Manipal Payment and Identity Solutions IPO
GMP, Subscription, Price, Dates & Financial Details

Incorporated in 2008 and part of the Manipal Group, Manipal Payment & Identity Solutions Limited is a technology-driven provider of secure payment, identification, secure printing, smart tagging and Internet of Things (IoT) solutions. The company serves banks, fintech companies, non-banking financial companies (NBFCs) and government institutions across domestic and international markets.

Its payment solutions include credit, debit, prepaid, metal and recycled PVC cards, cheque solutions, payment-enabled wearables, Near-Field Communication (NFC), Quick Response (QR) products and digital automation solutions. Payment cards are its largest revenue contributor, accounting for 57.3% of revenue from operations in FY2026. During the year, the company billed approximately 13.54 million credit cards and 72.66 million debit cards.

The company also offers identification solutions, including driving licences, vehicle registration certificates and national identity cards, along with transit management solutions. Its secure solutions cover secure logistics, insurance documentation, personalised communications, tamper-evident envelopes, holograms and other anti-counterfeiting products. It also operates businesses in smart tagging, RFID, IoT and coated products.

In FY2026, Manipal Payment & Identity Solutions served more than 300 customers, including leading public and private sector banks, fintech companies and government institutions. Its payment card business served over 105 customers, while the company maintained relationships with more than 60 fintech companies. Its customer base includes major institutions such as State Bank of India, HDFC Bank, ICICI Bank, Axis Bank, Kotak Mahindra Bank, Canara Bank and Indian Bank.

The company has a significant presence in the Indian card issuance market, with an estimated 36.4% share of credit-card issuance and 30.9% share of debit-card issuance. As of March 31, 2026, it operated 10 facilities across India, with an aggregate card production capacity of approximately 118.97 million cards. Its products are also exported to several international markets, including the UK, Singapore, Bahrain, Hong Kong, Oman, Mauritius, South Africa, Bangladesh, Brazil, Nigeria, Nepal, Sri Lanka, the UAE and select European countries.

As of March 31, 2026, the company had 1,809 permanent employees and 1,509 contracted employees, supported by manufacturing, personalisation, cheque printing, smart tagging and IoT facilities across India. Its Central Cards Processing Centres (CCPCs) in five locations further support the processing and personalisation of driving licences and vehicle registration certificates.