Manipal Payment Files Updated Draft Papers with Sebi to Raise Rs 400 Crore via IPO

Manipal Payment and Identity Solutions Ltd has submitted revised draft documents to Sebi for an IPO. This offering will include a fresh share issue worth Rs 400 crore. Additionally, there will be an offer for sale of 1.75 crore equity shares by Manipal Technologies, as per the updated draft red herring prospectus.

The company intends to allocate the raised funds towards acquiring and installing new and used equipment at its various facilities. These facilities include card manufacturing, personalisation, and cheque printing units in Manipal, Karnataka; similar units in Chennai, Tamil Nadu, and Noida, Uttar Pradesh; a personalisation bureau and cheque printing facility in Navi Mumbai, Maharashtra; a cheque printing unit in Howrah, West Bengal; a central card processing centre at the Chhattisgarh RTO; and a Smart Tagging and IoT Solutions facility in Manipal.

Confidential Pre-Filing Route

In June, the company initially filed its draft IPO papers with Sebi using a confidential route. This approach allows companies to keep IPO details private under the draft red herring prospectus until later stages. This method is becoming popular among Indian companies seeking flexibility in their IPO strategies.

Manipal Payment offers a range of services including payment solutions, identification solutions, secure solutions, and smart tagging and IoT solutions. These services cater to banks, fintechs, non-banking finance companies, and governments both domestically and internationally.

Comprehensive Payment Solutions

The company's payment solutions encompass payment cards, cheque solutions, near-field communication or quick-response QR codes, payment-enabled wearables, and digital automation solutions. These offerings are designed to meet the diverse needs of their clients across various sectors.

This strategic move by Manipal Payment aims to enhance its operational capabilities by upgrading its infrastructure across multiple locations. By doing so, the company seeks to strengthen its position in the market while continuing to provide innovative solutions to its clients.

With inputs from PTI