Manipal Payment And Identity Solutions IPO

Incorporated in 2008 and part of The Manipal Group, Manipal Payment & Identity Solutions Limited provides payment, identification, secure printing, smart tagging and Internet of Things (IoT) solutions. Its customers include banks, fintech companies, non-banking finance companies and government organisations across India and international markets. 

The company’s payment business covers payment cards, cheque solutions, Near-Field Communication (NFC), Quick Response (QR) codes, payment-enabled wearables and digital automation solutions. Its identification portfolio includes driving licences, registration certificates, national identity cards and transit management solutions. 

The company also provides secure solutions such as secure logistics, insurance policy personalisation, premium notices, renewal letters and marketing materials. Its offerings further include tamper-evident envelopes, holograms, coated products, smart tagging and IoT-based solutions. 

During Fiscal 2026, the company served more than 300 customers across domestic and international markets. Its payment card business alone served over 105 customers, including 18 private banks, 9 public sector banks, 10 small finance banks, 13 co-operative banks and 34 fintech companies. 

Its customer base includes several leading banks such as 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. It has also entered into agreements to manufacture and personalise cards for Revolut in India. 

The company exports credit cards, debit cards and metal cards to markets including the UK, Singapore, Bahrain, Hong Kong, Oman, Maldives, Mauritius, South Africa, Bangladesh, Brazil, Nigeria, Nepal, Sri Lanka, Bolivia, the UAE and select European countries. 

As of the date of the Red Herring Prospectus, the company operated through 10 facilities across India. These include card manufacturing and personalisation facilities in Manipal, Karnataka; personalisation and cheque printing facilities in Navi Mumbai, Noida and Chennai; a cheque printing facility in Howrah; and three facilities in Manipal and Bengaluru focused on smart tagging, IoT solutions and coated products. 

It also operates Central Cards Processing Centres (CCPCs) in Port Blair, Raipur, Mumbai, Nagpur and Aurangabad. These centres handle biometric capture and the printing of 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.