Manipal Health IPO: ₹9,275 Crore Issue Opens Today After ₹4,167 Crore Anchor Round

Manipal Health Enterprises raised ₹4,167 crore from anchor investors on Tuesday, allotting 7.06 crore equity shares to 133 investors at ₹590 per share, the upper end of its price band, ahead of its ₹9,275 crore initial public offering (IPO) opening today (29 July).

The anchor book drew a strong mix of sovereign wealth funds, global asset managers, domestic mutual funds and insurance companies, reflecting broad institutional confidence in the listing.

With the Manipal Health Enterprises IPO now open for subscription, investors will watch the response from retail, non-institutional and qualified institutional buyers over the next few days.

Who Got Allocations

Global investors in the anchor round included:

• Abu Dhabi Investment Authority

• Government Pension Fund Global

• Morgan Stanley Asia

• Allianz Global Investors Fund

• Templeton Emerging Markets Fund

• Natixis International Fund

• Societe Generale

• Goldman Sachs Bank Europe

• Fidelity Blue Chip Growth K6 Fund

• Fullerton Alpha Asia Focus Equities Fund

Domestic mutual funds collectively received 40.01% of the anchor portion, with 21 fund houses participating through 55 schemes. Domestic participants included ICICI Prudential, Kotak, HDFC, Mirae, Aditya Birla Sun Life and UTI mutual funds. The Nomura India Investment Fund Mother Fund received the highest individual allocation at 3.83%.

IPO Structure And Key Dates

• Price band: ₹560 to ₹590 per share

• Total issue size: Approximately ₹9,275 crore at upper band

• Fresh issue: ₹8,000 crore

• Offer for sale: Up to 2.16 crore shares by existing shareholders

• Minimum lot: 25 shares, costing ₹14,750 at upper band

• Employee reservation: Up to ₹15 crore with ₹56 discount per share

• Subscription window: 29 July to 31 July 2026

• Allotment: On or about 03 August

• Listing on BSE and NSE: On or about 05 August 2026

How Proceeds Will Be Used

• Repayment of borrowings at subsidiary Manipal Hospitals Private Limited: ₹5,552.7 crore.

• Acquisition of minority stake in Sahyadri Hospitals Private Limited: ₹574 crore.

• General corporate purposes: Remainder.

About The Company

Manipal Health is India's largest pan-India multispecialty hospital network by bed capacity and the second-largest by number of hospitals as of March 2026. The company operates 49 hospitals with 13,037 licensed beds across 14 states and Union Territories.

Financial Snapshot

• FY26 total income: ₹10,520.52 crore, up 26% year-on-year (YoY).

• FY26 EBITDA: ₹2,795.94 crore, up from ₹2,247.07 crore.

• FY26 profit after tax: ₹916.52 crore, down from ₹1,081.67 crore due to higher expenses.

• H1FY26 revenue: ₹4,713 crore.

• H1FY26 net profit: ₹571.8 crore.

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

Axis Capital, Kotak Mahindra Capital, Goldman Sachs India Securities, Jefferies India, JP Morgan India, UBS Securities India and DBS Bank India are the book-running lead managers. KFin Technologies is the registrar.

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