Manipal Health Enterprises Receives SEBI Nod For ₹8,000 Crore IPO

Manipal Health Enterprises has secured regulatory approval from the Securities and Exchange Board of India (SEBI) for its proposed initial public offering (IPO), moving the Bengaluru-based hospital chain closer to what could be one of the largest healthcare listings in India in recent years.

The company had filed its draft papers with the regulator on 25 March and received SEBI's final observations earlier this month.

How The Issue Is Structured

The Manipal Health Enterprises IPO combines a fresh equity issuance of up to ₹8,000 crore with an offer for sale (OFS) of up to 4.32 crore shares by promoters and existing investors.

Promoter entities Imperius Healthcare Investments and Manipal Education and Medical Group India are among the selling shareholders, alongside TPG SG Magazine, Seventy Second Investment Company, Ammar, Novo Holdings Invest Asia and Phoenix Bear Investments.

Before the public issue, Manipal Health may also carry out a pre-IPO placement of up to ₹1,600 crore. If completed, the fresh issue size will be reduced proportionately.

Where The Money Goes

The largest allocation from fresh issue proceeds, ₹5,378 crore, is earmarked for repaying or prepaying borrowings and accrued interest at its material subsidiary Manipal Hospitals.

A further ₹574 crore will go towards acquiring a minority stake in step-down subsidiary Sahyadri Hospitals. The remainder will be used for general corporate purposes.

The Business Behind The IPO

Manipal Health is one of India's largest private hospital operators. As of September 2025, it ran 38 hospitals, or 48 on a pro-forma basis, with 10,761 licensed beds across 14 states and union territories. It is one of India’s largest pan-India multispecialty hospital networks by bed capacity and the second-largest hospital chain by number of hospitals. The network added its 49th hospital in Bengaluru in November 2025, taking licensed bed capacity to 12,631.

For the six months ended September 2025, Manipal Health reported revenue of ₹4,713 crore and net profit of ₹571.8 crore. On a pro-forma basis for FY25, revenue from operations stood at ₹9,263.6 crore, placing it among the highest-grossing private hospital groups in the country. The company is backed by Singapore-based PE firm Temasek.

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