India, Sept. 10 -- Card manufacturers and identity-solutions companies in India have had a somewhat mixed run over the past couple of years. UPI keeps chipping away at day-to-day card usage, yet banks are still issuing cards at a healthy clip, fintechs keep signing up for co-branded programmes, and state governments continue outsourcing driving licence and RC printing work. Manipal Payment & Identity Solutions sits right in the middle of that push and pull, which makes this listing a reasonable test of how the market is currently pricing that business.

IPO Details and Key Insights Price band: Rs. 322 to Rs. 339 a share. Lot size: 44 shares, so a retail investor writing in at the top end needs Rs. 14,916 for one lot. The fresh issue port...