Manipal Payment and Identity Solutions Limited IPO

What this number is not. Grey-market premium is an unregulated, thinly-traded quote from private dealers. It is not a forecast of the listing price, it is not verifiable, and it can be moved by the same people who benefit from it looking high. We publish it because you will look it up anyway — and we deliberately do not convert it into an expected listing gain, because that arithmetic implies a reliability the number has never earned. For what actually happened to comparable issues, see recent outcomes below.

1. 01Funding the capital expenditure requirements of our Company towards purchasing and setting up of new and second- hand equipment at (a) card manufacturing facility, personalization bureau and cheque printing facility in Manipal, Karnataka, (b) personalization bureau and cheque printing facility in Chennai, Tamil Nadu, Noida, Uttar Pradesh, and personalization bureau in Navi Mumbai, Maharashtra, (c) cheque printing facilities in Navi Mumbai, Maharashtra and Howrah, West Bengal, (d) central cards processing centers at Chhattisgarh RTO, and (e) Smart Tagging and IoT Solutions facility in Manipal, Karnataka (Capital Expenditure on Equipment)
   ₹238.43 Cr
2. 02General corporate purposes
   ₹56.9 Cr

Blank cells are figures the offer document does not publish. An unlisted issuer has no market price, so it has no price-based multiple until it lists — which is exactly why the comparison is against companies that already trade. The peer set is the issuer's own selection, so read it as the flattering-est comparison available rather than a neutral one.

Past issues are context, not a forecast — this issue is a different company at a different price. We show it because "how have issues like this one actually opened" is a question with a real answer, and grey-market premium is not that answer.

Manipal Payment & Identity Solutions Limited is a provider of payments, identification, secure, smart tagging, and Internet of Things (IoT) solutions for banks, fintechs, non-banking finance companies, and governments in India and international markets. Its payment solutions include payment cards, cheque solutions, near-field communication (NFC) and 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. The company’s secure solutions include secure logistics, insurance policy personalisation, premium notices, renewal letters, marketing collaterals, tamper-evident envelopes, holograms and coated products. Its smart tagging and IoT solutions include excise labels with holograms and encrypted QR codes, RFID-based IoT and track-and-trace solutions, and anti-counterfeiting solutions. Incorporated in 2008, the company is part of the Manipal Group. It acquired the variable data printing and secure logistics business of Manipal Technologies Limited in 2024 and its smart tagging and IoT solutions and related security printing businesses in 2025. Use of proceeds: The IPO consists of both a fresh issue of shares and an offer for sale (OFS).​ Net proceeds from the OFS will go to the respective selling shareholders, while the net proceeds from the fresh issue will be utilised for the following purposes:​ Capital expenditure on equipment — Rs 238.43 crore General corporate purposes