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Manipal Health Enterprises Ltd is set to launch its Initial Public Offering (IPO) on July 29, aiming to raise up to INR 9,275 crore through a combination of a fresh issue and an offer for sale. The company has fixed a price band of INR 560–590 per share, valuing it at more than INR 77,600 crore at the upper end. A major portion of the fresh issue proceeds will be used to reduce debt and acquire a minority stake in Sahyadri Hospitals. The IPO will close on July 31, with the proposed listing expected around August 5.
Manipal Health Enterprises Ltd, one of India's leading hospital chains, will open its Initial Public Offering (IPO) on July 29 to raise up to INR 9,275 crore through a combination of a fresh issue of equity shares and an offer for sale (OFS).
The company has fixed the IPO price band at INR 560–590 per equity share. At the upper end of the price band, Manipal Health is valued at slightly over INR 77,600 crore.
According to the public announcement released on Friday, the Bengaluru-headquartered company plans to raise up to INR 8,000 crore through a fresh issue of equity shares. In addition, existing shareholders will sell up to 2.16 crore equity shares through the offer for sale.
The OFS includes stake sales by promoters Imperius Healthcare Investments Pte. Ltd. and Manipal Education and Medical Group India Pvt. Ltd., along with investors TPG SG Magazine Pte. Ltd., Seventy Second Investment Company LLC, Ammar Sdn Bhd, Novo Holdings Invest Asia and Phoenix Bear Investments, LLC.
The company has earmarked around INR 5,378 crore from the fresh issue proceeds to repay or prepay borrowings of its subsidiary, Manipal Hospitals Pvt. Ltd. It also plans to utilise approximately INR 574 crore to acquire the minority stake in its step-down subsidiary, Sahyadri Hospitals Pvt. Ltd. The remaining funds will be used for general corporate purposes.
The three-day public issue will remain open until July 31, while the anchor investor portion is scheduled to open on July 28.
Based on the final issue price, the total IPO size is estimated at around INR 9,275 crore at the upper end of the price band and approximately INR 9,210 crore at the lower end.
Manipal Health operates a pan-India network of multispecialty hospitals, providing services across the healthcare spectrum, from outpatient treatment to tertiary and quaternary care. The company has expanded its presence over the years through acquisitions and organic growth, making it one of India's largest private hospital operators.
As of September 30, 2025, the company operated 38 hospitals, or 48 hospitals on a pro forma basis, with 10,761 licensed beds, or 12,367 beds on a pro forma basis, spread across 14 states and Union Territories.
The company further expanded its network after commencing operations at its 49th hospital in Bengaluru in November 2025, taking its licensed bed capacity to 12,631 as of December 31, 2025.
For the six months ended September 30, 2025, Manipal Health reported revenue from operations of INR 4,713 crore and a net profit of INR 571.8 crore, reflecting steady operational performance ahead of its public market debut.
Under the IPO allocation structure, up to 75 per cent of the issue has been reserved for Qualified Institutional Buyers (QIBs), 15 per cent for Non-Institutional Investors (NIIs) and 10 per cent for retail investors. Equity shares worth up to INR 15 crore have also been reserved for eligible employees, who will receive a discount of INR 56 per share.
Investors can bid for a minimum of 25 equity shares and in multiples thereafter.
The company's equity shares are proposed to be listed on the BSE and NSE on or around August 5. Axis Capital, Kotak Mahindra Capital Company, Goldman Sachs (India) Securities, Jefferies India, JP Morgan India, UBS Securities India and DBS Bank India are acting as the book-running lead managers for the issue, while KFin Technologies has been appointed as the registrar.
Source PTI
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