Manipal Cards Eyes ₹1,200 Crore via Confidential IPO Filing; Targets ₹12,000-Crore Valuation

Mumbai, 30 June 2025: Manipal Payment and Identity Solutions Ltd (MPISL), the country’s top producer of payment and identity cards, has confidentially submitted its draft red herring prospectus (DRHP) to SEBI, aiming to raise ₹1,200 crore through an initial public offering (IPO). The proposed offering values the company at ₹12,000 crore, underscoring its strategic importance in India’s rapidly evolving fintech and identity ecosystem.

Promoters Aim to Retain Majority Stake Post-IPO

The IPO will include both primary and secondary share offerings. Sources indicate that the Gautam Pai-led promoter group, which currently holds 60% of the company, plans to maintain a majority control of 51% after the listing. The remaining 40% stake is with institutional and public shareholders, including Nuvama Wealth Management.

Shareholding Overview

Shareholder Category	Pre-IPO Stake	Post-IPO Expected Stake
Promoters (Gautam Pai Family)	60%	51%
Institutional/Public	40%	49%

IPO Funds to Address Promoter-Level Debt

A large share of the capital raised will be used to reduce debt at the promoter entity level. Previous stake sales to investors like Nuvama and select family offices helped repay external borrowings, including foreign currency loans from BlackRock and SC Lowy.

Corporate Governance Strengthened Ahead of Market Debut

To bolster its governance framework before going public, MPISL has inducted key independent directors onto its board. Binoy Parikh, partner at Katalyst Advisors and formerly with KPMG, has joined as an independent director. The current board also includes:

• Abhay Anant Gupte (Formerly with Deloitte)
• Baikadi Narahari (Legal and Regulatory Expert)
• Ramachandra K. Kamath (Former CMD, PNB)
• Padmaja Ruparel (Co-founder, Indian Angel Network)
• Rohan Ajila (Private Equity Professional)

Robust Business Footprint with Global Certifications and Partnerships

MPISL provides card-based solutions to a wide range of clients, including major banks, fintech players, and government bodies. The company manufactures a variety of products — credit, debit, smart cards, and secure identity cards – catering to both commercial and institutional needs.

Operational Highlights

• Manufacturing units certified by Visa, Mastercard, and Europay
• Technical collaborations with Chan Wanich Security Printing (Thailand) and Thomas Greg and Sons (Colombia)

About the Company: Market Leader in Secure Card Solutions

As part of the Manipal Technologies Ltd group, MPISL stands out as India’s foremost manufacturer of secure banking and government cards. Although not yet publicly traded, the company is preparing for a significant public listing, reinforcing its leadership in India’s growing digital payments infrastructure.

The upcoming IPO is expected to not only strengthen MPISL’s balance sheet but also further consolidate its position as a key contributor to India’s digital financial ecosystem.

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