Manipal Payment and Identity Solutions Eyes IPO to Fund Expansion

Manipal Payment and Identity Solutions Ltd has filed for an initial public offering (IPO) with Sebi, aiming to raise Rs 400 crore. This includes a fresh issue of shares and an offer for sale. The funds will be used to expand and update equipment across various facilities.

Manipal Payment and Identity Solutions Ltd has submitted updated draft documents to the capital markets regulator, Sebi, in a bid to raise funding through an initial public offering (IPO) of shares amounting to Rs 400 crore.

The IPO will comprise a fresh issuance of shares and an offer for sale (OFS) involving 1.75 crore equity shares by the promoter, Manipal Technologies, as detailed in the draft red herring prospectus (DRHP).

The funds raised are earmarked for acquiring and installing new and second-hand equipment across its various facilities, including card manufacturing and personalization units in multiple locations across India. The company had initially filed for an IPO in June using a confidential procedure, which allows for limited public disclosure of details until later stages.

(With inputs from agencies.)