Manipal Health Enterprises IPO

Manipal Health Enterprises Ltd., India's largest private hospital chain by licensed bed capacity, launched its Rs 9,275-crore initial public offering on July 29, 2026. The IPO comprises a fresh issue of Rs 8,000 crore and an offer for sale of Rs 1,275.2 crore by existing shareholders including promoters Imperius Healthcare Investments and Manipal Education and Medical Group India, as well as investors TPG Inc., Seventy Second Investment Company, Ammar Sdn Bhd, Novo Holdings, and Phoenix Bear Investments. The price band is set at Rs 560-590 per share, valuing the company at over Rs 77,600 crore at the upper end. The company raised Rs 4,167 crore from anchor investors including United Arab Emirates — Abu Dhabi Investment Authority, Allianz — Allianz Global Investors, Morgan Stanley, BPCE Group, Société Générale, and Goldman Sachs. Proceeds from the fresh issue will be used to repay borrowings of its subsidiary Manipal Health Enterprises (Rs 5,378 crore) and acquire a minority stake in Sahyadri Hospitals (Rs 574 crore). The IPO closes on July 31, with listing on BSE and NSE expected on August 5. On day one, the IPO was subscribed 1% overall, with retail investors subscribing 3% and employees 7%. The grey market premium stood at Rs 10-25, indicating modest listing gains. Manipal Health operates 49 hospitals with over 12,600 beds across 14 states, and reported revenue of Rs 4,713 crore and net profit of Rs 571.8 crore for the six months ended September 2025.