Manipal Health Enterprises IPO Opens 29 July At ₹560-₹590; Market Cap Valued At ₹77,607 Crore

Manipal Health Enterprises, the Bengaluru-based operator of the Manipal Hospitals network, has fixed a price band of ₹560 to ₹590 per share for its maiden public issue. The initial public offering (IPO) opens on 29 July, with the anchor book available for one day on 28 July.

The issue closes on 31 July. Share allotment is expected to be finalised by 3 August, with the stock set to list on the exchanges on 5 August. At the upper end of the price band, the company's market capitalisation would stand at approximately ₹77,607 crore, below the earlier planned valuation of around ₹1 lakh crore.

Issue Structure

The total issue size of Manipal Health Enterprises IPO is ₹9,275 crore, comprising a fresh issue of ₹8,000 crore and an offer for sale (OFS) of 2.16 crore equity shares worth ₹1,275.2 crore. The OFS size has been reduced from the 4.32 crore shares originally proposed in the draft red herring prospectus (DRHP) filed in March 2026.

Selling shareholders in the offer for sale include promoter entities Imperius Healthcare Investments and Manipal Education and Medical Group India, alongside investors TPG SG Magazine, Seventy Second Investment Company, Ammar Sdn Bhd, Novo Holdings Invest Asia and Phoenix Bear Investments.

Shares worth ₹15 crore have been reserved for eligible employees, who will receive them at a discount of ₹56 per share to the final offer price. The minimum bid size for other investors is 25 equity shares, with bids in multiples of 25 thereafter.

Use Of Proceeds

Of the fresh issue proceeds, ₹5,378 crore will go towards repaying outstanding borrowings. A further ₹574 crore is earmarked for the acquisition of a minority stake in step-down subsidiary Sahyadri Hospitals. The remainder will be used for general corporate purposes.

About The Company

Backed by Singapore's Temasek and Dr Ranjan Pai, Manipal Health Enterprises describes itself as the largest pan-India multispecialty hospital network by bed capacity and the second largest by number of hospitals. The network operates 49 hospitals with more than 12,600 beds across over 24 cities.

Kotak Mahindra Capital, Axis Capital, Goldman Sachs India, Jefferies India, JP Morgan India, UBS Securities India and DBS Bank India are managing the issue as merchant bankers.

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