India's largest payment-card maker wants to raise ₹1,200cr via IPO
30 Jun 2025

Manipal Payment and Identity Solutions Ltd (MPISL), India's largest maker of payment and identity cards, has filed a draft red herring prospectus (DRHP) under the confidential route.

The firm is planning to raise around ₹1,200 crore through an initial public offering (IPO).

The move is likely to value MPISL at around ₹12,000 crore.

Mix of primary and secondary share sales in DRHP
Share distribution

The DRHP highlights a combination of primary and secondary share sales.

The promoters, led by the Gautam Pai family, own a 60% stake in MPISL. The remaining shares are held by institutional and public shareholders such as Nuvama Wealth Management.

After the listing, the promoters plan to retain a 51% stake in the company.

IPO proceeds to pay off debts
Fund allocation

A major portion of the funds from MPISL's IPO will be used to pay off debts at one of their promoter-level entities.

The company had recently sold a combined 6% share in MPISL to Nuvama and another 1.5% stake to a group of family offices.

The money from these sales is being used for repaying loans from BlackRock and Hong Kong-based asset manager SC Lowy.

MPISL serves diverse clientele
Business reach

MPISL provides debit, credit, smart and government identity cards to a diverse clientele including large public and private sector banks, fintech companies, and government agencies.

Its manufacturing facilities have been certified by Visa, Mastercard, and Europay.

The company also has international technical collaborations with Chan Wanich Security Printing in Thailand as well as Thomas Greg and Sons in Colombia.