30 Jun 2025 , 05:30 PM
Manipal Payment and Identity Solutions Ltd (MPISL), the country’s largest player in the payment and identity card manufacturing space, has quietly filed its draft red herring prospectus (DRHP) under the confidential route for an upcoming IPO.
According to sources familiar with the matter, the proposed public offering aims to raise approximately ₹1,200 crore. Based on current projections, the IPO is expected to value the company at around ₹12,000 crore. The DRHP was submitted to the markets regulator on June 28 and includes both a fresh issue of shares and an offer-for-sale (OFS) component.
The Gautam Pai-led promoter group currently holds a 60% stake in MPISL. The remaining 40% is split between institutional and public investors, including Nuvama Wealth Management.
Post-listing, the promoters intend to retain at least 51% ownership in the company. A major share of the capital raised is likely to be channelled toward settling debt linked to promoter-level entities.
In April this year, it was reported that promoter firms Manipal Technologies Ltd (MTL) and Manipal Media Networks Ltd had offloaded a combined 6% stake to Nuvama.
An additional 1.5% stake was sold to select family offices around the same time. Proceeds from those stake sales have already been directed towards repaying foreign currency loans from BlackRock and Hong Kong-based SC Lowy.
MPISL provides a wide range of smart cards including debit, credit, and government-issued identity cards to leading private and public banks, fintech companies, and state institutions. Its manufacturing units are certified by global payment networks including Visa, Mastercard, and Europay.
The company also has international technical partnerships in place with Chan Wanich Security Printing (Thailand) and Thomas Greg and Sons (Colombia). As part of its listing preparations, MPISL has been strengthening its corporate governance and board structure.
Binoy Parikh recently joined the board as an independent director. A qualified chartered accountant and law graduate, Parikh is currently a partner at Katalyst Advisors and brings deep experience in M&A, family business structuring, and succession planning.
Other recent independent board appointees include:
The IPO is likely to take place within the current financial year, depending on market conditions and regulatory approvals.
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