• IPO proceeds deployment: The company is raising ₹320 crore in fresh issue proceeds, allocating ₹235 crore toward capacity expansion across metal cards, exports, tax stamps, and RFID over three years, alongside ₹85 crore for general corporate purposes.
• Market position: Manipal holds over 31% domestic card market share and more than 36% in credit cards, targeting at least 24% blended growth in India driven by transit open-loop cards, metal cards, and identity solutions.
• Capacity expansion plans: Capex investments over the next three years are aimed at approximately doubling capacity for both traditional and metal cards, while scaling project-based tax stamp and retail RFID businesses.
• Global export strategy: Exporting to 16 countries with five overseas subsidiaries and two foreign manufacturing sites, the company plans to leverage its proprietary chip software and India-based cost efficiencies to expand into larger international markets.
• Margin expansion drivers: EBITDA margins expanded from around 26% to 32%, driven by operational leverage, in-house chip innovation, and higher-margin contributions from metal cards, tax stamps, and export markets.