Manipal Cards Plans for ₹1,200 crore IPO, Files Confidential DRHP with SEBI

Manipal Payment and Identity Solutions Ltd (MPISL), one of India’s leading manufacturers of payment and identity cards, is gearing up for its Initial Public Offering (IPO). The company has submitted a confidential draft red herring prospectus (DRHP) to the Securities and Exchange Board of India (SEBI) for its upcoming IPO.

Manipal Cards IPO Details

As per reports, the company is planning to raise around ₹1200 crore through this public issue. The promoters, headed by the Gautam Pai family, currently hold a 60% stake in the company. They plan to retain a 51% stake after the listing. A significant part of the funds raised will be used to settle debt at the promoter level.

Earlier in April, promoter entities Manipal Technologies Ltd and Manipal Media Networks Ltd sold a combined 6% stake to Nuvama and 1.5% to family offices to repay foreign currency debt from BlackRock and SC Lowy..

About Manipal Payment and Identity Solutions Ltd (MPISL)

MPISL specialises in manufacturing credit, debit, smart, and government ID cards, serving public and private banks, fintech players, and government agencies. It was founded in 2008 with a vision to enhance consumers' payment experiences.

The company has also expanded its operations and partners across the United Kingdom, Europe, Asia-Pacific, the Middle East, and Africa.