Manipal Health Begins Investor Meetings For USD 1.1 Billion IPO Amid Slow Market

Temasek-backed Manipal Health Enterprises Ltd has started meeting institutional investors for its proposed USD 1.1 billion initial public offering (IPO), according to people aware of the development. The company expects approval from the Securities and Exchange Board of India (SEBI) in the coming weeks and may launch the issue between late June and mid-July.

Manipal Health IPO comes at a time when India’s primary market has slowed sharply amid volatility linked to the West Asia conflict. Several companies have delayed large offerings as foreign flows into emerging markets weakened.

About Manipal Health IPO

Manipal Health, which competes with Apollo Hospitals Enterprise Ltd and Aster DM Healthcare Ltd, plans to raise up to ₹8,000 crore through the fresh issue of shares. Existing investors will also sell more than 43.2 million shares in the offer.

The Bengaluru-based hospital chain filed its draft red herring prospectus (DRHP) on 23 March. The IPO is expected to value the company at around USD 8-8.5 billion. A large portion of the fresh capital raised through the IPO is expected to go toward repaying debt linked to the acquisition of Sahyadri Hospitals last year.

Manipal Hospitals had acquired the Sahyadri chain for around ₹6,400 crore using a line of credit from KKR & Co.’s insurance business.

Acquisitions Over The Years

The company has expanded aggressively through acquisitions over the past five years. Its expansion gathered pace after it bought Columbia Asia’s India operations for ₹2,100 crore and Vikram Hospital for ₹350 crore in 2021. Later, it acquired:

• Controlling stakes in AMRI Hospitals for around ₹2,300 crore in 2023.

• Medica Synergie for up to ₹1,400 crore in 2024.

• Sahyadri Hospitals from the Ontario Teachers' Pension Plan for around ₹6,400 crore in 2025.

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Temasek Increased Its Holding In 2023

In April 2023, Temasek Holdings bought a 41% stake in Manipal Health for more than USD 2 billion. The deal valued the company at nearly USD 4.8 billion, or about ₹40,000 crore. According to a report, Manipal Health’s:

• Consolidated revenue rose 34% year-on-year (YoY) to ₹8,242 crore in FY25.

• Revenue stood at ₹4,721 crore in the first half of FY26.

• Earnings before interest, taxes, depreciation, and amortisation (EBITDA) increased to ₹2,127 crore in FY25 from ₹1,683 crore a year earlier. The company reported an EBITDA of ₹1,251 crore in the first half of FY26.

Manipal Health operated 49 multi-specialty hospitals with nearly 12,600 operating beds across India at the end of 2025.

Source:

Livemint