Manipal Payment shares make muted market debut; down nearly 3 pc

New Delhi: Shares of Manipal Payment and Identity Solutions made a muted market debut on Thursday, declining nearly 3 per cent against the issue price of Rs 339.

The stock opened at Rs 332, with a discount of 2 per cent from the issue price on the BSE.

At the NSE, it started trading at Rs 330, down 2.65 per cent.

The company's market valuation stood at Rs 7,431.65 crore.

Manipal Payment's Rs 805-crore initial share sale was subscribed 1.42 times on Friday last week.

The company had fixed a price band of Rs 322-339 per share for its Rs 805-crore IPO. The issue had a fresh issue of Rs 320 crore and an OFS of up to 1.43 crore shares worth Rs 485 crore.

Manipal Payment and Identity Solutions Ltd had raised Rs 362.25 crore from anchor investors.

Manipal Payment plans to use the proceeds from the fresh issue to purchase and install new and second-hand equipment across its various facilities in Manipal, Chennai, Navi Mumbai and Chhattisgarh RTO.

The company provides payment, identification, secure solutions and smart tagging and Internet of Things (IoT) solutions to banks, fintechs, non-banking finance companies and governments across domestic 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.

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