Investor Mukul Agrawal bought a 2.52% stake in Manipal Payment and Identity Solutions before its IPO, paying about ₹128.62 per post-split share. The company has strong margins and minimal debt but slow revenue growth, flat card volumes, and concentrated customers. The IPO raised ₹805 crore at ₹339, valuing the firm near ₹7,858 crore.
