Manipal Payment and Identity Solutions Ltd Company Summary

Manipal Payment & Identity Solution Limited was incorporated as MCT Cards & Technology Private Limited on February 19, 2008, at Karnataka, India, as a private limited company under the Companies Act, 1956. Subsequently, the Company was converted into a public limited company and the name of the Company was changed to MCT Cards & Technology Limited, and a fresh certificate of incorporation dated June 28, 2024 was issued by the Central Processing Centre, Manesar, Gurugram, Haryana. Thereafter, the name was changed to Manipal Payment and Identity Solutions Limiteddated August 23, 2024 issued by the Registrar of Companies, Central Processing Centre, Manesar.

The Company is the largest manufacturers of payment cards, both globally and in India.The Company provide payments solutions, identifications solutions, secure solutions, and smart tagging and internet of things (IOT) solutions to banks, fintechs, NBFCs and governments across the domestic and international jurisdictions. It operates a card manufacturing facility in Manipal, with card personalization facilities and multiple printing and processing units located across the world.The Company commenced offering magstripe cards during 2009. Since 2012, Company has been one of the leading card payment technology enablers in India, having played a vital role in the transition of technology for payment cards from magstripe cards to chip-embedded cards for major card networks.

In 2013, it commenced providing chip-embedded cards, commenced offering instant issuance solutions through offering account opening kiosks and debit card printing kiosks in 2016 and contactless chip cards in 2017.In 2019, the Company launched polycarbonate specification based smart cards for driving licences and registration certificates to a government transport department, commenced Rupay metal cards in FY22, launched rPVC Rupay card in 2024, supplied driving licenses and registration certificates to the Transport Commissioner Office, Maharashtra in 2024. The Company acquired the VDP Division of Manipal Technologies Limited as a going concern basis via its slump sale on March 31, 2024.The Company has filed a Draft Red Herring Prospectus with the SEBI & is planning for IPO by raising funds of Rs 320 crore through fresh issue and by allotting 14,306,785 equity shares of Rs 2 each through offer for sale on September 11, 2026.