Manipal Payment & Identity Solutions IPO

Incorporated in 2008, Manipal Payment & Identity Solutions Limited is part of The Manipal Group. The Company provides payment solutions, identification solutions, secure solutions, and smart tagging and Internet of Things (IoT) solutions to banks, fintechs, non-banking finance companies and governments across domestic and international markets. Its payment solutions include payment cards, cheque solutions, Near-Field Communication (NFC)/Quick Response (QR) codes, payment-enabled wearables and digital automation solutions. Its identification solutions include driving licences, registration certificates, national identity cards and transit management solutions. Its secure solutions include secure logistics, personalisation of insurance policies, premium notices, renewal letters and marketing collaterals, as well as tamper-evident envelopes, holograms and coated products. The Company also provides smart tagging and IoT solutions and operates a coated products business. In Fiscal 2026, the Company served over 300 customers across domestic and international markets. Its payment card business 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 customers include 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 services such as manufacturing co-branded credit cards, debit cards and prepaid cards. It has also entered into agreements for manufacturing and personalising cards for Revolut, a global fintech and neo-bank operating in India. The Company exports products such as credit cards, debit cards and metal cards to several international markets, including the UK, Singapore, Bahrain, Hong Kong, Oman, Maldives, Mauritius, South Africa, Bangladesh, Brazil, Nigeria, Nepal, Sri Lanka, Bolivia, the UAE and certain countries in Europe. As of the date of the Red Herring Prospectus, the Company served its customers through 10 facilities across India, including card manufacturing facilities and personalisation bureaus in Manipal, Karnataka, personalisation and cheque printing facilities in Navi Mumbai, Noida and Chennai, a cheque printing facility in Howrah, and three facilities for smart tagging, IoT solutions and coated products in Manipal and Bengaluru. The Company also operates Central Cards Processing Centres (CCPCs) at five locations: Port Blair, Raipur, Mumbai, Nagpur and Aurangabad. As of March 31, 2026, Manipal Payment & Identity Solutions Limited had 1,809 permanent employees and 1,509 contracted employees.