Manipal Payment & Identity Solutions IPO

Manipal Payment & Identity Solutions Limited – Company Overview

• Manipal Payment & Identity Solutions Limited was incorporated in 2008 and is part of The Manipal Group.
• The company provides payment solutions, identification solutions, secure solutions, and smart tagging & Internet of Things (IoT) solutions to banks, fintech companies, non-banking finance companies, and governments across domestic and international markets.
• Its key business segments include:
  • Payment Solutions: Payment cards, cheque solutions, NFC/QR codes, payment-enabled wearables, and digital automation solutions.
  • Identification Solutions: Driving licences, registration certificates, national identity cards, and transit management solutions.
  • Secure Solutions: Secure logistics, insurance policy personalisation, premium notices, renewal letters, marketing collaterals, tamper-evident envelopes, holograms, and coated products.
  • Smart Tagging & IoT Solutions: Smart tagging, IoT solutions, and related coated products.
• In Fiscal 2026, the company served 300+ customers across domestic and international markets. Its payment card business served over 105 customers, including private banks, public sector banks, small finance banks, co-operative banks, and fintech companies.
• Its banking customers include State Bank of India, Canara Bank, Bank of India, Jammu and Kashmir Bank, Central Bank of India, Punjab and Sind Bank, Indian Bank, HDFC Bank, ICICI Bank, Axis Bank, Kotak Mahindra Bank, Federal Bank, and City Union Bank.
• As of March 31, 2026, the company had relationships with 60 fintech companies, including Airtel Payments Bank Limited and Scapia, for manufacturing co-branded credit, debit, and prepaid cards.
• The company has also entered into agreements for manufacturing and personalising cards for Revolut, a global fintech and neo-bank operating in India.
• The company exports products including credit cards, debit cards, and metal cards to international markets such as the UK, Singapore, Bahrain, Hong Kong, Oman, Maldives, Mauritius, South Africa, Bangladesh, Brazil, Nigeria, Nepal, Sri Lanka, Bolivia, UAE, and certain European countries.
• As of the date of the Red Herring Prospectus, the company served customers through 10 facilities across India, including card manufacturing facilities, personalisation bureaus, cheque printing facilities, and facilities for smart tagging, IoT solutions, and coated products.
• The company also operates Central Cards Processing Centres (CCPCs) at Port Blair, Raipur, Mumbai, Nagpur, and Aurangabad, where it captures biometrics and prints driving licences and registration certificates at respective RTO premises.
• As of March 31, 2026, the company had 1,809 permanent employees and 1,509 contracted employees.

The Company proposes to utilise the Net Proceeds from the Issue towards the following objects: