Manipal Payment and Identity Solutions Ltd IPO
Status: Closed
Overview
IPO date
09 Sept 2026 to 11 Sept 2026
Face value
₹ 2 per share
Price
₹ 322 to ₹339 per share
Issue Size
23,746,313 shares
(aggregating up to ₹ 805 Cr)
(aggregating up to ₹ 805 Cr)
Allotment Date
15 Sept 2026
Listing at
NSE
Issue type
Book Building
Sector
IT - Software
Unlock Stock of the Month
T&C*
Strengths vs Risks of Manipal Payment and Identity Solutions Ltd
Know the pros & cons
Strengths
- We were among the largest manufacturers of payment cards, both globally and in India in Fiscal 2026.
- We have long-standing relationships with marquee customers.
- We have expansive product portfolio, powered by innovation, offering comprehensive solutions.
- We have technology-driven facilities and operations, with a focus on security compliance.
- We have experienced management team with committed employee base, backed by the Manipal Group.
Risks
- The company's top 10 customers accounted for 58.67%, 60.98% and 62.51% of its revenue from operations in Fiscals 2026, 2025 and 2024, respectively. Loss of any of the company's key customers, or reduction in revenue earned from such key customers, may have an adverse effect on its business, financial condition and results of operations.
- Purchases from the company's top 10 suppliers accounted for 56.05%, 62.29% and 59.69% of its total purchases in Fiscals 2026, 2025 and 2024, respectively. The company relies on the timely supply of different raw materials for manufacturing, personalizing and printing the company's products. Its business could be adversely affected if the company's suppliers fails to meet their delivery obligations or raise their prices.
- The company generates a significant portion of its revenues from sale of cards manufactured by it. Any adverse developments affecting this vertical may adversely affect the company's business, results of operations, financial condition, and cash flows.
- The company's Promoter, Tonse Gautham Pai and Primacy Industries Private Limited ("PIPL"), one of its Group Companies and an entity forming part of the members of the company's Promoter Group, have provided personal and corporate guarantees, respectively, in relation to financing arrangement availed by MVP Group International Inc., one of the members of its Promoter Group. The invocation of such guarantees and involvement of the company's Promoter and PIPL pose a material risk to its business operations, reputation and financial condition.
- The company's planned acquisition of second-hand equipment as part of the Objects of the Offer carries inherent operational, efficiency and financial risks.
- In order to be registered with payment networks such as MasterCard and RuPay, the company is required to comply with extensive security requirements. Failures to comply with such security requirements may lead to revocation of its registration, which may adversely affect the company's business, financial condition, results of operations and cash flows.
- The company's Promoter, Tonse Gautham Pai, has provided guarantees in connection with its borrowings. The company's business, financial condition, results of operations and prospects may be adversely affected by the revocation of all or any of the guarantees provided by the company's Promoter in connection with its borrowings.
- There have been instances of non-compliance with rules and regulations framed by the RBI, in relation to issuances of securities of the Company, particularly in relation to delay in reporting requirements and refund of excess share application amount. The company has filed a compounding application with the RBI and has received a compounding order. The company cannot assure you that any regulatory proceedings or actions will not be initiated against it in the future and its will not be subject to any penalty imposed by regulatory authorities.
- The company enters into certain related party transactions in the ordinary course of its business and the company cannot assure you that such transactions will not have an adverse effect on its results of operation and financial condition.
- Any slowdown, system outages, or disruption in the company's manufacturing operations, personalization bureaus and printing facilities could have an adverse impact on its business operations and financial performance.
- The company's contracts with customers subject it to extensive compliance requirements. Failures to comply with the terms of these contracts may lead to actions against it for such breach, including termination of such contracts, which may adversely affect the company's business, financial condition and results of operations.
- Breaches in the security of its systems may adversely affect the company's business, financial condition and results of operations.
- The company depends on The Manipal Group, including its brand and recognition, for the company operations. Any change in its relationship with The Manipal Group could adversely affect the company operations and its ability to retain and expand the company's customer base.
- The company's ability to access capital at attractive costs depends on its credit ratings. Non-availability of credit ratings or a poor rating may restrict the company's access to capital and thereby adversely affect its business and results of operations.
- Under-utilization of the company's manufacturing facilities, personalization bureaus and printing facilities could have an adverse effect on its business, results of operations and financial condition.
- The company has not yet placed orders in relation to the capital expenditure to be incurred for certain of its proposed objects of the Offer. In the event of any delay in placing the orders, or in the event the vendors are not able to provide the requisite equipment in a timely manner, or at all, the same may result in time and cost over-runs.
- The company imports a substantial portion of its raw material requirements. Cost of imports of raw materials in Fiscals 2026, 2025 and 2024 amounted to 49.56%, 43.70% and 51.70%, respectively, of the company's total purchases. In addition, its exports the company's products to international markets and revenues from exports during the Fiscals 2026, 2025 and 2024 amounted to 7.21%, 4.33% and 1.41%, respectively, of the company's revenue from operations. Its inability to handle risks associated with import and export of products could affect the company's business and revenue from operations.
- The company's Registered and Corporate Office and a majority of its manufacturing facilities, personalisation bureaus, printing facilities and warehouses are located on leased premises. The company cannot assure you that the lease deeds governing its premises will be renewed upon expiry or that the company will be able to obtain other premises on same or similar commercial terms.
- The company is unable to trace some of its historical corporate records including in relation to certain allotments made by the Company. Further, certain corporate filings have been made with delays. Its cannot assure you that no legal proceedings or regulatory actions will be initiated against the Company in the future in relation to these matters, which may impact the company's financial condition and reputation.
- There are outstanding legal proceedings involving it, the company's Directors and its Promoters. Any adverse outcome in such proceedings may have an adverse impact on its reputation, business, financial condition, results of operations and cash flows.
- Delay/default in payment of statutory dues may attract penalties and in turn have a material adverse impact on the company's financial condition.
- The company has completed the acquisitions of variable data printing and smart tagging and internet of things solutions, along with holograms, coated products, and other security printed products businesses of one of its Promoters, Manipal Technologies Limited, and the company may pursue other strategic acquisitions for inorganic growth in the future. The company may not be able to integrate these acquisitions, or may be faced with operating difficulties due to such integration, which could adversely affect its business, financial condition, cash flows and results of operations.
- The company is subject to laws and regulations globally, including those related to data privacy, data protection, information security, consumer protection and industry specifications in other countries, and is exposed to business risks associated with international operations.
- Five of the company's 10 facilities are located in the state of Karnataka in India. Any adverse developments affecting this region could have an adverse effect on its business, results of operations, financial condition and cash flows.
- The industries the company operates in are subject to various threats and challenges. Failures to respond to such threats and challenges could adversely affect its results of operations, financial condition and cash flows.
- New and developing technology solutions and products could make the company's existing solutions and products obsolete or irrelevant, and if the company is unable to introduce new products and services in a timely manner, its business could be adversely affected.
- The company's intellectual property rights may be difficult to enforce and protect, which could enable others to copy or use aspects of its technology without compensating it, thereby eroding the company's competitive advantages.
- Implementation of the company's growth strategies is subject to various risks and uncertainties. Its inability to grow the company operations or execute such strategies could adversely affect its business, financial condition and results of operations.
- As of March 31, 2026, the company has contingent liabilities which have not been provided for in its financial statements and could adversely affect the company's financial condition.
- The company undertakes projects, such as the production of identity solutions and cards, and printing of excise stamps, for central and state governments. Any change in policies, eligibility conditions, or transition towards solutions the company does not offer could have an impact on its revenue, results of operations and financial condition.
- The company participates in public tenders for supplying its products and solutions, following which the company enters into master agreements with the relevant counterparties. Its ability to negotiate the terms on which the company provides these products and solutions may be limited.
- The company is dependent on third party transportation providers for the delivery of its products to the end customers. Any disruptions in logistics and transportation or significant increase in freight charges could adversely affect the company's business, financial condition and results of operations.
- The financial payment card industry may be subject to pricing pressure as a result of card issuers seeking to reduce their expenses, which could have an adverse effect on the company's business, cash flows, results of operations and financial condition.
- The company may experience software defects, which could harm its business and expose it to potential liability.
- The company's business may be adversely affected by costs relating to product defects, and its could be faced with product liability and warranty claims.
- The company operations are dependent on adequate and uninterrupted external supply of power and water. Any disruption or shortage in power or water may lead to disruption in operations, higher operating cost and consequent decline in the company operating margins.
- The company's inability to accurately forecast demand for its products, manage the company's working capital balances, or its inability to collect receivables in a timely manner may have an adverse effect on the company's business, results of operations, cash flows and financial condition.
- The company faces competition that may result in a loss of its market share and/or a decline in the company's profitability.
- The company has incurred indebtedness and an inability to comply with repayment and other covenants in the company's financing agreements could adversely affect its business and financial condition. Further, certain of the company's financing agreements involve variable interest rates and an increase in interest rates may adversely affect its results of operations and financial condition.
- Its may not be able to sustain the historical growth the company has experienced in its business and revenue from operations.
- The company's peer company may have better KPIs than it, and the company cannot assure you that its will be able to compete effectively or improve the company's KPIs in future.
- Significant differences exist between Ind AS used to prepare the company's financial information and other accounting principles, such as U.S. GAAP and IFRS, which investors may be more familiar with and may consider material to their assessment of its financial condition.
- The company is subject to environmental, health and safety laws, regulations and standards. Non-compliance with and adverse changes in health, safety, labour, and environmental laws and other similar regulations applicable to its operations may adversely affect the company's business, results of operations and financial condition.
- The company is required to obtain, renew and maintain statutory and regulatory permits, licenses and approvals to operates its business, and any delay or inability in obtaining, renewing or maintaining such permits, licenses and approvals could result in an adverse effect on the company's results of operations.
- If the company is unable to establish and maintain an effective internal controls and compliance system, its business and reputation could be adversely affected.
- Information relating to the installed production capacity and capacity utilization for the company's products included in this Red Herring Prospectus are based on various assumptions and estimates and future production and capacity may vary.
- Any disruption to the steady and regular supply of workforce for the company operations could adversely affect its business, cash flows and results of operations.
- The company is dependent on a number of key personnel, including its Individual Promoter, the company's Key Managerial Personnel and members of the Senior Management, and the loss of or its inability to attract or retain such persons could adversely affect the company's business, results of operations, financial condition and cash flows.
- Industry information included in this Red Herring Prospectus has been derived from an industry report exclusively commissioned and paid for by the company in connection with the Offer.
- The company's insurance cover may not be adequate or its may incur uninsured losses or losses in excess of the company's insurance coverage which could adversely affect its results of operations and financial condition.
- Negative publicity against it, the company's Promoters, Promoter group, its suppliers, the company's customers or any of its or their affiliates could cause it reputational harm and could have a material adverse effect on the company's business, financial condition, results of operations and prospects.
- The average cost of acquisition of Equity Shares by the Promoter Selling Shareholder, could be lower than the floor price of the Price Band.
- The company has issued Equity Shares during the preceding 12 months at prices that may be lower than the Offer Price.
- The Company will not receive any proceeds from the Offer for Sale.
- The company's Promoters and Promoter Group will continue to exercise significant influence over it after completion of the Offer.
- The company's Promoters, certain of its Directors, senior management and Key Managerial Personnel are interested in the Company's performance in addition to their remuneration and reimbursement of expenses.
- The company's Promoters, Directors, Key Managerial Personnel, members of the Senior Management and other key executives of the Company may enter into ventures that may lead to real or potential conflicts of interest with its business. Further, conflicts of interest may arise out of common business objects between the Company and Group Companies.
- The company has in this Red Herring Prospectus included certain non-GAAP financial measures and certain other industry measures related to its operations and financial performance. These non-GAAP measures and industry measures may vary from any standard methodology that is applicable across the industries in which the company operates, and therefore may not be comparable with financial or industry related statistical information of similar nomenclature computed and presented by other companies.
- The company's customers or vendors may engage in transactions in or with countries or persons that are subject to United States and other sanctions.
- The Offer Price, market capitalization to revenue from operations multiple and price to earnings ratio based on the Offer Price of the Company, may not be indicative of the market price of the Equity Shares on listing.
- The company's funding requirements and proposed deployment of the Net Proceeds are based on management estimates and may be subject to change based on various factors, some of which are beyond its control. Further, any variation in the utilization of the Net Proceeds would be subject to certain compliance requirements, including prior shareholders approval.
- Some of the company's Directors may not have prior experience as directors of companies listed on recognized stock exchanges in India.
Manipal Payment and Identity Solutions Ltd Peer Comparison
Understand the company’s industry standing
MCT Cards & Technology Pvt Ltd
Seshaasai Technologies Limited
Face Value
2
10
Standalone / Consolidated
Standalone
Consolidated
Total Income Rs. Cr.
1326.753
1441.135
EPS-Basis
11.53
15.45
EPS-Diluted
11.26
15.45
NAV Per Share
48.84
88.15
P/E-Basic EPS
---
24.97
P/E-Diluted EPS
---
---
RONW(%)
22.93
16.81
Latest NAV Period
---
---
Latest NAV
---
---
How to check the allotment status of Manipal Payment and Identity Solutions Ltd IPO?
Follow the steps
Open link to the registrar using this URL (https://evault.kfintech.com/ipostatus/).
Select company from dropdown menu.
Enter details- PAN, Application number or DP client ID
Get your allotment status
Open link to the registrar using this URL (https://evault.kfintech.com/ipostatus/).
IPO reads
Stay updated with the latest IPO developments
February 27, 2025 | 5 min read
₹50.11 Cr Balaji Phosphates IPO Opens Feb 28. Issue Details and SWOT AnalysisRead More
February 25, 2025 | 5 min read
Tata Capital Board Approves ₹15,000 Cr Plus Mega IPO; Tata Investment Shares Soar 8%Read More
February 18, 2025 | 5 min read
Busy Week Ahead: 2 SME IPOs and 9 Market Listings – Get the Complete Details HereRead More
October 25, 2024 | 5 min read
Waaree Energies IPO: GMP Soars 106% Amid 76.34x Subscription – Check Your Allotment Status!Read More
October 22, 2024 | 5 min read
Upcoming IPOs: 9 Public Issues Set to Raise ₹10,984.8 Cr – Key Insights Inside!Read More
October 17, 2024 | 5 min read
Hyundai IPO Hits a Speed Bump With 42% Subscription On Day 2 : 4 Reasons WhyRead More
September 6, 2024 | 5 min read
Bajaj Housing Finance IPO: All You Need to KnowRead MoreOctober 17, 2024 | 5 min read
Hyundai IPO Hits a Speed Bump With 42% Subscription On Day 2 : 4 Reasons WhyRead More
August 26, 2024 | 5 min read
Premier Energies IPO: Key Details Ahead of the ₹2,830.40 Cr Issue LaunchRead MoreMore on IPOs
Navigate your way to other IPO resources
Latest videos on IPOs
IPO highlights & details!
FAQs on IPO
Get answers to all your questions here!
The IPO opens on 09 Sept 2026 & closes on 11 Sept 2026.
Manipal Payment & Identity Solution Limited was incorporated as 'MCT Cards & Technology Private Limited' on February 19, 2008, at Karnataka, India, as a private limited company under the Companies Act, 1956. Subsequently, the Company was converted into a public limited company and the name of the Company was changed to 'MCT Cards & Technology Limited', and a fresh certificate of incorporation dated June 28, 2024 was issued by the Central Processing Centre, Manesar, Gurugram, Haryana. Thereafter, the name was changed to 'Manipal Payment and Identity Solutions Limited'dated August 23, 2024 issued by the Registrar of Companies, Central Processing Centre, Manesar. The Company is the largest manufacturers of payment cards, both globally and in India.
The Company provide payments solutions, identifications solutions, secure solutions, and smart tagging and internet of things (IOT) solutions to banks, fintechs, NBFCs and governments across the domestic and international jurisdictions. It operates a card manufacturing facility in Manipal, with card personalization facilities and multiple printing and processing units located across the world.
The Company commenced offering magstripe cards during 2009. Since 2012, Company has been one of the leading card payment technology enablers in India, having played a vital role in the transition of technology for payment cards from magstripe cards to chip-embedded cards for major card networks. In 2013, it commenced providing chip-embedded cards, commenced offering instant issuance solutions through offering account opening kiosks and debit card printing kiosks in 2016 and contactless chip cards in 2017.
In 2019, the Company launched polycarbonate specification based smart cards for driving licences and registration certificates to a government transport department, commenced Rupay metal cards in FY22, launched rPVC Rupay card in 2024, supplied driving licenses and registration certificates to the Transport Commissioner Office, Maharashtra in 2024.
The Company acquired the VDP Division of Manipal Technologies Limited as a going concern basis via its slump sale on March 31, 2024.
The Company has filed a Draft Red Herring Prospectus with the SEBI & is planning for IPO by raising funds of Rs 320 crore through fresh issue and by allotting 14,306,785 equity shares of Rs 2 each through offer for sale on September 11, 2026.
Manipal Payment and Identity Solutions Ltd IPO will close on 11 Sept 2026.
- We were among the largest manufacturers of payment cards, both globally and in India in Fiscal 2026.
- We have long-standing relationships with marquee customers.
- We have expansive product portfolio, powered by innovation, offering comprehensive solutions.
- We have technology-driven facilities and operations, with a focus on security compliance.
- We have experienced management team with committed employee base, backed by the Manipal Group.
| S.No | Promoters Name | Pre Issue Shares | Pre Issue Percentage | Post Issue Shares | Post Issue Percentage |
|---|---|---|---|---|---|
| 1 | Manipal Technologies Limited | 139302995 | 61.55 | 124996210 | 53.92 |
- The company's top 10 customers accounted for 58.67%, 60.98% and 62.51% of its revenue from operations in Fiscals 2026, 2025 and 2024, respectively. Loss of any of the company's key customers, or reduction in revenue earned from such key customers, may have an adverse effect on its business, financial condition and results of operations.
- Purchases from the company's top 10 suppliers accounted for 56.05%, 62.29% and 59.69% of its total purchases in Fiscals 2026, 2025 and 2024, respectively. The company relies on the timely supply of different raw materials for manufacturing, personalizing and printing the company's products. Its business could be adversely affected if the company's suppliers fails to meet their delivery obligations or raise their prices.
- The company generates a significant portion of its revenues from sale of cards manufactured by it. Any adverse developments affecting this vertical may adversely affect the company's business, results of operations, financial condition, and cash flows.
- The company's Promoter, Tonse Gautham Pai and Primacy Industries Private Limited ("PIPL"), one of its Group Companies and an entity forming part of the members of the company's Promoter Group, have provided personal and corporate guarantees, respectively, in relation to financing arrangement availed by MVP Group International Inc., one of the members of its Promoter Group. The invocation of such guarantees and involvement of the company's Promoter and PIPL pose a material risk to its business operations, reputation and financial condition.
- The company's planned acquisition of second-hand equipment as part of the Objects of the Offer carries inherent operational, efficiency and financial risks.
- In order to be registered with payment networks such as MasterCard and RuPay, the company is required to comply with extensive security requirements. Failures to comply with such security requirements may lead to revocation of its registration, which may adversely affect the company's business, financial condition, results of operations and cash flows.
- The company's Promoter, Tonse Gautham Pai, has provided guarantees in connection with its borrowings. The company's business, financial condition, results of operations and prospects may be adversely affected by the revocation of all or any of the guarantees provided by the company's Promoter in connection with its borrowings.
- There have been instances of non-compliance with rules and regulations framed by the RBI, in relation to issuances of securities of the Company, particularly in relation to delay in reporting requirements and refund of excess share application amount. The company has filed a compounding application with the RBI and has received a compounding order. The company cannot assure you that any regulatory proceedings or actions will not be initiated against it in the future and its will not be subject to any penalty imposed by regulatory authorities.
- The company enters into certain related party transactions in the ordinary course of its business and the company cannot assure you that such transactions will not have an adverse effect on its results of operation and financial condition.
- Any slowdown, system outages, or disruption in the company's manufacturing operations, personalization bureaus and printing facilities could have an adverse impact on its business operations and financial performance.
- The company's contracts with customers subject it to extensive compliance requirements. Failures to comply with the terms of these contracts may lead to actions against it for such breach, including termination of such contracts, which may adversely affect the company's business, financial condition and results of operations.
- Breaches in the security of its systems may adversely affect the company's business, financial condition and results of operations.
- The company depends on The Manipal Group, including its brand and recognition, for the company operations. Any change in its relationship with The Manipal Group could adversely affect the company operations and its ability to retain and expand the company's customer base.
- The company's ability to access capital at attractive costs depends on its credit ratings. Non-availability of credit ratings or a poor rating may restrict the company's access to capital and thereby adversely affect its business and results of operations.
- Under-utilization of the company's manufacturing facilities, personalization bureaus and printing facilities could have an adverse effect on its business, results of operations and financial condition.
- The company has not yet placed orders in relation to the capital expenditure to be incurred for certain of its proposed objects of the Offer. In the event of any delay in placing the orders, or in the event the vendors are not able to provide the requisite equipment in a timely manner, or at all, the same may result in time and cost over-runs.
- The company imports a substantial portion of its raw material requirements. Cost of imports of raw materials in Fiscals 2026, 2025 and 2024 amounted to 49.56%, 43.70% and 51.70%, respectively, of the company's total purchases. In addition, its exports the company's products to international markets and revenues from exports during the Fiscals 2026, 2025 and 2024 amounted to 7.21%, 4.33% and 1.41%, respectively, of the company's revenue from operations. Its inability to handle risks associated with import and export of products could affect the company's business and revenue from operations.
- The company's Registered and Corporate Office and a majority of its manufacturing facilities, personalisation bureaus, printing facilities and warehouses are located on leased premises. The company cannot assure you that the lease deeds governing its premises will be renewed upon expiry or that the company will be able to obtain other premises on same or similar commercial terms.
- The company is unable to trace some of its historical corporate records including in relation to certain allotments made by the Company. Further, certain corporate filings have been made with delays. Its cannot assure you that no legal proceedings or regulatory actions will be initiated against the Company in the future in relation to these matters, which may impact the company's financial condition and reputation.
- There are outstanding legal proceedings involving it, the company's Directors and its Promoters. Any adverse outcome in such proceedings may have an adverse impact on its reputation, business, financial condition, results of operations and cash flows.
- Delay/default in payment of statutory dues may attract penalties and in turn have a material adverse impact on the company's financial condition.
- The company has completed the acquisitions of variable data printing and smart tagging and internet of things solutions, along with holograms, coated products, and other security printed products businesses of one of its Promoters, Manipal Technologies Limited, and the company may pursue other strategic acquisitions for inorganic growth in the future. The company may not be able to integrate these acquisitions, or may be faced with operating difficulties due to such integration, which could adversely affect its business, financial condition, cash flows and results of operations.
- The company is subject to laws and regulations globally, including those related to data privacy, data protection, information security, consumer protection and industry specifications in other countries, and is exposed to business risks associated with international operations.
- Five of the company's 10 facilities are located in the state of Karnataka in India. Any adverse developments affecting this region could have an adverse effect on its business, results of operations, financial condition and cash flows.
- The industries the company operates in are subject to various threats and challenges. Failures to respond to such threats and challenges could adversely affect its results of operations, financial condition and cash flows.
- New and developing technology solutions and products could make the company's existing solutions and products obsolete or irrelevant, and if the company is unable to introduce new products and services in a timely manner, its business could be adversely affected.
- The company's intellectual property rights may be difficult to enforce and protect, which could enable others to copy or use aspects of its technology without compensating it, thereby eroding the company's competitive advantages.
- Implementation of the company's growth strategies is subject to various risks and uncertainties. Its inability to grow the company operations or execute such strategies could adversely affect its business, financial condition and results of operations.
- As of March 31, 2026, the company has contingent liabilities which have not been provided for in its financial statements and could adversely affect the company's financial condition.
- The company undertakes projects, such as the production of identity solutions and cards, and printing of excise stamps, for central and state governments. Any change in policies, eligibility conditions, or transition towards solutions the company does not offer could have an impact on its revenue, results of operations and financial condition.
- The company participates in public tenders for supplying its products and solutions, following which the company enters into master agreements with the relevant counterparties. Its ability to negotiate the terms on which the company provides these products and solutions may be limited.
- The company is dependent on third party transportation providers for the delivery of its products to the end customers. Any disruptions in logistics and transportation or significant increase in freight charges could adversely affect the company's business, financial condition and results of operations.
- The financial payment card industry may be subject to pricing pressure as a result of card issuers seeking to reduce their expenses, which could have an adverse effect on the company's business, cash flows, results of operations and financial condition.
- The company may experience software defects, which could harm its business and expose it to potential liability.
- The company's business may be adversely affected by costs relating to product defects, and its could be faced with product liability and warranty claims.
- The company operations are dependent on adequate and uninterrupted external supply of power and water. Any disruption or shortage in power or water may lead to disruption in operations, higher operating cost and consequent decline in the company operating margins.
- The company's inability to accurately forecast demand for its products, manage the company's working capital balances, or its inability to collect receivables in a timely manner may have an adverse effect on the company's business, results of operations, cash flows and financial condition.
- The company faces competition that may result in a loss of its market share and/or a decline in the company's profitability.
- The company has incurred indebtedness and an inability to comply with repayment and other covenants in the company's financing agreements could adversely affect its business and financial condition. Further, certain of the company's financing agreements involve variable interest rates and an increase in interest rates may adversely affect its results of operations and financial condition.
- Its may not be able to sustain the historical growth the company has experienced in its business and revenue from operations.
- The company's peer company may have better KPIs than it, and the company cannot assure you that its will be able to compete effectively or improve the company's KPIs in future.
- Significant differences exist between Ind AS used to prepare the company's financial information and other accounting principles, such as U.S. GAAP and IFRS, which investors may be more familiar with and may consider material to their assessment of its financial condition.
- The company is subject to environmental, health and safety laws, regulations and standards. Non-compliance with and adverse changes in health, safety, labour, and environmental laws and other similar regulations applicable to its operations may adversely affect the company's business, results of operations and financial condition.
- The company is required to obtain, renew and maintain statutory and regulatory permits, licenses and approvals to operates its business, and any delay or inability in obtaining, renewing or maintaining such permits, licenses and approvals could result in an adverse effect on the company's results of operations.
- If the company is unable to establish and maintain an effective internal controls and compliance system, its business and reputation could be adversely affected.
- Information relating to the installed production capacity and capacity utilization for the company's products included in this Red Herring Prospectus are based on various assumptions and estimates and future production and capacity may vary.
- Any disruption to the steady and regular supply of workforce for the company operations could adversely affect its business, cash flows and results of operations.
- The company is dependent on a number of key personnel, including its Individual Promoter, the company's Key Managerial Personnel and members of the Senior Management, and the loss of or its inability to attract or retain such persons could adversely affect the company's business, results of operations, financial condition and cash flows.
- Industry information included in this Red Herring Prospectus has been derived from an industry report exclusively commissioned and paid for by the company in connection with the Offer.
- The company's insurance cover may not be adequate or its may incur uninsured losses or losses in excess of the company's insurance coverage which could adversely affect its results of operations and financial condition.
- Negative publicity against it, the company's Promoters, Promoter group, its suppliers, the company's customers or any of its or their affiliates could cause it reputational harm and could have a material adverse effect on the company's business, financial condition, results of operations and prospects.
- The average cost of acquisition of Equity Shares by the Promoter Selling Shareholder, could be lower than the floor price of the Price Band.
- The company has issued Equity Shares during the preceding 12 months at prices that may be lower than the Offer Price.
- The Company will not receive any proceeds from the Offer for Sale.
- The company's Promoters and Promoter Group will continue to exercise significant influence over it after completion of the Offer.
- The company's Promoters, certain of its Directors, senior management and Key Managerial Personnel are interested in the Company's performance in addition to their remuneration and reimbursement of expenses.
- The company's Promoters, Directors, Key Managerial Personnel, members of the Senior Management and other key executives of the Company may enter into ventures that may lead to real or potential conflicts of interest with its business. Further, conflicts of interest may arise out of common business objects between the Company and Group Companies.
- The company has in this Red Herring Prospectus included certain non-GAAP financial measures and certain other industry measures related to its operations and financial performance. These non-GAAP measures and industry measures may vary from any standard methodology that is applicable across the industries in which the company operates, and therefore may not be comparable with financial or industry related statistical information of similar nomenclature computed and presented by other companies.
- The company's customers or vendors may engage in transactions in or with countries or persons that are subject to United States and other sanctions.
- The Offer Price, market capitalization to revenue from operations multiple and price to earnings ratio based on the Offer Price of the Company, may not be indicative of the market price of the Equity Shares on listing.
- The company's funding requirements and proposed deployment of the Net Proceeds are based on management estimates and may be subject to change based on various factors, some of which are beyond its control. Further, any variation in the utilization of the Net Proceeds would be subject to certain compliance requirements, including prior shareholders approval.
- Some of the company's Directors may not have prior experience as directors of companies listed on recognized stock exchanges in India.
The Issue type of Manipal Payment and Identity Solutions Ltd is Book Building.
The minimum application for shares of Manipal Payment and Identity Solutions Ltd is 44.
The total shares issue of Manipal Payment and Identity Solutions Ltd is 23746313.
Initial public offering of up to 23,746,313 equity shares of face value of Rs. 2 each (the "Equity Shares") of Manipal Payment and Identity Solutions Limited (Formerly Known as MCT Cards & Technology Limited) ("The Company" or the "Issuer") for cash at a price of Rs. 339 per equity share (including a premium of Rs. 337 per equity share) (the "Offer Price") aggregating up to Rs. 805 Crores comprising a fresh issue of up to 9,439,528 equity shares aggregating up to Rs. 320 Crores (the "Fresh Issue") by the company and an offer for sale of up to 14,306,785 equity shares (the "Offered Shares") aggregating up to Rs. 485 Crores (the "Offer For Sale", and together with the fresh issue, the "Offer") by the promoter selling shareholder.
Price Band: Rs. 339 per equity share of face value of Rs. 2 each.
The floor price 169.50 times the face value of the equity shares, respectively.
Bids can be made for a minimum of 44 equity shares of face value of Rs. 2 each and in multiples of 44 equity shares of face value of Rs. 2 each thereafter.