Manipal Health Enterprises IPO

About Manipal Health Enterprises IPO

The Manipal Health Enterprises IPO, a mainboard IPO, opens on Wednesday, July 29, 2026 and closes on Friday, July 31, 2026. The allotment of shares will take place on Monday, August 3, 2026. The credit of shares to the demat account will take place on Tuesday, August 4, 2026. The initiation of refunds will take place on Tuesday, August 4, 2026. The listing of shares will take place on Wednesday, August 5, 2026.

The equity shares offered through the IPO are proposed to be listed on the BSE and the NSE.

The offer consists of both a fresh issue and an offer for sale component. The fresh issue will include 13,55,93,220 shares aggregating up to ₹8,000 crores. The offer for sale portion includes 2,16,13,834 shares aggregating up to ₹1,275 crores. The total number of shares and aggregate amount are 15,72,07,054 shares aggregating up to ₹9,275 crores.

Manipal Health Enterprises IPO's price band is set at ₹560 to ₹590 per share. The lot size for an application is 25. The minimum amount of investment required by a retail investor is ₹14,750 (25 shares) based on the upper price band.

The company operates a pan-India network of multispecialty hospitals delivering care from out-patient consultations to complex tertiary and quaternary interventions.

Objectives of Manipal Health Enterprises IPO

• Repayment or prepayment, in full or in part, of certain outstanding borrowings and accrued interest thereon availed by its material subsidiary, Manipal Hospitals Private.
  
• Acquisition of a minority stake in its stepdown subsidiary, Sahyadri Hospitals Private.
  
• General corporate purposes.
  

Industry Outlook

The Indian healthcare delivery market was valued at approximately ₹7.0 trillion in fiscal 2025. Growth was supported by higher demand for routine medical treatment, elective surgery, and out-patient services, with critical care, oncology, neurology, and orthopaedics expected to carry their post-pandemic momentum into fiscal 2026. In-patient departments accounted for 71–72% of market value in fiscal 2025. Out-patient footfalls are larger in volume, but in-patient care contributes the bulk of hospital revenue.

CRISIL projects the market to expand at a CAGR of 10–12% between fiscals 2025 and 2030, reaching ₹11.2–12.2 trillion. In-patient care is expected to grow faster, at 10.5–12.5%, against 8–10% for out-patient care. Rising incidence of non-communicable diseases is a primary driver. Lifestyle related ailments, growing medical tourism, rising incomes, and changing demography supply further structural support.

Private providers dominate delivery in India. Their share of treatments by value is expected to rise from 64% in fiscal 2020 to approximately 69% in fiscal 2030, as government facilities remain overburdened and the Pradhan Mantri Jan Arogya Yojana expands covered demand.

About Manipal Health Enterprises

As of September 30, 2025, the Company operated 38 hospitals with 10,761 licensed beds across 14 states and union territories, or 48 hospitals with 12,367 licensed beds on a pro forma basis. It is the largest pan-India multispecialty hospital network by bed capacity and the second largest hospital chain by number of hospitals. In November 2025 it commenced operations at its 49th hospital in Bengaluru, Karnataka. Licensed capacity stood at 12,631 beds as of December 31, 2025.

Clinical activity is concentrated in cardiac sciences, oncology, neurosciences, gastro sciences, orthopaedics, and renal sciences, together described as CONGO-R. These six specialties contributed 62.56% of gross in-patient revenue in Fiscal 2025. Across its three key regions the Company held 6,040 licensed beds in Karnataka, 2,188 across Maharashtra and Goa, and 2,887 across West Bengal, Odisha, Jharkhand, and Sikkim as of September 30, 2025 on a pro forma basis. Bengaluru, Kolkata, and Pune are its three metro strongholds, with 5,012 licensed beds between them on a pro forma basis. The network served 7.19 million patients in Fiscal 2025 on a pro forma basis. It had 11,058 doctors available to provide services across its hospitals as of September 30, 2025 on a pro forma basis, and 24,203 full-time employees on the same basis.

Strengths of Manipal Health Enterprises

• India’s largest multispecialty hospital group by bed capacity with a pan-India presence and leadership across three key regions.
• The only private hospital chain in India with leadership in three metros, Bengaluru, Kolkata and Pune, alongside a balanced presence across metro and non-metro markets.
• Widely recognized brand and preferred healthcare network for patients, doctors and healthcare professionals.
• Advanced infrastructure and medical equipment with a strong focus on clinical excellence.
• Proven track record of industry-leading growth supported by strong profitability and operational efficiency.
• Repeatable acquisition strategy for integrating and scaling hospitals to improve access to quality healthcare.

Risks of Manipal Health Enterprises

• Karnataka contributed 51.55% of revenue from operations in Fiscal 2025, so any disruption at those hospitals or an adverse state policy change would strike a majority of the revenue base.
• In-patient care generates most of the revenue, and any fall from the 67.09% occupancy recorded in Fiscal 2025 would leave hospital fixed costs uncovered and compress profit margins.
• CONGO-R specialties generated 62.56% of gross in-patient revenue in Fiscal 2025, concentrating earnings in six clinical areas exposed to shifting patient demand and alternative treatments.
• Medical negligence complaints, police investigations, and regulatory notices against its doctors and hospitals could result in damages, licence action, and reputational loss that reduces patient volumes.
• The Company has grown through acquisitions including Sahyadri Hospitals Private between October 2025 and December 2025, and a failure to integrate acquired hospitals would leave the expected cost and clinical synergies unrealised.
• Price controls under the Drugs (Prices Control) Order, 2013 and related state-level pricing reforms limit what the Company can charge for medicines, devices, and procedures, capping realisation per patient.

Anchor Investor Bidding Date: TBA

IPO Registrar
KFin Technologies Limited
Phone: 040-79615565
E-mail: manipal.ipo@kfintech.com

Book Running Lead Managers:

• Kotak Mahindra Capital Company Limited
  
• Axis Capital Limited
  
• Goldman Sachs (India) Securities Private Limited
  
• Jefferies India Private Limited
  
• J.P. Morgan India Private Limited
  
• UBS Securities India Private Limited
  
• DBS Bank India Limited
  

Manipal Health Enterprises Contact Details
The Annexe, #98/2, Rustom Bagh, HAL Airport, Road, Bengaluru
560 017, Karnataka, India.
Email: legalcs@manipalhospitals.com
Phone: +91 80 4936 0300

Manipal Health Enterprises Business Model

The company earns its revenue through in-patient and out-patient clinical services delivered across its hospital network, billed either directly to patients or to third-party payors. Insurance companies and third-party administrators accounted for 49.18% of gross in-patient revenue in Fiscal 2025, cash-paying patients for 31.20%, government schemes for 13.41%, and corporate payors and international patients for the remaining 6.21%.

Realisation is driven by case mix, with tertiary and quaternary CONGO-R procedures priced above routine care. Average revenue per occupied bed was ₹63,312.23 per day in Fiscal 2025, against an average length of stay of 2.88 days and occupancy of 67.09%. Growth capital is deployed through brownfield bed additions at existing hospitals, greenfield projects, and acquisitions of regional hospital chains that are then brought onto standardised clinical protocols, deepened CONGO-R programmes, and common operating practices.

Manipal Health Enterprises Growth Trajectory

Manipal Health Enterprises Limited's Total Income for FY25 was ₹8,362.79 crores, whereas in FY24 and FY23 it was ₹6,265.17 crores and ₹4,927.57 crores, respectively. The Profit After Tax for FY25 was ₹1,081.67 crores, whereas in FY24 and FY23 it was ₹533.20 crores and ₹414.20 crores, respectively.

Their EBITDA for FY25 was ₹2,261.02 crores, whereas in FY24 and FY23 it was ₹1,596.98 crores and ₹1,228.24 crores, respectively.

Manipal Health Enterprises Market Position

The Company operated 48 hospitals with 12,367 licensed beds across 14 states and union territories as of September 30, 2025 on a pro forma basis. Bed capacity is split 45.11% metro and 54.89% non-metro on a pro forma basis, giving it reach into referral catchments around Bengaluru, Kolkata, and Pune, including Kolar and Tumkur, Bardhaman and Howrah, and Ahilyanagar and Sambhajinagar. It served 7.19 million patients in Fiscal 2025 on a pro forma basis, with 24,203 full-time employees as of September 30, 2025 on the same basis.

As of 31 March 2025, the company's Total Income, Profit After Tax, and EBITDA were ₹8,362.79 crores, ₹1,081.67 crores, and ₹2,261.02 crores, respectively.

How to apply for Manipal Health Enterprises IPO?

• Step 1: Log in to your Kotak Neo Demat account to access IPO investments. Next, select the current IPO section.
• Step 2: Specify IPO details. Enter the number of lots and the price you wish to apply for.
• Step 3: Enter UPI ID. After entering your UPI ID, click submit. This will place your bid with the exchange.
• Step 4: Mandate Notification. Your UPI app will receive a mandate notification to block funds.
• Step 5: Approve Request. Your funds will be blocked once you approve the mandate request on your UPI.