On November 10, Manipal Payment and Identity Solutions, the major payment card manufacturer in India, filed its updated DRHP with SEBI to float its IPO.
Through this IPO, the company will raise ₹400 crore via fresh issue and up to ₹1.75 crore via Offer-for-Sale by promoter Manipal Technologies.
Before submitting the RHP, the company may raise ₹80 crore in a pre-IPO round. If they successfully plan to do so, then the amount of ₹80 crore will be reduced from the fresh issue.
On September 2, the SEBI approved the confidential DRHP. This means that the company can now file its updated DRHP and then its RHP for IPO.
Founded in February 2008, Manipal Payment was worth over ₹7,000 crore, and it offers payments, identification, secure, and smart tagging & internet of things (IOT) solutions to banks, fintechs, non-banking finance companies, and governments.
The proceeds of ₹287.1 crore from the fresh issue will be utilized for the purchase and setting up of new and second-hand equipment at facilities in Manipal (Karnataka), Chennai, Noida, Navi Mumbai, and Chhattisgarh RTO. The remaining funds will be used for the company’s general corporate purposes.
A 62.65% stake in the company is owned by the promoters, whereas the public investors, including Touchstone Capital, Think Investments, Mukul Mahavir Agrawal, and Nuvama, own 37.35% of the stake in the company.
Motilal Oswal Investment Advisors, Axis Capital, ICICI Securities, IIFL Capital Services, and Nuvama Wealth Management are the book-running lead managers to the issue.
For the quarter ended June 2025, Manipal Payment reported a profit of ₹33.9 crore. In FY2025, the company generated revenue of ₹1,256 crore, slightly up from the previous year. The profit rose 13.3% to ₹282.2 crore from ₹249.2 crore in the previous year.
Manipal Payment and Identity IPO Prospectus:
| DRHP Draft Prospectus: | Click Here |
| RHP Draft Prospectus: | To be Updated Soon |
Manipal Payment and Identity Company Financial Report
Amount ₹ in Crores
| Period Ended | Revenue | Expense | Profit After Tax |
| 2023 | ₹920.48 | ₹788.94 | ₹117.67 |
| 2024 | ₹1267.97 | ₹967.63 | ₹249.17 |
| 2025 | ₹1277.11 | ₹1032.65 | ₹282.21 |
| June 2025 | ₹292.67 | ₹244.92 | ₹33.93 |
Manipal Payment and Identity IPO Valuation – FY2025
Manipal Payment and Identity IPO valuations detail like Earning Per Share (EPS), Price/Earning P/E Ratio, Return on Net Worth (RoNW), and Net Asset Value (NAV) details.
| Earning Per Share (EPS): | ₹13.65 (Basic) |
| Price/Earning P/E Ratio: | N/A |
| Return on Net Worth (RoNW): | 45.54% |
| Net Asset Value (NAV): | ₹29.68 |
Peer Group Comparison
| Company | EPS | PE Ratio | RoNW % | NAV | Income |
| Seshaasai Technologies Limited | 15.06 | 24.82 | 33.20 | 45.37 | 1,463.15 Cr. |
Objects of the Issue
- Funding the capital expenditure requirements of the Company towards purchasing and setting up of new and secondhand equipment
- General corporate purposes
IPO Lead Managers aka Merchant Bankers
- Motilal Oswal Investment Advisors Limited
- Axis Capital Limited
- ICICI Securities Limited
- IIFL Capital Services Limited
- Nuvama Wealth Management Limited
