India, Oct. 3 -- "Whenever a new IPO comes up, the first thing many of us check is who else is holding the stock. Big names give some comfort, that's fair. But a name alone doesn't tell you much, you need to see when they bought, what they paid, and what the business looks like underneath. So let's go through the filing step by step, keeping it simple.

Manipal Payment and Identity Solutions is part of the Manipal Group, which started in 1948 as a printing business. It makes payment cards including credit, debit and metal cards, plus driving licences, ID cards, cheques and secure printing. In FY26 it had an estimated 36.4% share in credit cards and 30.9% in debit cards, as per the industry report in the prospectus. It runs 10 facilities ...