Primary market investors in India are bracing for a busy session as two prominent mainboard initial public offerings (IPOs) – Manipal Payment & Identity Solutions and Rentomojo – open for public subscription simultaneously on September 9. Both issues will remain open across three bidding days, concluding on September 11. This simultaneous timeline allows retail and institutional market participants to directly compare the business models, financial trajectories, and valuation benchmarks of both issuers before committing funds.
Price Bands, Lot Sizes, and Minimum Investment Comparison
Both issuing entities have finalized their respective price bands and application lot structures. Manipal Payment & Identity Solutions has fixed its IPO price band between Rs 322 and Rs 339 per equity share. Retail investors bidding for a single lot must apply for 44 shares. Calculated at the upper price band of Rs 339, a single retail application requires a minimum capital outlay of Rs 14,916.
On the other hand, Rentomojo has established its price band in the range of Rs 384 to Rs 404 per share. The minimum bid size for Rentomojo is set at 37 shares per lot. At the top end of the band (Rs 404), retail bidders will need to allocate a minimum of Rs 14,948 for one lot. Notably, both companies have structured their minimum retail entry points close to the standard Rs 15,000 retail threshold, making investment budgeting uniform across both offerings.
Capital Structure: Fresh Issue vs Offer for Sale
There is a distinct difference between the two public offerings regarding overall fund raising size and capital composition. Manipal Payment & Identity Solutions aims to raise Rs 805 crore in total through its market launch. Out of this total figure, Rs 320 crore represents fresh equity issuance, while the remaining Rs 485 crore comprises an Offer for Sale (OFS) involving approximately 1.43 crore shares sold by existing shareholders.
Rentomojo’s public issue is noticeably larger, seeking to raise a total of Rs 1,255.57 crore. However, only Rs 150 crore of the total proceeds will come in as fresh issue capital for the enterprise, with the overwhelming majority – Rs 1,105.57 crore – structured as an Offer for Sale (OFS). Fresh issue proceeds directly enhance corporate liquidity for growth, whereas OFS proceeds are remitted directly to selling investors and promoters.
Business Operations and Financial Growth Profile
Manipal Payment & Identity Solutions operates primarily in the domain of payment cards, identity solutions, secure logistics, and smart-tagging or Internet of Things (IoT) technologies. Looking at financial statements, the firm reported operations revenue of Rs 1,356.59 crore in FY26, up nearly 6% from Rs 1,277.11 crore posted in FY25. However, profitability saw a slight contraction during the same timeframe, as profit after tax (PAT) dropped 10% to Rs 253.46 crore in FY26 compared to Rs 282.21 crore recorded in FY25.
Conversely, Rentomojo runs a consumer-oriented rental subscription platform targeting urban populations seeking furniture and home appliances on rent. Rentomojo delivered high growth figures in FY26, with top-line revenue climbing 45% year-on-year. Furthermore, the company's profit after tax (PAT) surged by an impressive 142% year-on-year in FY26, underscoring significant operational scaling.
Grey Market Premium Trends and Investor Considerations
In the informal market, grey market sentiment prior to launch shows notable interest. As of September 8, Rentomojo IPO's Grey Market Premium (GMP) was hovering around Rs 115 per share. When calculated against the upper price limit of Rs 404, this grey market activity reflects an expected premium of approximately 28% over the offer price.
Financial advisors emphasize that grey market premiums remain entirely unofficial and unregulated, subject to swift fluctuations based on secondary market movements. Investors should not rely on GMP estimates as guaranteed listing day returns or as a substitute for examining fundamental financial parameters and long-term business sustainability.
