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10 Apr, 2026
Manipal Payment & Identity Solutions IPO
Manipal Payment and Identity Solutions Ltd.'s “UDRHP-1” was filed on November 10, 2025, for its upcoming IPO. It is stated to be a 100% book-built issue wherein equity shares will have a face value of ₹2 each. The proposed IPO is worth ₹400 crore through the fresh issue route and an offer for sale (OFS) aggregating up to 17,500,000 equity shares of ₹2 each by the selling promoter shareholder.
The price band, opening date, and closing date of the issue will be disclosed by the company later. The Book Running Lead Managers (BRLMs) for this IPO are Motilal Oswal Investment Advisors Ltd., Axis Capital Ltd., ICICI Securities Ltd., IIFL Capital Services Ltd., and Nuvama Wealth Management Ltd. The registrar of the issue is MUFG Intime India Pvt. Ltd.
Company Background
Manipal Payment and Identity Solutions Ltd. was incorporated on February 19, 2008, as "MCT Cards & Technology Private Ltd." in Karnataka and has undergone significant evolution. Earlier, card manufacturing was the mainstay of the company, which later expanded to become Manipal Payment and Identity Solutions Ltd. in 2024.
Headquartered in Manipal, Karnataka, the company has evolved from a private organization to a public limited company. It is a key player in secure printing and digital identity solutions for domestic and international markets.
Operations and Product Range
The company provides end-to-end solutions for banking, identity, and loyalty needs, including manufacturing and personalization of a wide array of secure cards and documents.
Key products include:
- • Banking Solutions: Manufacturing and personalization of credit, debit, and prepaid cards.
- • Identity Solutions: Polycarbonate-based driving licenses, registration certificates for transport authorities, and secure ID cards.
- • Cheque Solutions: Personalized and non-personalized cheque books, welcome kits, and continuous cheque printing acquired through strategic business transfers.
- • Smart Tagging: RFID products, NFC and QR code stickers, and IoT solutions.
Target customers include major public and private sector banks, cooperative banks, fintech companies, and government departments.
Facilities and Capacity
The company operates a primary card manufacturing facility in Manipal, Karnataka, supported by personalization bureaus and processing units in Chennai, Noida, Navi Mumbai, and Howrah.
A significant portion of the IPO proceeds will be used to purchase and set up new and second-hand equipment across these facilities, including card manufacturing lines, personalization bureaus, check printing lines, and smart tagging facilities.
Brands and Market Presence
Manipal Payment and Identity Solutions Ltd. is a trusted partner for high-security projects, such as polycarbonate-based identity cards following MORTH guidelines. The company has deployed over 500 instant issuance kiosks for the State Bank of India.
The company has also expanded internationally through subsidiaries in Nigeria, the UK, and the USA, serving over 220 customers globally as of June 2025, with on-ground sales consultants in Sri Lanka, Nepal, Indonesia, and the UAE.
Revenue Streams and Business Model
The primary revenue model is based on the sale of products and services. In Fiscal Year 2025, product sales contributed ₹1,060.39 crore, while services accounted for ₹184.54 crore.
Revenue is diversified across segments:
- • Banking: Income from card issuance and personalization for financial institutions.
- • Government and Identity: Revenue from state and central government contracts for secure ID documents.
- • International: Contributions from export markets via global subsidiaries.
Management and Shareholding
Promoters include T. Satish U. Pai, Sandhya S. Pai, Tonse Gautham Pai, and corporate entities like Manipal Technologies Limited.
Before the IPO, promoters held 62.10% of the fully diluted paid-up equity share capital. Post-IPO, this will adjust following the fresh issue and OFS by Manipal Technologies Limited.
Board and Key Management
- • Executive Director and CEO: Kukkundoor Girish Kini
- • Non-Executive Director: Tonse Gautham Pai
- • Chief Financial Officer: Ramanath Pai
- • Company Secretary: Dattatri Manjunatha Hardur
WHAT IS GMP?
GMP (Grey Market Premium) is the difference between the IPO price and the grey market price. It is the premium amount paid for the traded IPO shares. It plays an important role in IPOs as it reflects how the IPO would react on the listing day.
A grey market is a place where shares/stocks are traded before being listed officially on the stock exchange.
Manipal Payment & Identity Solutions IPO GMP
| GMP Date | IPO Price | GMP | Last Updated |
|---|---|---|---|
| - | - | - | - |
**The GMP prices displayed here are solely for informational purposes related to the grey market news. India IPO does not engage in or facilitate grey market trading, nor are these rates (sub2) indicative of any trading activity. We also do not recommend or endorse participation in the grey market.**
Manipal Payment & Identity Solutions IPO Details
| Detail | Description |
|---|---|
| IPO Date | [.] |
| Listing Date | [.] |
| Face Value | ₹2 per Equity Share |
| Issue Price Band | [.] |
| Lot Size | [.] |
| Sale Type | Fresh Issue and Offer for Sale (OFS) |
| Total Issue Size | Fresh Issue (₹400 Cr) + OFS (1.75 Crore Shares) |
| Fresh Issue(Ex Market Maker) | ₹400.00 Crore |
| Offer for Sale | Up to 1.75 Crore Equity Shares |
| Issue Type | 100% Book Built Offer |
| Listing At | BSE and NSE |
| Share Holding Pre Issue | 22,23,65,000 Equity Shares |
Manipal Payment & Identity Solutions IPO Timeline
| Detail | Description |
|---|---|
| IPO Open Date | [.] |
| IPO Close Date | [.] |
| Tentative Allotment | [.] |
| Initiation of Refunds | [.] |
| Credit of Shares to Demat | [.] |
| Tentative Listing Date | [.] |
| Cut-off time for UPI mandate confirmation | 5:00 p.m. on the Bid/Offer Closing Date |
Manipal Payment & Identity Solutions IPO Lot Size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Individual investors (Retail) (Min) | 1 | [.] | ₹14,000 – ₹15,000 |
| Individual investors (Retail) (Max) | 13-14 | [.] | Up to ₹2,00,000 |
| S-HNI (Min) | 14-15 | [.] | Over ₹2,00,000 |
| S-HNI (Max) | 66-70 | [.] | Up to ₹10,00,000 |
| B-HNI (Min) | 71+ | [.] | Over ₹10,00,000 |
Manipal Payment & Identity Solutions IPO Promoter Holding
| Share Holding Pre Issue | Share Holding Post Issue |
|---|---|
| Promoter Holding Pre Issue | 62.10% |
| Promoter Holding Post Issue | [.] |
Competitive Strength:
- • Diverse Product Portfolio: Offers a comprehensive suite of "bundled" solutions including cards, cheques and associated collaterals, allowing for effective cross-selling to a large customer base.
- • Technological Leadership: One of the few providers in India capable of manufacturing specialized polycarbonate cards with security features like specialized ink for government identity projects.
- • Strong Manufacturing Network: A decentralized production and personalization network across India ensures proximity to clients and operational resilience.
Manipal Payment & Identity Solutions IPO Financial Information
| Period Ended | Assets | Total Income | Profit After Tax | Net Worth | Reserves and Surplus | Total Borrowing | ||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 30 Jun 2025 (3M) | 1,507.03 | 292.67 | 33.93 | 877.54 | 517.55 | 447.88 | ||||||||||||||||||||||||||||||||||
| 31 Mar 2025 | 1,409.67 | 1,277.11 | 282.21 | 619.70 | 262.89 | 472.87 | ||||||||||||||||||||||||||||||||||
| 31 Mar 2024 | 1,102.71 | 1,267.97 | 249.17 | 405.05 | 48.25 | 449.47 | ||||||||||||||||||||||||||||||||||
| 31 Mar 2023 | 613.45 | 920.48 | 117.67 | 222.37 | (134.43) | 96.62 | ||||||||||||||||||||||||||||||||||
| Amount in ₹ Crore | ||||||||||||||||||||||||||||||||||||||||
Key Performance Indicator
| KPI | Values |
|---|---|
| ROE | 55.08% |
| ROCE | 45.54% |
| Debt/Equity | 33.97% |
| RoNW | 0.76x |
| PAT Margin | 22.10% |
| EBITDA Margin | 32.01% |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (Rs) | ₹13.65 | [.] |
| P/E (x) | 22.00x | [.] |
IPO Objectives
The company intends to use the net proceeds from the fresh issue for:
- • Purchasing and setting up new and second-hand equipment at facilities in Manipal, Chennai, Noida, and Navi Mumbai.
- • General corporate purposes.
The proceeds from the Offer for Sale (OFS) will go directly to the selling shareholder; the company will not receive funds from this portion.
Conclusion
The Manipal Payment and Identity Solutions IPO represents a key milestone for a company integral to India’s transaction security landscape. With an established plant base, technical expertise in polycarbonate-based cards, and an international footprint, the company is well-positioned to meet the growing demand for digital transaction security and identity solutions.
IPO DRHP Status
| # | Description | Date | File |
|---|---|---|---|
| 1 | Filed with SEBI/Exchange | 28-06-2025 | - |
| 2 | SEBI/Exchange approval received | 02-09-2025 | - |
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Read More IPO ReviewsFrequently Asked Questions (FAQs)
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What is the total size of the Manipal Payment and Identity Solutions IPO?
The IPO comprises a fresh issue of up to ₹400 crore and an offer for sale of 17,500,000 equity shares by the promoter selling shareholder.
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Who are the promoters of Manipal Payment and Identity Solutions Ltd.?
The promoter names given are T. Satish U. Pai, Sandhya S. Pai, Tonse Gautham Pai, Manipal Technologies Limited, Manipal Media Network Limited, Tridevitha Consultancy Services Private Limited, and Tridevita Family Trust-2017.
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What are the primary products of Manipal Payment and Identity Solutions Ltd.?
Its specialties lie in the business of banking cards (collateral/credit/debit), Polycarbonate-based ID Cards/Driver's licenses, Cheques and smart tagging.
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Where are Manipal Payment and Identity Solutions Ltd.'s manufacturing facilities?
The major card manufacturing facility is at Manipal in Karnataka, while other personalization and printing centers are at Chennai, Noida, Navi Mumbai, and Howrah.
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What are the plans of Manipal Payment and Identity Solutions Ltd. for the funds raised from the IPO?
The company plans to utilize approximately ₹287.14 crore for capital expenditure on new and 2nd-hand equipment for its manufacturing and personalization facilities.
