India’s IPO pipeline is adding another payments name. Manipal Payment and Identity Solutions, one of the country’s leading payment card manufacturers, will sell shares at Rs 322 to Rs 339 apiece when its debut offering opens September 9, terms that value the company near Rs 7,858 crore, roughly $940M, at the top of the range.
At roughly $97M, the Rs 805-crore offering mixes a Rs 320-crore fresh issue with a Rs 485-crore offer for sale covering 1.43 crore shares from promoter Manipal Technologies. The Karnataka-based company supplies payment cards and identity documents to banks and government programs, and sits within the Manipal education and services group.
The offering is smaller than originally planned. A draft prospectus from November proposed a Rs 400-crore fresh issue and a larger sell-down, before Manipal trimmed both. Manipal lodged its paperwork confidentially in June 2025, and regulator SEBI gave the nod the following September.
Subscription runs through September 11, the anchor book opens September 8, allotment is expected by September 15 and trading is slated to begin September 17. Retail bids start at 44 shares, or about Rs 14,900.
The float lands in a crowded window for Indian listings, with payment companies drawing strong interest from investors betting on the country’s shift to digital transactions.
