It had an estimated 36.4% market share in credit card issuance and 30.9% in debit card issuance in India in Fiscal 2026, according to the RHP.
  • Diversified customer base: The company served more than 300 customers, including private banks, public sector banks, small finance banks, co-operative banks and fintech companies.
  • Long-standing customer relationships: More than 211 customers had relationships with the company for over five years as of March 31, 2026.
  • Integrated payment and identity capabilities: Its portfolio spans cards, cheques, identification, secure printing, logistics, smart tagging and IoT solutions.
  • Global presence: The company exports products to multiple international markets and has sales consultants across several overseas jurisdictions.
  • Experienced management and Manipal Group backing: The company benefits from the Manipal Group's established presence and an experienced management team.

Financial Snapshot

ParticularsFY2024FY2025FY2026
Revenue from Operations₹1,247.52 crore₹1,256.07 crore₹1,326.75 crore
Total Income₹1,267.97 crore₹1,277.11 crore₹1,356.59 crore
EBITDA₹355.57 crore₹408.77 crore₹455.83 crore
Profit After Tax₹249.17 crore₹282.21 crore₹253.46 crore

IPO Allotment & Application Status

Registrar: MUFG Intime India Pvt.Ltd.

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Manipal Payment & Identity Solutions IPO – Frequently Asked Questions

What is the Manipal Payment & Identity Solutions IPO size?

The Manipal Payment & Identity Solutions IPO is a ₹805 crore book-built issue comprising a ₹320 crore fresh issue and a ₹485 crore offer for sale.

What is the Manipal Payment IPO price band?

The price band is ₹322 to ₹339 per equity share.

What is the Manipal Payment IPO lot size?

The IPO lot size is 44 shares. At the upper price band of ₹339, the minimum retail application amount is ₹14,916.

When does the Manipal Payment IPO open and close?

The IPO opens on September 9, 2026 and closes on September 11, 2026.

When is the Manipal Payment IPO allotment date?

The tentative allotment date is September 15, 2026.

When will Manipal Payment & Identity Solutions IPO be listed?

The equity shares are proposed to be listed on NSE and BSE on September 17, 2026, subject to applicable approvals and completion of the IPO process.

What does Manipal Payment & Identity Solutions do?

The company provides payment cards, identification solutions, secure printing, logistics, smart tagging and IoT solutions to banks, fintechs, NBFCs and government customers in India and international markets.

What are the objects of the Manipal Payment IPO?

The fresh issue proceeds are primarily proposed to fund capital expenditure on equipment, estimated at approximately ₹238.43 crore, with the balance intended for general corporate purposes.

Who are the lead managers and registrar of the IPO?

The book running lead managers are Motilal Oswal Investment Advisors Ltd., Axis Capital Ltd., ICICI Securities Ltd., IIFL Capital Services Ltd. and Nuvama Wealth Management Ltd. MUFG Intime India Private Limited is the registrar.

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Disclaimer: - Investments in IPOs are subject to market risks. Investors should read the Red Herring Prospectus carefully and consult their financial advisor before investing. https://www.mnclgroup.com/research-disclaimer

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Name of the Company has changed from Networth Stock Broking Limited to Monarch Networth Capital Limited upon Certification of Incorporation received from Registrar of Companies, Mumbai vide certificate dated 13th October, 2015.

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    Monarch Networth Capital Limited (‘MNCL’) | CIN No.: L64990GJ1993PLC120014

    Registered Address

    Unit No. 803-804A, 8th Floor, X-Change Plaza, Block No. 53, Zone 5, Road-5E, Gift City, Gandhinagar - 382050, Gujarat

    Corporate Address

    Ahmedabad

    “Monarch House”, Opp Prahladbhai Patel garden, Near Ishwar Bhuvan, Commerce Six Roads, Navrangpura, Ahmedabad - 380009

    Mumbai

    Monarch Networth Capital Limited, G Block, Laxmi Tower, B Wing, 4th Floor, Bandra Kurla Complex, Bandra East, Mumbai - 400051.

    Contact Details

    Tel:079-26666500 / 6600500
    NPS Email ID:nps@mnclgroup.com
    Compliance Officer:Nikhil Parikh (Click to view details)
    Compliance Email:compliance@mnclgroup.com
    Compliance Tel:+91-79-26666768

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    CLIENT BANK ACCOUNT DETAILS

    Investors are requested to note that Stock broker (Monarch Networth Capital Ltd) is permitted to receive money from investors through designated bank accounts only named as Up streaming Client Nodal Bank Account (USCNBA). Stock broker (Monarch Networth Capital Ltd) is also required to disclose these USCNB accounts to Stock Exchange. Hence, you are requested to use following USCNB accounts only (Click to View) for the purpose of dealings in your trading account with us. The details of these USCNB accounts are also displayed by Stock Exchanges on their website under “Know/ Locate your Stock Broker".

    Registered Numbers

    SEBI Registration No:INZ000008037
    NSE Member ID:06386
    BSE: Member ID :197
    MCX: Member ID :10585
    Date of Admission:28/02/2004
    NCDEX: Member ID :00011
    MSEI Member Code :84251
    Date of Admission:06/12/2003
    CDSL-DP ID:35000
    NSDL-DP ID:IN303052
    SEBI Reg (DP):IN-DP-278-2016
  • Complete name of entity registered with SEBI as Portfolio Manager:Monarch Networth Capital Limited
    Type of Registration (Individual, Non-Individual):Non-Individual
    PMS Registration No.:INP000006059
    Corporate Identification No.:L64990GJ1993PLC120014
    Principal Place of Business:301-302, 3rd Floor, Arunachal Building, Barakhamba Road, New Delhi - 110001
    Registered Office Address:Unit No. 803-804A, 8th Floor, X-Change Plaza, Block No. 53, Zone 5, Road-5E, Gift City, Gandhinagar, Gujarat, India, 382050
    Corresponding SEBI regional/local office Address:8th floor, Plate B, Tower 1, NBCC Complex, East Kidwai Nagar, New Delhi – 110023

    Contact Details

    Principal Officer:Md Shaukat Ali
    Contact No.:011-40851303
    Compliance Officer:Ms. Bhumika Gowda
    Contact No.:011-40851312

    Mechanism for addressing grievances and information about SCORES.

    Contacts for Investor Grievance

    pms.grievance@mnclgroup.com

  • Fund Name:Monarch AIF
    Category of AIF :Category III
    AIF Registration number :IN/AIF3/20-21/0787
    Registration Date :April 23, 2020
    Registered Office Address :Laxmi Tower, B Wing, 4th Floor, G Block, Bandra Kurla Complex, Bandra East, Mumbai 400051

    Contact Details

    Fund Manager:Mr. Abhisar Jain
    Phone :+91 22 66746425
    Compliance Officer:Ms. Bhumika Gowda
    Phone :+91 22 66746424

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    Monarch Networth Capital IFSC Private Limited (Wholly owned subsidiary of Monarch Networth Capital Limited) is a Registered Fund Management Entity (Retail) having Registration No: IFSCA/FME/III/2025-26/169. Monarch India Growth Fund will be an open-ended Restricted Scheme (Non-Retail) construed as a Category III AIF under the IFSCA (Fund Management) Regulations, 2025. Monarch AIF is a Category III AIF having SEBI Registration No. IN/AIF3/20-21/0787. This material is for informational purposes only and is not intended as an offer or solicitation or investment advice to buy or sell securities. Investments are subject to market risks. The offering is made only through official scheme documents to eligible investors under GIFT IFSC regulations. Investors should read all documents carefully and consult their advisors before investing.

  • Complete name of entity registered with SEBI as Merchant Banker:Monarch Networth Capital Limited
    Type of Registration (Individual, Non-Individual):Non-Individual
    MB Registration No.:INM000011013
    Corporate Identification Number:L64990GJ1993PLC120014
    Principal Place of Business:4th FLoor, B Wing, Laxmi Tower, Bandra Kurla Complex, Bandra East, Mumbai-400051
    Registered office address:Unit No. 803-804A, 8th Floor, X-Change Plaza, Block No. 53, Zone 5, Road-5E, Gift City, Gandhinagar, Gujarat, India, 382050

    Contact Details

    Compliance Officer:Mr.Jayesh Bhagwat
    Contact No.:(022) 66476400
    Email for Regulatory Communication:mbdcompliance@mnclgroup.com

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    Contacts for Investor Grievance

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  • Complete name of entity registered with SEBI as Research Analysts :Monarch Networth Capital Limited
    Type of Registration (Individual, Non-Individual):Non-Individual
    RA Registration No.:INH000000644
    BSE Enlistment No.:5039
    Corporate Identification Number: L64990GJ1993PLC120014

    Contact Details

    Registered office address: Unit No. 803-804A, 8th Floor, X-Change Plaza, Block No. 53, Zone 5, Road-5E, Gift City, Gandhinagar, Gujarat, India, 382050
    Principal Place of Business: 4th FLoor, B Wing, Laxmi Tower, Bandra Kurla Complex, Bandra East, Mumbai-400051
    Principal Officer: Sahil Sanghvi
    Compliance Officer: Nikhil Parikh
    Telephone no.: +91-79-26666768
    Contacts for Investor Grievance: ragrievance@mnclgroup.com
  • Complete name of entity registered with SEBI as Investment Adviser : Monarch Networth Investment Advisors Private Limited
    Type of Registration (Individual, Non-Individual) :Non-Individual
    IA Registration No.: INA000005721
    BSE Enlistment No.:2005
    Validity of registration : Perpetual
    Corporate Identification Number : U74140GJ2007PTC052348
    Registered office address : Monarch House, Nr. Ishwar Bhuwan Cross Road, Nr. Commerce Six Road, Navrangpura, AHMEDABAD, GUJARAT, 380009
    Corresponding SEBI Office address: SEBI Bhavan, Western Regional Office, Panchvati 1st Lane, Gulbai Tekra Road, Ahmedabad - 380006, Gujarat

    Contact Details

    Compliance Officer : Ankita Sudhir Madhwani
    Telephone no. : +91 22-66476405
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    Regulatory Details

    Complete name of entity registered with SEBI as : Monarch Networth Capital Limited
    AMFI Registration No. :8812
    Validity of ARN: 29-03-2028
    Registered Office address:Office No 901/902, 9Th Floor, Atlanta Centre, Opp Udyog Bhavan, Sonawala Road Goregaon East, MUMBAI, MA- 400063
    Corporate Office and Principal Place of Business : Monarch House, Nr. Ishwar Bhuwan Cross Road, Nr. Commerce Six Road, Navrangpura, AHMEDABAD, GUJARAT, 380009

    Contact Details

    Email address : mutualfund@mnclgroup.com
    Telephone no. :079-66000790
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  • Monarch Networth Capital Limited (‘MNCL’) | CIN No.: L64990GJ1993PLC120014

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    Call on this number +91-79-26666768
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    Escalation Matrix

    Monarch Networth Capital Limited

    Registered Address

    Unit No. 803-804A, 8th Floor, X-Change Plaza, Block No. 53, Zone 5, Road-5E, Gift City, Gandhinagar - 382050, Gujarat

    Corporate Address

    Ahmedabad

    “Monarch House”, Opp Prahladbhai Patel garden, Near Ishwar Bhuvan, Commerce Six Roads, Navrangpura, Ahmedabad – 380009

    Mumbai

    Monarch Networth Capital Limited, G Block, Laxmi Tower, B Wing, 4th Floor, Bandra Kurla Complex, Bandra East, Mumbai - 400051.

    Contact Details

    “Filing of complaints on SCORES – Easy & quick
    (Link is given in our useful link option on our website)

    • A. Register on SCORES portal
    • B. Mandatory details for filing complaints on SCORES:
      • I. Name, PAN, Address, Mobile Number, Email ID
    • C. Benefits
      • I. Effective communication
      • II. Speedy redressal of the grievances

    Email for Grievance: cs@mnclgroup.com

    Company Secretary & Compliance Officer

    (As per LODR Regulations and Companies Act, 2013)

    Contact information of the designated officials of the listed entity who are responsible for assisting and handling investor grievances :
    Mr. Nitesh Tanwar : 022 - 66476400 / 66476405

    Listing of Equity Shares on Stock Exchange at

    BSE

    Add :Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai - 400 001
    Scrip Id :Monarch Scrip Code : 511551

    NSE

    Add :Exchange Plaza, C-1, Block G, Bandra Kurla Complex, Bandra (E) Mumbai – 400 051.
    Scrip Id :Monarch Scrip Code : MONARCH

    Demat ISIN Numbers in NSDL & CDSL for

    Equity Shares:INE903D01011

    REGISTRAR AND SHARE TRANSFER AGENT

    MUFG Intime India Private Limited

    (Formerly known as Link Intime India Private Limited)

    Add:C 101, 247 Park, L.B.S. Marg, Vikhroli (West), Mumbai - 400083
    Tel:(0) 810 811 6767
    Toll-free number:1800 1020 878
    Fax:022 - 4918 6060

    For any queries related to broking please contact helpdesk@mnclgroup.com.

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‘Investments in securities market are subject to market risks, read all the related documents carefully before investing.’

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