diff --git a/imports.go b/imports.go
index 9be0c28..ee7c661 100644
--- a/imports.go
+++ b/imports.go
@@ -28,6 +28,7 @@ import (
 	_ "github.com/git-pkgs/manifests/internal/hackage"
 	_ "github.com/git-pkgs/manifests/internal/haxelib"
 	_ "github.com/git-pkgs/manifests/internal/hex"
+	_ "github.com/git-pkgs/manifests/internal/ips"
 	_ "github.com/git-pkgs/manifests/internal/julia"
 	_ "github.com/git-pkgs/manifests/internal/luarocks"
 	_ "github.com/git-pkgs/manifests/internal/maven"
diff --git a/internal/ips/ips.go b/internal/ips/ips.go
new file mode 100644
index 0000000..aeeddfd
--- /dev/null
+++ b/internal/ips/ips.go
@@ -0,0 +1,146 @@
+package ips
+
+import (
+	"strings"
+
+	"github.com/git-pkgs/manifests/internal/core"
+)
+
+func init() {
+	core.Register("ips", core.Manifest, &p5mParser{}, core.SuffixMatch(".p5m"))
+}
+
+type p5mParser struct{}
+
+func (p *p5mParser) Parse(filename string, content []byte) ([]core.Dependency, error) {
+	deps := make([]core.Dependency, 0, core.EstimateDeps(len(content)))
+	text := string(content)
+
+	// Join continuation lines (backslash-newline) into single lines.
+	var lines []string
+	var buf strings.Builder
+	core.ForEachLine(text, func(line string) bool {
+		trimmed := strings.TrimRight(line, " \t\r")
+		if before, ok := strings.CutSuffix(trimmed, "\\"); ok {
+			buf.WriteString(before)
+			buf.WriteByte(' ')
+		} else {
+			if buf.Len() > 0 {
+				buf.WriteString(trimmed)
+				lines = append(lines, buf.String())
+				buf.Reset()
+			} else {
+				lines = append(lines, trimmed)
+			}
+		}
+		return true
+	})
+	if buf.Len() > 0 {
+		lines = append(lines, buf.String())
+	}
+
+	for _, line := range lines {
+		line = strings.TrimSpace(line)
+		if !strings.HasPrefix(line, "depend ") {
+			continue
+		}
+
+		// Skip macro references and TBD placeholders.
+		if strings.Contains(line, "$(") || strings.Contains(line, "fmri=__TBD") {
+			continue
+		}
+
+		depType := extractAttr(line, "type=")
+		if depType == "" {
+			continue
+		}
+
+		scope := mapScope(depType)
+
+		// require-any can have multiple fmri= attributes.
+		fmris := extractAllAttrs(line, "fmri=")
+		for _, fmri := range fmris {
+			name, version := parseFMRI(fmri)
+			if name == "" {
+				continue
+			}
+			deps = append(deps, core.Dependency{
+				Name:    name,
+				Version: version,
+				Scope:   scope,
+				Direct:  true,
+			})
+		}
+	}
+
+	return deps, nil
+}
+
+// parseFMRI extracts name and version from an IPS FMRI like
+// "pkg:/library/libxml2@2.9.14,5.11-2024.0.0.0".
+func parseFMRI(fmri string) (name, version string) {
+	// Strip pkg:/ or pkg:// prefix.
+	s := fmri
+	if strings.HasPrefix(s, "pkg://") {
+		s = s[len("pkg://"):]
+		// Skip publisher up to the first /.
+		if idx := strings.IndexByte(s, '/'); idx >= 0 {
+			s = s[idx+1:]
+		}
+	} else if strings.HasPrefix(s, "pkg:/") {
+		s = s[len("pkg:/"):]
+	}
+
+	// Split on @ for name and version.
+	if before, after, ok := strings.Cut(s, "@"); ok {
+		name = before
+		version, _, _ = strings.Cut(after, ",")
+	} else {
+		name = s
+	}
+	return name, version
+}
+
+func mapScope(depType string) core.Scope {
+	switch depType {
+	case "require", "require-any", "group", "incorporate":
+		return core.Runtime
+	case "optional", "conditional":
+		return core.Optional
+	default:
+		return core.Runtime
+	}
+}
+
+// extractAttr returns the value of the first occurrence of key (e.g. "type=")
+// in the space-delimited attribute line.
+func extractAttr(line, key string) string {
+	_, after, ok := strings.Cut(line, key)
+	if !ok {
+		return ""
+	}
+	if val, _, ok := strings.Cut(after, " "); ok {
+		return val
+	}
+	return after
+}
+
+// extractAllAttrs returns all values for a repeated attribute key.
+func extractAllAttrs(line, key string) []string {
+	var vals []string
+	rest := line
+	for {
+		_, after, ok := strings.Cut(rest, key)
+		if !ok {
+			break
+		}
+		if val, remainder, ok := strings.Cut(after, " "); ok {
+			vals = append(vals, val)
+			rest = remainder
+		} else {
+			vals = append(vals, after)
+			break
+		}
+	}
+	return vals
+}
diff --git a/internal/ips/ips_test.go b/internal/ips/ips_test.go
new file mode 100644
index 0000000..b42f5d4
--- /dev/null
+++ b/internal/ips/ips_test.go
@@ -0,0 +1,179 @@
+package ips
+
+import (
+	"os"
+	"testing"
+
+	"github.com/git-pkgs/manifests/internal/core"
+)
+
+func TestP5mParse(t *testing.T) {
+	content, err := os.ReadFile("../../testdata/ips/sample.p5m")
+	if err != nil {
+		t.Fatalf("failed to read fixture: %v", err)
+	}
+
+	parser := &p5mParser{}
+	deps, err := parser.Parse("sample.p5m", content)
+	if err != nil {
+		t.Fatalf("Parse failed: %v", err)
+	}
+
+	if len(deps) != 8 {
+		for i, d := range deps {
+			t.Logf("dep[%d]: %s %s %s", i, d.Name, d.Version, d.Scope)
+		}
+		t.Fatalf("expected 8 dependencies, got %d", len(deps))
+	}
+
+	depMap := make(map[string]core.Dependency)
+	for _, d := range deps {
+		depMap[d.Name] = d
+	}
+
+	// Runtime dependencies
+	for _, name := range []string{
+		"library/libxml2",
+		"system/library",
+		"library/zlib",
+		"library/openssl",
+	} {
+		dep, ok := depMap[name]
+		if !ok {
+			t.Errorf("missing dependency %s", name)
+			continue
+		}
+		if dep.Scope != core.Runtime {
+			t.Errorf("%s scope = %q, want %q", name, dep.Scope, core.Runtime)
+		}
+		if !dep.Direct {
+			t.Errorf("%s should be direct", name)
+		}
+	}
+
+	// Optional dependencies
+	for _, name := range []string{
+		"developer/debug-tools",
+		"library/python/setuptools-311",
+	} {
+		dep, ok := depMap[name]
+		if !ok {
+			t.Errorf("missing dependency %s", name)
+			continue
+		}
+		if dep.Scope != core.Optional {
+			t.Errorf("%s scope = %q, want %q", name, dep.Scope, core.Optional)
+		}
+	}
+
+	// require-any alternatives
+	for _, name := range []string{
+		"web/server/apache-24",
+		"web/server/nginx",
+	} {
+		dep, ok := depMap[name]
+		if !ok {
+			t.Errorf("missing require-any dependency %s", name)
+			continue
+		}
+		if dep.Scope != core.Runtime {
+			t.Errorf("%s scope = %q, want %q", name, dep.Scope, core.Runtime)
+		}
+	}
+
+	// Specific version checks
+	if dep := depMap["library/libxml2"]; dep.Version != "2.9.14" {
+		t.Errorf("libxml2 version = %q, want %q", dep.Version, "2.9.14")
+	}
+	if dep := depMap["system/library"]; dep.Version != "" {
+		t.Errorf("system/library version = %q, want empty", dep.Version)
+	}
+	if dep := depMap["library/zlib"]; dep.Version != "1.2.13" {
+		t.Errorf("zlib version = %q, want %q", dep.Version, "1.2.13")
+	}
+	if dep := depMap["library/openssl"]; dep.Version != "3.1.4" {
+		t.Errorf("openssl version = %q, want %q", dep.Version, "3.1.4")
+	}
+	if dep := depMap["web/server/nginx"]; dep.Version != "1.24.0" {
+		t.Errorf("nginx version = %q, want %q", dep.Version, "1.24.0")
+	}
+}
+
+func TestP5mSkipsMacros(t *testing.T) {
+	content := []byte(`depend type=require fmri=pkg:/library/$(MACH64)/libfoo@1.0
+depend type=require fmri=__TBD pkg.debug.depend.file=libbar.so
+depend type=require fmri=pkg:/library/libxml2@2.9
+`)
+
+	parser := &p5mParser{}
+	deps, err := parser.Parse("test.p5m", content)
+	if err != nil {
+		t.Fatalf("Parse failed: %v", err)
+	}
+
+	if len(deps) != 1 {
+		t.Fatalf("expected 1 dependency (skipping macro and TBD), got %d", len(deps))
+	}
+	if deps[0].Name != "library/libxml2" {
+		t.Errorf("expected library/libxml2, got %s", deps[0].Name)
+	}
+}
+
+func TestP5mMultilineContinuation(t *testing.T) {
+	content := []byte(`depend type=require-any \
+    fmri=pkg:/editor/vim@9.0 \
+    fmri=pkg:/editor/neovim@0.9
+`)
+
+	parser := &p5mParser{}
+	deps, err := parser.Parse("test.p5m", content)
+	if err != nil {
+		t.Fatalf("Parse failed: %v", err)
+	}
+
+	if len(deps) != 2 {
+		t.Fatalf("expected 2 dependencies from require-any, got %d", len(deps))
+	}
+
+	names := map[string]string{
+		"editor/vim":    "9.0",
+		"editor/neovim": "0.9",
+	}
+	for _, dep := range deps {
+		wantVer, ok := names[dep.Name]
+		if !ok {
+			t.Errorf("unexpected dependency %s", dep.Name)
+			continue
+		}
+		if dep.Version != wantVer {
+			t.Errorf("%s version = %q, want %q", dep.Name, dep.Version, wantVer)
+		}
+		if dep.Scope != core.Runtime {
+			t.Errorf("%s scope = %q, want %q", dep.Name, dep.Scope, core.Runtime)
+		}
+	}
+}
+
+func TestParseFMRI(t *testing.T) {
+	tests := []struct {
+		input       string
+		wantName    string
+		wantVersion string
+	}{
+		{"pkg:/library/zlib@1.2.13,5.11-2024.0.0.0", "library/zlib", "1.2.13"},
+		{"pkg:/library/libxml2@2.9.14", "library/libxml2", "2.9.14"},
+		{"pkg:/system/library", "system/library", ""},
+		{"library/openssl@3.1", "library/openssl", "3.1"},
+		{"pkg://openindiana.org/library/glib2@2.76,5.11-2024.0.0.0", "library/glib2", "2.76"},
+	}
+
+	for _, tt := range tests {
+		name, version := parseFMRI(tt.input)
+		if name != tt.wantName {
+			t.Errorf("parseFMRI(%q) name = %q, want %q", tt.input, name, tt.wantName)
+		}
+		if version != tt.wantVersion {
+			t.Errorf("parseFMRI(%q) version = %q, want %q", tt.input, version, tt.wantVersion)
+		}
+	}
+}
diff --git a/testdata/ips/sample.p5m b/testdata/ips/sample.p5m
new file mode 100644
index 0000000..c8dd53d
--- /dev/null
+++ b/testdata/ips/sample.p5m
@@ -0,0 +1,38 @@
+# This is a comment
+set name=pkg.fmri value=pkg:/developer/example@1.0,5.11-2024.0.0.0
+set name=pkg.summary value="Example package"
+
+# Runtime dependency
+depend type=require fmri=pkg:/library/libxml2@2.9.14
+
+# Dependency with no version
+depend type=require fmri=pkg:/system/library
+
+# Group dependency with build metadata in version
+depend type=group fmri=pkg:/library/zlib@1.2.13,5.11-2024.0.0.0
+
+# Incorporate dependency
+depend type=incorporate fmri=pkg:/library/openssl@3.1.4,5.11-2024.0.0.1
+
+# Optional dependency
+depend type=optional fmri=pkg:/developer/debug-tools@1.0
+
+# Conditional dependency
+depend type=conditional predicate=pkg:/runtime/python-311 fmri=pkg:/library/python/setuptools-311@68.0.0
+
+# Macro line - should be skipped
+depend type=require fmri=pkg:/library/$(MACH)/libfoo@1.0
+
+# TBD placeholder - should be skipped
+depend type=require fmri=__TBD pkg.debug.depend.file=libbar.so
+
+# require-any with multiple fmri (multi-line with continuation)
+depend type=require-any \
+    fmri=pkg:/web/server/apache-24@2.4.58 \
+    fmri=pkg:/web/server/nginx@1.24.0
+
+# Non-depend line that mentions depend
+set name=pkg.depend.runpath value=$PKGDEPEND_RUNPATH
+
+file path=usr/bin/example mode=0555
+dir path=usr/share/doc/example