Manipal Payment & Identity Solutions IPO Day 2: Issue subscribed 17% so far. Check GMP, review - apply or not?

The Manipal Payment & Identity Solutions IPO has entered its second day of bidding, with the ₹ 805 crore IPO receiving a muted response from investors on the first day. The issue has been subscribed over 17% so far, with the retail investor portion receiving the strongest response. The issue was subscribed 0.73 times, while the Non-Institutional Investors (NII) category was subscribed 0.18 times. The Qualified Institutional Buyers (QIB) portion remained unsubscribed. The IPO price band is set at ₹ 322–339 per equity share, with the upper price band fixed at ₹ 339 per share. The company's implied post-issue market capitalisation is expected to be approximately ₹ 7,858 crore. The company has set a fresh issue of shares worth ₹ 320 crore and an Offer for Sale (OFS) of up to 1.43 crore shares, valued at ₹ 485 crore, by promoter Manipal Technologies. The IPO is estimated to list at around ₹ 347, indicating an expected gain of 2.36% per share. Brokerage firm SBI Securities has assigned a 'neutral' rating to the IPO, citing a valuation of 30.7x FY26 post-issue P/E. Meanwhile, Venture Securities has given a 'subscribe' rating, citing the company's strong presence in India's digital payments and identity infrastructure ecosystem. The company has raised ₹ 362.25 crore from anchor investors, and the allotment is likely to be finalised on September 15, 2026. The equity shares are proposed to be listed on both the NSE and BSE, with the tentative listing date set for September 17, 2026. The company plans to utilise ₹ 238.43 crore from the ₹ 320 crore fresh issue towards capital expenditure.