Manipal Payment and Identity Solutions Ltd, India's largest manufacturer of payment and identity cards, has filed draft red herring prospectus (DRHP) for its initial public offering (IPO) with the markets regulator through the confidential route, according to a report.

The company aims to raise around Rs 1,200 crore via the IPO, the Moneycontrol reported citing unidentified people. The IPO is expected to value the company at around Rs 12,000 crore, it added.

The IPO comprises of a mix of primary and secondary components. 

The promoters of Manipal Payment and Identity Solutions, led by the Gautam Pai family, hold a 60% stake in the company while the remaining is held by institutional and public shareholders including Nuvama Wealth Management, the report said. The promoters intend to retain a 51% stake in the company post listing, it added.

Incorporated in 2008, Manipal Payment and Identity Solutions, formerly MCT Cards and Technology, is owned 79.98% by Manipal Technologies Ltd, according to a Infomerics Ratings report last year.

Manipal Payment and Identity Solutions' reported a total operating income growth to Rs 1029.17 crore in FY24 as compared to Rs 745.59 crore in FY23. Its net profit increased to Rs 182.91 crore in FY24 versus Rs 66.92 crore in the previous financial year, as per the Infomerics report.

In May, another fintech company Groww filed its DRHP with the Securities and Exchange Board of India (SEBI) through the confidential route. Last month, Pine Labs also filed draft papers for its IPO. Another fintech company PhonePe is expected to file the draft papers for its IPO by the end of next month.