IPO Alert: Manipal Payment and Identity Solutions Files Updated DRHP with SEBI to Raise Funds

Manipal Payment and Identity Solutions Limited (MPISL), one of India’s largest manufacturers of payment and identification cards, has filed its Updated Draft Red Herring Prospectus (UDRHP) with the Securities and Exchange Board of India (SEBI) to launch an initial public offering (IPO). 

The company plans to raise ₹400 crore through fresh equity shares, alongside an offer-for-sale by its promoter, Manipal Technologies Limited.

MPISL IPO Structure and Fund Utilisation

As part of the IPO, Manipal Technologies will offload up to 1.75 crore shares, while the company may also raise up to ₹80 crore in a pre-IPO placement ahead of its final RHP filing. 

A significant portion of the proceeds, around ₹287 crore, will be used to purchase and install new and second-hand machinery across its production units in Manipal, Chennai, Noida, Navi Mumbai, and Chhattisgarh RTO. The remaining funds will support general corporate objectives. 

Expanding Role in the Payments and Identity Ecosystem

Founded in 2008, Manipal Payment has become a key player in secure transactions and identity technologies, serving banks, fintechs, NBFCs, and government clients across India and overseas. Its product suite includes payment cards, smart tagging, and IoT-enabled solutions. 

With a valuation exceeding ₹7,000 crore, the company posted a net profit of ₹282.2 crore on revenue of ₹1,256 crore for FY2025, reflecting consistent financial growth. Competing primarily with listed peer Seshaasai Technologies, Manipal Payment continues to expand its leadership in the high-security printing and digital identification space.

The issue is being managed by Motilal Oswal Investment Advisors, Axis Capital, ICICI Securities, IIFL Capital Services, and Nuvama Wealth Management, who are expected to guide the company’s listing on the main board exchanges.

Read More: Tenneco Clean Air IPO to Open on November 12; ₹3,600 Crore Offer for Sale Planned!

Conclusion

With a robust product portfolio and strategic focus on technology-driven manufacturing, Manipal Payment’s ₹400 crore IPO marks a significant step toward expanding its operational capacity and deepening its role in India’s rapidly evolving digital ecosystem.

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