Manipal Cards Files Confidential DRHP With SEBI to Raise ₹1,200 Crore via IPO

Manipal Payment and Identity Solutions Ltd (MPISL) has filed a draft red herring prospectus (DRHP) under the confidential route with SEBI to raise approximately ₹1,200 crore through an initial public offering (IPO), as per a Moneycontrol report. The filing was made on June 28, 2025, and the IPO is likely to value the company at around ₹12,000 crore.

Promoter Shareholding and Proceeds 

The Gautam Pai-led promoter group currently holds 60% of the company’s equity. They plan to retain a 51% stake after the listing. A major part of the funds raised is to go towards settling debt at the promoter level.

In April, Manipal Technologies Ltd and Manipal Media Networks Ltd, both promoter entities, sold a combined 6% stake in MPISL to Nuvama Wealth Management. Another 1.5% was sold to a group of family offices. The funds from these transactions were used to repay foreign currency loans taken from BlackRock and SC Lowy.

Business Operations 

MPISL manufactures and supplies credit, debit, smart, and government-issued ID cards. Its clients include both public and private sector banks, fintech companies, and government departments. The company’s production units are certified by Visa, Mastercard, and Europay.

MPISL has technical collaborations with Chan Wanich Security Printing in Thailand and Thomas Greg and Sons in Colombia. Ahead of the IPO, the company has added new independent directors to strengthen its governance. These include Binoy Parikh, Abhay Gupte, Baikadi Narahari, Ramachandra Kamath, Padmaja Ruparel, and Rohan Ajila.

Read More: Mahindra Group Aims to List its EV Arm Within FY28–FY30!

Conclusion

MPISL is aiming for a market listing within this financial year. The proposed IPO involves both fresh issue and offer-for-sale components and is part of the company’s ongoing financial and structural adjustments.

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