Manipal Payment Files for IPO to Raise Rs 400 Cr

New Delhi, Nov 10 (PTI) Manipal Payment and Identity Solutions Ltd on Monday filed updated draft papers with capital markets regulator Sebi to raise funds through an initial public offering (IPO) comprising a fresh issue of shares worth Rs 400 crore.

Along with this, there would be an offer for sale (OFS) of 1.75 crore equity shares by promoter Manipal Technologies, according to the updated draft red herring prospectus (DRHP).

The company plans to use the funds to purchase and install new and second-hand equipment across its various facilities.

These include the card manufacturing, personalisation, and cheque printing units in Manipal (Karnataka); personalisation and cheque printing 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.

The company had filed draft IPO papers with Sebi in June through a confidential route.

The company opted for the confidential pre-filing route, which allows it to withhold public disclosure of IPO details under the draft red herring prospectus (DRHP) until later stages. This route is gaining traction among Indian firms aiming for flexibility in their IPO plans.

Manipal Payment 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 jurisdictions.

Its payment solutions comprise payment cards, cheque solutions, near-field communication or quick-response (QR) codes, payment-enabled wearables, and digital automation solutions.