Mumbai27 minutes ago
- Copy link
Manipal Payments and Identity Solutions Limited (MPISL) has recently filed a draft red herring prospectus (DRHP) for its Initial Public Offering i.e. IPO. The company is the largest manufacturer of payment and identity cards in India.
According to sources, the company is planning to raise around Rs 1200 crore through this IPO. After this IPO, the company’s valuation is expected to be around Rs 12,000 crore. The company filed a DRHP in a confidential manner on June 28, including the sales of primary and secondary share.
Promoters’ stake after IPO will be 51%
MPISL promoters Gautam Pai Family holds a 60% stake in the company, while the remaining 40% stake is with institutional and public shareholders such as Newwama Wealth Management. Sources said that promoters want to maintain their stake after IPO. A large part of the amount received from the IPO will be used to repay the debt of a promoter-level unit.
Mpisl makes cards such as Credit, Debit, Smart and Government IDs and its customers include large government and private banks, fintech companies and government departments.
In April this year, Moneycontrol reported that promoter companies Manipal Technologies Limited (MTL) and Manipal Media Networks Limited sold their 6% stake in MPISL to Newwama. In addition, 1.5% stake was sold to some family offices. The money received from these cells is being used to repay the foreign currency loans taken from Blacrock and Hong Kong’s asset management company SC Lowy Financial Limited.
Credit-Debit, Smart and Government ID creates MPISL
Mpisl makes cards such as Credit, Debit, Smart and Government IDs and its customers include large government and private banks, fintech companies and government departments. The company’s manufacturing plants have been certified by visas, mastercard and Europe.
Apart from this, the company has done technical partnership with Thailand’s Chan Vanich Security Printing and Columbia’s Thomas Greg and Sons. Prior to IPO, the company has taken steps to further strengthen its board and governance system. Recently Binoy Parikh was appointed as Independent Director.
This year the company is preparing to list the stock market
The company is preparing to list the stock market in this financial year. In view of MPISL’s strong market condition and large customer base, this IPO will be monitored by investors. This IPO is not only a major step for the company, but will also have a major event in India’s fast growing payment and identity solutions sector.