Manipal Payment and Identity Solutions UDRHP: A Deep Dive into the Rising Fintech Infrastructure Leader

When we talk about innovation in India’s digital payments and identity ecosystem, Manipal Payment and Identity Solutions Limited (MPISL) stands out as a company that’s quietly shaping how we transact, identify, and authenticate in our daily lives. The recently filed Updated Draft Red Herring Prospectus (UDRHP) by the company has drawn attention from investors and industry watchers alike — and for good reason.

Let’s take a closer look at what Manipal Payment and Identity UDRHP reveals and why this company is becoming an important player in India’s fintech infrastructure space.

 

What is Manipal Payment and Identity Solutions?

Let me start by painting a bit of a picture. MPISL is a company based in India, originally known as MCT Cards & Technology Private Limited, and it has grown into one of the country’s prominent players in payment-card manufacturing and identity/security solutions

Here are a few standout bits:

• Founded in 2008 in Manipal, Karnataka (India).
  
• The business covers areas such as payment cards (credit, debit), identity cards, cheque printing, smart tags/IoT solutions.
  
• The company serves banks, fintechs, NBFCs and government clients, both in India and overseas.

So if you think of it simply: MPISL sits at the intersection of physical payment/ID hardware and the evolving digital/identity ecosystem.

What UDRHP Means and Why Manipal Payment and Identity Matters

UDRHP stands for Updated Draft Red Herring Prospectus. In IPO parlance, a “DRHP” (Draft Red Herring Prospectus) is a preliminary document filed by a company with the regulator before an IPO, giving detailed information about the company, its financials, business model, risks, etc. When it’s “Updated” it means changes or refinements have been made.

So when you see “Manipal Payment and Identity UDRHP”, it signals that MPISL has filed its updated DRHP with Securities and Exchange Board of India (SEBI), showing that the IPO is moving ahead. For example:

• MPISL filed the UDRHP with SEBI on Nov 11, 2025.
• The filing states that MPISL proposes a fresh issue of ₹400 crore, and an offer-for-sale (OFS) of up to 1.75 crore equity shares by its promoter Manipal Technologies Limited.
  

In other words: MPISL is getting ready to list, raising funds, and the UDRHP is the key document telling us how.

What the UDRHP Tells Us

The Manipal Payment and Identity UDRHP offers a detailed look into the company’s structure, operations, and expansion plans.

Promoters and Ownership:
The company’s main promoter is Manipal Technologies Limited, supported by Manipal Media Network Limited, Tridevitha Consultancy Services Private Limited, and the Tridevita Family Trust (2017). Together, they form a robust holding structure with a long legacy in secure printing and technology solutions.

Subsidiaries:
As of mid-2025, MPISL has three subsidiaries:

1. Manipal Payment & Identity Solutions Nigeria Limited – serving the African market.
2. Manipal Payment and Identity Solutions UK Limited – expanding in the European region.
3. Manipal Payment and Identity Solutions Inc. (USA) – entering the North American market.

Business Overview and Market Standing

According to industry data (Nilson Report, October 2024), Manipal Payment and Identity Solutions ranks 11th globally in chip-based payment card manufacturing, making it the highest-ranked Indian company in this space. In India, it holds an estimated 31.9% market share in debit and credit card issuance.

To put it simply, nearly one in every three payment cards used in India could be linked back to Manipal Payment and Identity Solutions.

Their product portfolio includes:

• EMV chip and dual-interface cards
• Metal cards approved by Visa, Mastercard, RuPay, and Diners
• Smart identity solutions for government and corporate clients
• Cheque books and secure printing services

This breadth makes MPISL not just a card manufacturer but a comprehensive payments ecosystem partner.

Key Highlights of the Manipal Payment and Identity UDRHP

Here are the important facts you’ll want to know about the “Manipal Payment and Identity UDRHP”:

IPO Size & Structure

• Fresh issue: ₹400 crore of new shares.
  
• Offer for sale: Up to 1.75 crore equity shares by the promoter (Manipal Technologies).
  
• The company may also raise up to an additional ₹80 crore in a pre-IPO placement (before the main IPO).
  

Use of Proceeds

From the UDRHP:

• A large portion (~₹287.1 crore) is meant for purchasing and installing new and second-hand manufacturing/personalisation equipment at facilities in Manipal, Chennai, Noida, Navi Mumbai and in the Chhattisgarh RTO
• The balance is for general corporate purposes. (Which typically means working capital, expansion, maybe debt repayment etc.)

Financials & Scale

• For FY2025: Revenue ~₹1,256 crore, profit after tax ~₹282.2 crore.
  
• For the quarter ended June 2025: Revenue ~₹283.5 crore, profit ~₹33.9 crore.
  
• The company claims leadership in some segments: e.g., one article said market share ~36% in credit-card issuance and ~31% in debit-card issuance in India.
• For FY2025, the company recorded consolidated revenues of ₹12,560.71 million, a strong jump from ₹9,021.74 million in FY2023.
• Around 96% of its revenues come from domestic operations, reflecting strong ties with major Indian banks.
• Major customers contribute more than 10% each to total revenue, showing healthy diversification.

The company’s global push is evident — personalization bureaus are planned in Nigeria and the UK, aimed at serving both regional banks and international card networks.

Business Opportunity & Industry Context

The “Manipal Payment and Identity UDRHP” also emphasises the backdrop: India’s payments and identity ecosystem is undergoing major change. Physical cards are still crucial (for banking, fintechs, NBFCs) even as digital payments grow. MPISL is trying to be ready.

Also their manufacturing/vertical integration (card manufacturing + personalisation + packaging + secure issuance) is being highlighted as a competitive edge.

Objectives of the Offer

The Manipal Payment and Identity UDRHP outlines several key objectives for the funds raised through its IPO:

1. Capital Expenditure (₹2,871.43 million):
   To upgrade and expand manufacturing facilities in Manipal, Chennai, Noida, Navi Mumbai, and Howrah — as well as invest in smart tagging and IoT infrastructure.
2. Debt Repayment and General Corporate Purposes:
   To strengthen the balance sheet and support expansion into new markets.

These steps underline MPISL’s intent to position itself as a global technology-driven player rather than just a traditional card manufacturer.

Promoters’ Vision and Leadership

Under the leadership of Kukkundoor Girish Kini (CEO) and T. Gautham Pai (Director), the company blends legacy with modernization. The promoters have ensured that the business remains ahead of regulatory and technological shifts — including PCI DSS Level 1, ISO 9001, and ISO 27001 certifications, which speak to its global compliance standards.

My Thoughts & Anecdotes

I like to look at this through a more personal lens, because at the end of the day business stories are made of people, choices, and context.

• When I was working on a fintech project a few years ago, I remember being surprised at how many “behind-the-scenes” manufacturers were involved for card issuance. We often think only of the bank or app, but the physical card still matters. That made me appreciate that a company like Manipal Payment and Identity Solutions has a role that often goes under the radar.
• The fact that this company is based in Manipal (a town in Karnataka) but has manufacturing/personalisation units across Noida, Chennai, Navi Mumbai, etc, shows an interesting “regional base + national spread” model. It’s like they built roots and then scaled.
• The filing shows that they’re investing heavily in equipment and production capacity. That suggests confidence in demand ahead — they aren’t just maintaining status quo, they’re gearing up for more.
• On the flip side: Whenever a company says “we’ll use proceeds for general corporate purposes” that part needs watching. “General” can mean many things. It’s not necessarily a red flag, but it’s something I would note.

Why “Manipal Payment and Identity UDRHP” Matters to You

If you’re reading this article, you probably care about either investing, industry trends, or both. Here’s why this matter:

• For investors: The UDRHP filing is a clear signal that the IPO is at a fairly advanced stage. If you’re interested in IPOs, this one stands out because it marries manufacturing + payments + identity. It’s not a pure software play, not just a bank, but one that spans hardware + digital.
• For industry watchers: The company’s move reflects how India’s payments/ID infrastructure is evolving. Physical cards, identity solutions, secure personalisation — these still have real demand, even as “digital” gets all the headlines.
• For entrepreneurs/technologists: The story shows that legacy manufacturing models (secure printing, card issuance) can evolve and adapt — if you’re in a space that seems “old-school,” this is a reminder you can reinvent.

Risks & Things to Keep an Eye On

No article about an IPO is complete without a realistic view of what could go wrong. With the “Manipal Payment and Identity UDRHP”, here are some points to monitor:

• Execution risk: They plan large CAPEX for equipment and capacity. Will demand keep up? Will utilisation of new capacity be good?
• Competition: Even though they have integration advantages, global players (and other Indian peers) exist.
• Margin pressure: Manufacturing + hardware have thin margins compared to pure software. If raw-material costs rise (say for card plastics, chips), that could squeeze profitability.
• Dependency: Some clients may be banks/fintechs/government agencies. Any slowdown in those segments may affect order flow.
• IPO timing & market sentiment: Even a strong company’s listing can be muted if market conditions are weak.

Bottom Line

In plain terms: The “Manipal Payment and Identity UDRHP” shows a well-established Indian company positioning itself for growth in the payments and identity solutions space. They’re raising funds, expanding manufacturing/personalisation capacity, and tapping into the long-term trend of “digital + physical identity & payments” convergence.

If I were to summarise in a few sentences: “MPISL is setting up its factory and issuance gear for the next wave of payment/ID demand. The UDRHP is their way of saying: ‘We’re ready. Join us.’” Whether you join (by investing), watch (as an industry follower), or learn (as a tech/entrepreneur person), there’s something interesting here.