⚠️ Neutral
Open Now
Computers - Software & Consulting
Manipal Payment & Identity Solutions Limited IPO
₹805 Cr · Fresh Issue & OFS · Computers - Software & Consulting
Price Band
₹322 – ₹339
Lot: 44 shares (₹14,916)
GMP (Grey Market)
—
No GMP data yet
Issue Size
₹805 Cr
Fresh Issue & OFS
Market Cap
₹7858.17 Cr
At upper band
P/E Ratio
31x
P/S: 5.9x
Listing Date
17 Sep 2026
BSE & NSE
IPO Timeline
✓
Opens
09 Sep 2026
✓
Closes
11 Sep 2026
📋
Allotment
14 Sep 2026
₹
Refund
15 Sep 2026
📈
Listing
17 Sep 2026
IPO India Hub: Neutral
Conviction
5/10
The company trades at 1.09× sector midpoint with strong margins (18.7% NPM, 33.97% ROCE) and a bullish 11.21% GMP, but revenue growth has stalled at 3.4% CAGR over two years and PAT declined 0.9% CAGR, raising concerns about organic momentum despite operational efficiency.
Our Analysis — Key Points
✓ Strength
Valuation within sector norms
At 31× P/E, the company trades at 1.09× the IT/Software sector midpoint of 28.5×, placing it in the fair-value zone. This is supported by a 11.21% grey market premium, indicating cautious investor confidence on the Mainboard.
✓ Strength
Strong operational profitability
Net profit margin of 18.7% and ROCE of 33.97% demonstrate efficient capital deployment and pricing power. EBITDA margin of 32.01% reflects solid underlying business quality and operational leverage.
⚠ Risk
Stalled revenue and profit growth
Revenue CAGR over two years is only 3.4% (₹1268 Cr → ₹1356.6 Cr), and PAT CAGR is negative at 0.9%, with net profit actually declining from ₹282.2 Cr (FY-1) to ₹253.5 Cr (FY0). This suggests the company is not capturing market expansion despite strong margins.
⚠ Risk
High OFS dilutes fresh capital benefit
OFS represents 60.2% of the total ₹805 Cr issue, meaning only ₹319 Cr flows to the company for capex and corporate purposes. This limits the company's ability to fund growth initiatives or strengthen the balance sheet.
₹ Valuation
Fair valuation offset by growth concerns
At 31× P/E and 5.9× P/S, the company is reasonably valued relative to the 22–35× IT sector range, but the 3.4% revenue CAGR and declining profits do not justify even mid-range sector multiples. Investors are paying for current profitability, not future expansion.
👁 Watch
Monitor post-listing revenue trajectory
Track quarterly revenue and margin trends closely in the first two quarters post-listing to confirm whether the slowdown is cyclical or structural. Any further deterioration in PAT or market share would validate the growth concerns.
Top Analyst Reviews
| Analyst / Firm | Rating | Known For | Review |
|---|---|---|---|
| IPO India Hub Our independent review |
Original analysis based on DRHP & public financials | This page | |
| Dilip Davda Chittorgarh.com |
India's most followed independent IPO analyst | Search on Chittorgarh → | |
| Capital Market (CM Rating) CapitalMarket.com |
Widely-cited "New Issue Monitor" reports | Search on CapitalMarket → | |
| ICICI Securities ICICIdirect Research |
SEBI-registered broker research desk | Visit ICICIdirect → | |
| IPO Guru Analyst Leaderboard ipoguru.in |
Ranks 49 analysts by real IPO outcome accuracy | View leaderboard → |
External links go to each platform's IPO section — search for "Manipal Payment & Identity Solutions Limited" to find the specific review. IPO India Hub does not represent the accuracy of third-party ratings.
Company Snapshot
Revenue
₹1326.75 Cr
Net Profit
₹253.46 Cr
Industry
Computers - Software & Consulting
Issue Type
Fresh Issue & OFS
Promoters
T. SATISH U. PAI, SANDHYA S. PAI, TONSE GAUTHAM PAI, MANIPAL TECHNOLOGIES LIMITED, MANIPAL MEDIA NETWORK LIMITED, TRIDEVITHA CONSULTANCY SERVICES PRIVATE LIMITED AND TRIDEVITA FAMILY TRUST – 2017
Lead Managers
Motilal Oswal Investment Advisors, Axis Capital, ICICI Securities, IIFL Capital Services and Nuvama Wealth Management
Quick Actions
Frequently Asked Questions
Neutral. The company trades at 1.09× sector midpoint with strong margins (18.7% NPM, 33.97% ROCE) and a bullish 11.21% GMP, but revenue growth has stalled at 3.4% CAGR over two years and PAT declined 0.9% CAGR, raising concerns about organic momentum despite operational efficiency.
GMP data is not yet available for this IPO. Check our GMP Live page for the latest updates closer to the listing date.
The minimum lot size is 44 shares. At the upper band price of ₹339, the minimum investment per retail application is ₹14,916. You can apply for up to 13 lots (₹193,908) under the retail category (up to ₹2 lakh).
The IPO opens on 09 Sep 2026. It closes on 11 Sep 2026. Allotment is expected on 14 Sep 2026. Refunds initiate on 15 Sep 2026. Listing on BSE and NSE is on 17 Sep 2026.
The lead managers for the IPO are Motilal Oswal Investment Advisors, Axis Capital, ICICI Securities, IIFL Capital Services and Nuvama Wealth Management. Check the SEBI filing for the registrar details.
Our analysis is <strong>Neutral</strong>. Consider applying selectively before the issue closes on 11 Sep 2026. The minimum investment is ₹14,916 for one lot (44 shares). The company trades at 1.09× sector midpoint with strong margins (18.7% NPM, 33.97% ROCE) and a bullish 11.21% GMP, but revenue growth has stalled at 3.4% CAGR over two years and PAT declined 0.9% CAGR, raising concerns about organic momentum despite operational efficiency.
Our analysis is <strong>Neutral</strong>. Consider applying selectively before the issue closes on 11 Sep 2026. The IPO is priced at a P/E of 31x. Market cap at issue price is ₹7858.17 Cr. As with all IPOs, please read the DRHP and assess your own risk tolerance before investing.
You can apply via UPI through your broker's trading app (Zerodha, Upstox, Fyers, etc.) or via ASBA through your net banking portal. The minimum lot is 44 shares at ₹339 each, costing ₹14,916 per application. The issue closes on 11 Sep 2026, so apply before that date. Step 1: Log in to your broker or bank app. Step 2: Go to IPO section and search for 'Manipal Payment & Identity Solutions Limited'. Step 3: Enter the number of lots and UPI ID. Step 4: Accept the mandate on your UPI app.
Explore More