Manipal Payment and Identity Solutions Limited files UDRHP-I with SEBI

Manipal Payment and Identity Solutions Limited has filed its Updated Draft Red Herring Prospectus (UDRHP-I) with market regulator Securities and Exchange Board of India (SEBI).

Manipal Payment and Identity Solutions Limited provides payment, identification, secure solutions, smart tagging and internet of things (“IoT”) solutions to banks, fintechs, non-banking finance companies and governments, across domestic and international jurisdictions.

The Company plans to raise funds through an Initial Public Offering. The total Offer comprises a Fresh Issue aggregating up to ₹4,000 million (₹ 400 Crore) and an Offer For Sale of up to 17,500,000 equity shares by the Promoter Selling Shareholder, Manipal Technologies Limited (“Total Offer Size”).

The Objects of the Offer are to (i) fund capital expenditure requirements towards procurement and setup of equipment and expansion of operational facilities, (ii) support general corporate purposes; and (iii) achieve the benefits of listing the Equity Shares on the Stock Exchanges (“Objects of the Offer”).

The Company is among the largest manufacturers of payment cards, both globally and in India, and had an estimated market share of about 36.02% in the credit card issuance market and 31.02% in the debit card issuance market in India for Fiscal 2025. They are one of the largest producers of national identity cards in India, have pioneered the manufacturing of India’s polycarbonate-based driving license cards, and have successfully deployed India’s large-scale instant issuance kiosk solution

Motilal Oswal Investment Advisors Limited, Axis Capital Limited, ICICI Securities Limited, IIFL Capital Services Limited, and Nuvama Wealth Management Limited are the Book Running Lead Managers for the Offer.