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PMP certificate enhance knowledge of IT manager so that his approach on SDLC is planned to right level, controlled and monitored through out, Executed to the required level and Closed on Users satisfaction with lessons learned for next project. In todays IT world most of the companies are going for Agile Methodology for Project implementations and a PMP certified will have strong advantage as he is most compatible on Agile Environment.
PMP Certification gives an IT Manager of standard procedures on how projects should be implemented. However, I would rather refer ITIL certification specifically for IT Managers.
See you can't be technical your complete life, so switch to Managing things once you have served enough as technical
Think of a "white-collar" job for a technical person.
Go for PMI and MS in Project Management, etc. and land for some Managerial positions, but remember it takes time
It is a coveted certification in the area of project management. An IT Manager doesn't necessarily to have PMP certification. But it does add value to approach the project implementation from various angles.
PMP is highly demand and recommended for IT manager along with any other IT technical certifications, such as, Cisco, Oracle, Unix/Linux, or Microsoft.