Manipal Health Gets SEBI Nod For IPO, Eyes July-End Stock Market Debut

Temasek-backed Manipal Health Enterprises has received approval from the Securities and Exchange Board of India (SEBI) for its proposed initial public offering (IPO) and is targeting a stock market listing by the end of July, according to people familiar with the matter.

The company is expected to file an updated draft red herring prospectus (DRHP) shortly, the people said. The proposed IPO is likely to be close to $1 billion, although the final issue size could change based on market conditions and ongoing discussions with investors, they added.

The planned listing comes as activity in India's equity capital markets begins to pick up after a relatively slow start to 2026. If completed as planned, the issue would rank among the country's largest healthcare IPOs and could become India's first billion-dollar public offering this year.

Valuation Target, Issue Structure

People familiar with the matter said Manipal Health is targeting a valuation of $10 billion to $13 billion. However, they added that the final valuation has not been decided.

The IPO will include both a fresh issue of shares and an offer for sale (OFS) by existing investors. A fresh issue allows the company to raise capital for its own use, while the OFS enables existing shareholders to sell part of their holdings.

Manipal Health Enterprises, one of India's largest private hospital operators, had filed its draft IPO papers with SEBI earlier this year.

Among India's Largest Hospital Operators

The proposed Manipal Health Enterprises IPO marks an important milestone for the company, which operates one of the country's largest private hospital networks.

The offering is expected to strengthen the pipeline of large public issues in India's healthcare sector at a time when companies are returning to the primary market. The final size of the IPO and valuation could still change before the issue opens, depending on investor demand and market conditions, the people said.

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Lead Managers

According to the draft red herring prospectus, the book-running lead managers for the IPO are:

• Kotak Mahindra Capital

• Axis Capital

• Goldman Sachs

• Jefferies

• JPMorgan

• UBS

• DBS Bank

If the transaction goes ahead on the current timeline, it would be among the biggest healthcare IPOs in India and one of the largest public offerings to hit the domestic market this year, according to people familiar with the matter.