Manipal Hospitals To File DRHP Soon For ₹9,000 Crore IPO

Manipal Hospitals is preparing to enter the primary market with a large public issue. The company is expected to file its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI), possibly as early as this week, for an initial public offering (IPO) that could exceed ₹9,000 crore, or about $1 billion.

The issue is likely to be one of the largest hospital IPOs in India. If completed at the expected valuation, it could also position Manipal Hospitals as the country’s most valuable healthcare operator.

This comes at a time when several companies have been holding back listings due to market volatility. So why is Manipal moving ahead now?

Why Is Manipal Hospitals Going Ahead With Its IPO?

The proposed IPO is expected to include both fresh equity issuance and an offer for sale by existing shareholders.

Some investors may sell part of their stake through the IPO, such as:

• Temasek, the largest shareholder with a majority stake

• The Manipal Group, which continues to be a key promoter

• Other investors such as Mubadala and CalPERS

The company is said to be targeting a valuation of around ₹1.2 lakh crore.

Temasek has steadily increased its exposure to the business. In 2023, it increased its stake from around 41% to about 59%, investing over $2 billion in one of the largest healthcare deals in India at the time.

Even with IPO activity remaining subdued, larger companies backed by institutions continue to enter the market. That seems to be the case here. So, what is supporting the company’s growth?

What Has Driven Manipal Hospitals’ Expansion?

Manipal Hospitals has built a large network across the country. It operates close to 49 hospitals with more than 12,000 beds.

Its focus remains on specialised care, including cardiology, oncology, neurosciences and orthopaedics.

Expansion and acquisitions have been the main sources of growth. The company strengthened its presence in western India in 2025 after acquiring Sahyadri Hospitals for about ₹6,000 crore. The deal added 11 hospitals to its network.

It has also raised capital to fund expansion. This includes a $600 million financing arrangement with KKR.

The company now has a wider network and continued backing from investors. It is preparing to enter the public markets. But how does this fit into current conditions?

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What Does This Mean For The IPO Market Right Now?

The broader IPO market has slowed. Many companies have either delayed their listings or taken a step back to reassess plans.

Market swings have made timing difficult. Recent IPOs have also seen weaker listing responses. At the same time, global uncertainty has kept investors cautious.

Manipal had earlier paused its IPO while it focused on completing the Sahyadri Hospitals acquisition. With that process now largely done, the company appears ready to move forward.

For now, attention will remain on when the DRHP is filed and how investors respond to one of the biggest healthcare IPOs in recent years.

Sources:

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