Manipal Cards Eyes ₹1,200 Cr IPO at ₹12,000 Cr Valuation

Manipal Payment and Identity Solutions Ltd (MPISL), India’s biggest maker of credit, debit, and ID cards, is gearing up for its IPO. The company has confidentially filed its draft papers with SEBI to raise around ₹1,200 crore, valuing it at nearly ₹12,000 crore. Key Highlights: • What MPISL Does: Manufactures payment and identity cards for banks, fintechs, and government agencies. • Clients Include: Public & private sector banks, fintech firms, and government bodies. • Certifications: Approved by Visa, Mastercard, Europay. • Global Tie-ups: Partners in Thailand and Colombia for tech support. Ownership Structure: • Promoters (Gautam Pai family): Hold 60% now, will retain 51% after IPO. • Others: Includes Nuvama Wealth and family offices. • Recent Stake Sale: 6% to Nuvama, 1.5% to family offices — used to repay foreign loans from BlackRock & SC Lowy. Use of Funds: • Mainly to repay promoter-level debt. Governance Push: To prep for listing, MPISL has strengthened its board with top professionals: • Finance experts from KPMG, Deloitte, and Punjab National Bank. • Startup ecosystem leader Padmaja Ruparel. • Legal & M&A specialists with regulatory expertise. MPISL aims to list within this fiscal year. With strong credentials, certified facilities, and a wide client base, it’s set to be a key IPO to watch in the fintech manufacturing space.