Manipal Payment & Identity Solutions’ IPO wrapped up with a 1.42× subscription, eclipsing the 1.35× median estimate and delivering a robust 1.85 crore equity shares bid against 1.31 crore shares offered. Retail investors led the charge with a 2.19× multiple, while institutional players backed 1.22×, underscoring a balanced demand across segments.
Anchor investors, including Morgan Stanley, Nomura, Citigroup and Alchemy, snapped up 1.06 crore shares at ₹339, securing a 53.02% stake for Manipal Technologies. The remaining 1.43 crore shares in the Offer‑for‑Sale were priced at ₹339, giving the company net proceeds of ₹362.25 crore from the anchor book.
At the upper end of its ₹322‑₹339 price band, the IPO values Manipal Payment at a post‑issue market capitalization of ₹7,858 crore, a figure that sits comfortably above the sector average of ₹6,200 crore for comparable fintech‑payment firms. The greyscale market, trading at a ₹6 discount, hints at a debut around ₹333, a 1.8% slide that may provide a small upside for early‑traders.
Financially, FY26 revenue climbed 5.6% YoY to ₹1,326.8 crore, while profit after tax fell 10.2% to ₹253.5 crore, partly due to a high base last year that included ₹110 crore of exceptional gains. The company’s 36.4% credit‑card issuance share and 30.9% debit‑card share position it as a top‑tier player in India’s payment‑card market, positioning it well for the upcoming regulatory push on digital payments.
Looking ahead, Manipal Payment plans to allocate ₹238.4 crore of fresh‑issue proceeds to purchase and install new and second‑hand equipment across its Manipal, Chennai, Navi Mumbai and Chhattisgarh sites, while the remainder will be used for general corporate purposes. With the listing set for today, market watchers will be keen to see whether the 1.8% discount translates into early volatility or a steady climb toward the upper price band.