Bengaluru-based Manipal Health Enterprises, a prominent healthcare provider, is set to open its maiden public issue for subscription on July 29, 2026. The initial public offering (IPO) is priced in the range of ₹560 to ₹590 per share, with the company targeting to raise a substantial ₹9,275 crore.
The IPO structure includes a fresh issue of shares valued at ₹8,000 crore and an offer-for-sale (OFS) of 2.16 crore equity shares, totaling ₹1,275.2 crore. This revised OFS size is notably smaller than the previously planned 4.32 crore equity shares.
Issue Details and Timeline
The one-day anchor book for the Manipal Health IPO will open on July 28, 2026, a day before the public subscription window. Investors will have until July 31, 2026, to place bids for shares. The company anticipates finalizing the share allotment by August 3, 2026, with the shares slated for listing on both the BSE and NSE on August 5, 2026.
Investors can bid for a minimum of 25 equity shares, and thereafter in multiples of 25 shares. A discount of ₹56 per share will be offered to employees, for whom shares worth ₹15 crore have been reserved.
Share Allocation and Selling Shareholders
The IPO allocation is structured to ensure broad participation: 50 percent of the shares are reserved for qualified institutional buyers (QIBs), 15 percent for non-retail investors (NRIs), and 35 percent for retail individual investors (RIIs).
Key selling shareholders participating in the offer-for-sale include promoters Imperius Healthcare Investments and Manipal Education and Medical Group India, alongside investors such as TPG SG Magazine, Seventy Second Investment Company, Ammar Sdn Bhd, Novo Holdings Invest Asia, and Phoenix Bear Investments.
Utilization of Proceeds and Company Profile
From the net proceeds of the fresh issue, Manipal Health Enterprises plans to allocate ₹5,378 crore towards the repayment of existing loans. An additional ₹574 crore will be used for the acquisition of a minority stake in its step-down subsidiary, Sahyadri Hospitals. The remaining funds are earmarked for general corporate purposes.
Manipal Hospitals asserts its position as India's largest pan-India multispecialty hospital network by bed capacity and the second-largest hospital chain by the number of hospitals. The network currently operates 49 hospitals with over 12,600 beds across more than 24 cities, highlighting its extensive presence in the Indian healthcare sector.
Kotak Mahindra Capital Company, Axis Capital, Goldman Sachs (India) Securities, Jefferies India, JP Morgan India, UBS Securities India, and DBS Bank India are acting as the merchant bankers for the issue, with KFin Technologies serving as the official registrar.