Manipal Cards files confidential DRHP to raise Rs.1,200 Cr at Rs.12,000 Cr valuation

In a significant move in India’s fintech and card manufacturing space, Manipal Cards has filed a confidential Draft Red Herring Prospectus (DRHP) with SEBI to raise ₹1,200 crore, aiming for a valuation of ₹12,000 crore. This IPO plan marks a key milestone for the company, officially known as Manipal Payments and Identification Systems Ltd (MPISL).

Promoters Reduce Stake to Repay Foreign Loans

The promoters, led by the Gautam Pai family, currently hold a 60% stake in the company. The remaining shareholding lies with institutional and public investors, including Nuvama Wealth Management.

As per previous reports, promoter entities Manipal Technologies Ltd (MTL) and Manipal Media Networks Ltd sold a combined 6% stake in MPISL to Nuvama. Additionally, 1.5% more was sold to various family offices.

The funds raised from these stake sales are being used to repay outstanding foreign currency loans, primarily taken from BlackRock and Hong Kong-based asset manager SC Lowy.

India’s Leading Card Manufacturer

Manipal Cards is India’s largest manufacturer of payment and identity cards, serving a vast clientele that includes public and private banks, fintech companies, and government departments. The company manufactures credit, debit, smart, and government-issued identity cards, positioning itself as a critical player in the financial infrastructure space.

Strengthened Board with Industry Veterans

To bolster its corporate governance ahead of the IPO, MPISL has appointed Binoy Parikh as an independent director. A chartered accountant and law graduate from Gujarat, Parikh is a partner at Katalyst Advisors and brings deep expertise in M&A, family arrangements, and succession planning.

Other independent directors on the board include:

• Abhay Anant Gupte, former senior executive at Deloitte, expert in financial reporting.

• Baikadi Narahari, legal veteran in regulatory compliance.

• Ramachandra K. Kamath, ex-CMD of Punjab National Bank.

• Padmaja Shailen Ruparel, co-founder of Indian Angel Network.

• Rohan Ajila, private equity professional focused on consumer and fintech ventures.

The diverse and experienced board signals MPISL’s readiness for public listing, ensuring robust corporate governance and investor confidence.

A Strong Signal to the Market

With the IPO process underway and strategic financial restructuring already taking place, Manipal Cards is positioning itself for long-term growth, capitalising on the rising demand for digital payments and secure ID infrastructure in India.

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