About 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
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 Financial Information
Latest Revenue
292.67
₹ Crore
Profit After Tax
33.93
₹ Crore
Net Worth
877.54
₹ Crore
Total Borrowing
447.88
₹ Crore
| Period Ended | Assets | Revenue From Operations | Profit After Tax | Net Worth | Reserves & 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 | |||||||||
Manipal Payment & Identity Solutions 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.
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Competitive Strengths
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.
| Sr.no | Description | Date | File |
|---|---|---|---|
| 1 | SEBI/Exchange approval received | 02/09/2025 | - |
| 2 | Filed with SEBI/Exchange | 28/06/2025 | - |
Manipal Payment & Identity Solutions IPO Timeline
| 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 | - |
IPO Lot Size
| Investors | No.of lots | Shares Offered | Max Bid 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 |