Weak Start For Manipal Payment On Listing Day, Shares Fall Nearly 3% In Debut Trade

Mumbai: Manipal Payment and Identity Solutions shares made a subdued debut on Thursday, opening nearly 3% below the IPO issue price of ₹339.

The stock began trading at ₹332 on the BSE, down 2%. On the NSE, Manipal Payment shares opened at ₹330, down 2.65% from the issue price.

Following the listing, the company’s market capitalisation stood at ₹7,431.65 crore.

IPO sees modest demand

Manipal Payment’s ₹805-crore initial public offering was subscribed 1.42 times by the bidding day.

The company had set a price band of ₹322–₹339 per share. The IPO included a fresh issue worth ₹320 crore and an offer for sale of up to 1.43 crore shares valued at ₹485 crore.

Before the public issue opened, Manipal Payment raised ₹362.25 crore from anchor investors.

Plans for fresh capital

The company intends to use proceeds from the fresh issue to purchase and install new and second-hand equipment at its facilities.

These investments will cover operations in Manipal, Chennai, Navi Mumbai and the Chhattisgarh Regional Transport Office. The spending is expected to support capacity, technology and operational requirements.

Payment and identity solutions

Manipal Payment provides payment, identification, secure technology, smart-tagging and Internet of Things solutions. It serves banks, fintech companies, non-banking financial institutions and government clients in India and international markets.

Its payment portfolio includes debit and credit cards, cheque solutions, near-field communication technology, quick-response codes, payment-enabled wearable devices and digital automation services.

The company operates in a sector benefiting from rising digital payments, demand for secure identification and wider adoption of connected devices.

However, the muted Manipal Payment listing reflected cautious investor sentiment after the IPO’s modest subscription. Market participants will track the company’s equipment investments, customer additions, revenue growth and ability to expand its technology-led services post listing.