Karnataka-based Manipal Payment and Identity Solutions, one of the leading payment cards manufacturers in India, has filed Updated Draft Red Herring Prospectus (UDRHP) with the SEBI on November 10.
The company proposed to raise Rs 400 crore by issuing fresh shares, while promoter Manipal Technologies will be selling up to 1.75 crore equity shares via offer-for-sale.
As a part of fresh issue component, it may consider fund raising up to Rs 80 crore in pre-IPO round, i.e. before the filing of Red Herring Prospectus with the Registrar of Companies for IPO launch.
The SEBI has approved the confidential DRHP of the card management services provider on September 2, paving the way for filing Updated DRHP and then RHP for IPO.
Moneycontrol was the first to report on June 30 this year that Manipal Payment (MPISL) filed a draft red herring prospectus under the confidential route to raise funds via IPO.
At the last share transfer price of Rs 300.11 per share in June this year, Manipal Payment that provides payments, identifications, secure, and smart tagging & internet of things (IOT) solutions to banks, fintechs, non-banking finance companies and governments is valued at over Rs 7,000 crore.
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Incorporated in February 2008, the Manipal Group company will spend Rs 287.1 crore of fresh issue proceeds for purchasing and setting up of new and second-hand equipment at facilities in Manipal (Karnataka), Chennai, Noida, Navi Mumbai, and Chhattisgarh RTO, while the remainder funds will be used for general corporate purposes.
Promoters own 62.65 percent stake in the company, which claims among the largest manufacturers of payment cards both globally and in India, and the remaining 37.35 percent shares are held by the public including Touchstone Capital, Think Investments, Mukul Mahavir Agrawal and Nuvama.
Manipal Payment that competes with only listed peer Seshaasai Technologies has recorded profit at Rs 33.9 crore on revenue of Rs 283.5 crore for the quarter ended June 2025. Further, profit in the fiscal 2025 grew by 13.3 percent to Rs 282.2 crore, up from Rs 249.2 crore in previous year, and revenue rose 0.7 percent to Rs 1,256 crore, against Rs 1,247.5 crore in the same period.
The merchant bankers handling the Manipal Payment IPO are Motilal Oswal Investment Advisors, Axis Capital, ICICI Securities, IIFL Capital Services, and Nuvama Wealth Management.
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