Recently listed Manipal Payment zooms 20%; Asset Reconstruction soars 10%

Manipal Payment bounced back 26% from its listing day low, while Asset Reconstruction Company (India) recovered 23% on the BSE.

Shares of the recently listed initial public offerings (IPOs) Manipal Payment and Identity Solutions and Asset Reconstruction Company (India) zoomed up to 20 per cent on the BSE in Wednesday’s intra-deals. Post listing on September 17, these stocks dropped below their respective issue prices. In comparison, the BSE Sensex was up 0.50 per cent at 74,900 at 02:29 PM.

 

Manipal Payment was locked at the 20 per cent upper circuit at ₹405.50 on the BSE. A combined 5.73 million shares changed hands and there were pending buy orders for 720,000 shares on the NSE and BSE.

 

Currently, Manipal Payment quoted 18 per cent higher against its issue price of ₹339 per share. The stock bounced back 26 per cent from its listing day low of ₹316 on the BSE.

 

 

Manipal Payment serves 344 customers across banking, fintech, and government segments, and has diversified beyond payment cards into identity credentials, RFID, secure solutions, and smart-tagging offerings. Analysts at Aditya Birla Capital in the IPO note said that they believe Manipal Payment is well-positioned to benefit from premium card adoption, government digitisation, identity modernisation, and growing demand for authentication and traceability solutions. 

 

At the upper price band of ₹339 per share (30.1x FY26 diluted EPS), the valuation is not inexpensive; however, the brokerage firm believes it is supported by the company's strong profitability, healthy return profile, balance sheet strength, and differentiated positioning within the secure payments and identity ecosystem.

 

Manipal Payment’s growth in card volume remained subdued, with banking cards issued declining from 92.0 million in FY24 to 86.2 million in FY26. Working capital intensity also increased, reflected in higher receivable and inventory days. At the upper price band of ₹339, the issue is valued at 30.7x FY26 post-issue P/E. While Manipal Payment is well-placed to benefit from growth in payment and identity solutions, muted revenue growth, rising working capital requirements, and the increasing adoption of digital payment alternatives such as UPI may impact future growth outlook, analysts at SBI Securities said.

 

Meanwhile, the share price of Asset Reconstruction Company (India) (ARCIL) was locked at the 10 per cent upper circuit at ₹152.90 amid heavy volume. A combined 12.42 million shares changed hands and there were pending buy orders for nearly 1 million shares on the NSE and BSE. 

 

The stock price of the financial services company recovered 23 per cent from its post listing low of ₹124.10 on September 19, 2026. It traded 10 per cent higher against its issue price of ₹139 per share.

 

ARCIL is a leading asset reconstruction company engaged in acquisition and resolution of stressed assets from banks and financial institutions. The company offers end-to-end resolution solutions across corporate, SME and retail segments, leveraging its sourcing, underwriting, resolution and recovery capabilities. As of March 2026, ARCIL had assets under management (AUM) of ₹20,150 crore, with exposure across diversified asset classes and borrower segments.

 

ARCIL’s established franchise, scale and resolution capabilities position it well to capitalise on the growing stressed-asset opportunity, while its increasing focus on retail and SME assets provides a meaningful avenue for portfolio diversification. Given the dependence of revenue on acquisition and recovery from stressed assets, volatility in financial performance could not be ruled out, analysts at ICICI Securities said in a note. Disclaimer: Views and outlook shared on the stock belong to the respective brokerages and are not endorsed by Business Standard. Readers' discretion is advised.