Manipal Payment & Identity Solutions opens below ₹805cr IPO price
Business
Manipal Payment & Identity Solutions, part of Manipal Technologies, hit the stock market this week after launching its ₹805-crore IPO. But the excitement was pretty muted.
Shares opened slightly below their IPO price on both the BSE and the NSE, reflecting a lukewarm response from investors.
Manipal Payment IPO subscribed 1.26 times
Even though it was one of six IPOs launching on September 9, Manipal Payment's offer was only subscribed 1.26 times.
The fresh funds (₹320 crore) will go toward upgrading equipment and general business needs.
Incorporated in 2008, the company focuses on payment tech, secure ID solutions, and smart tagging, basically making cards and digital IDs smarter and safer.