Manipal Health Enterprises Ltd plans to launch its Initial Public Offering (IPO) on July 29, 2026, with a capital raising of ₹9,275 crore initially. The capital raising is structured using a new bond offering and an offering for sale by existing shareholders. As per a public announcement, the public subscription window will be activated from July 31, 2026, and remain open for 3 days.

The bidding process for anchor investors is due to start on July 28, 2026, before the main opening. After the subscription period ends, the company intends to list its equity shares on or about August 5, 2026, on the BSE and the NSE.

Planned issue proceeds utilization and valuation structure

The price band of the public offer has been listed between ₹560 and ₹590 per share. The valuation of the hospital operator at the higher end of this range is fixed just above ₹77,600 crore. The amount raised through this fresh issue of equity shares is used for certain capital purposes prescribed by the company.

Different issue numbers depend on the pricing level in the range. The total issue of the company is calculated at ₹590 per share at the higher limit and ₹560 per share at the lower limit, to amount to around ₹9,275 crore and around ₹9,210 crore, respectively.

The public issue capital structure comprises a new issue and an Offer For Sale. The fresh issue portion pertains to equity shares worth up to ₹8,000 crore. The OFS consists of stakeholders, promoters, and investor shareholders, up to 2.16 crore equity shares offered. 

The service providers engaged in the paring of holdings in the context of the OFS are generally Imperius Healthcare Investments Pte. Ltd. and Manipal Education and Medical Group India Pvt. Ltd. Additional shareholders participating in the stake sale comprise TPG SG Magazine Pte. Ltd., Seven-Twenty Investment Company Limited (LLC), Ammar (LLC), Ammar Sdn Bhd, Novo Holdings Limited Invest Asia, and Phoenix Bear Investments Limited (LLC).

The substantial allocation toward debt management is dedicated to repaying or prepaying already existing liabilities of the said operational subsidiary, Manipal Hospitals Pvt. Ltd, with a significant amount of ₹5,378 crore. Besides debt reduction, the company plans to spend ₹574 crore from the proceeds of the fresh issue for the acquisition of its step-down subsidiary, Sahyadri Hospitals Pvt. Ltd., which holds a minority stake in the company.

Share reservation and financial performance

The composition of the share-issuance volume for public offering is divided into institutional, non-institutional and retail categories. A qualified institutional buyer can purchase up to 75% of the net offer. The allocation of non-institutional investors will be 15% of the issue, and the allocation of individual retail investors will be 10% of the issue.

The company also created a workplace benefits reservation. Up to 15 crore equity shares have been reserved for eligible employees with a discount of ₹56 per share. For general applicants, the minimum order quantity for bids is 25 equity shares and additional bids are allowed in increments of 25 equity shares.

A consortium of financial institutions acting in the capacity of book-running lead managers manages the public offering. The syndicate comprises Axis Capital, Kotak Mahindra Capital Company, Goldman Sachs (India) Securities, Jefferies India, JP Morgan India, UBS Securities India, and DBS Bank India. KFin Technologies has been appointed as registrar for processing and allotment in respect of the public issue.

Manipal Health Enterprises runs a large network of multispecialty health care institutions across India. The institution provides medical services from basic outpatient treatment to high-level tertiary and quaternary treatment. Up to the end of September 2025, the firm had 38 hospitals, which can be pro forma expanded to 48 hospitals. 

Over these facilities, it had 10,761 licensed beds, which, pro forma, is 12,367 licensed beds, operating in 14 different states and Union Territories. The firm continued expanding its facilities in the later part of the year. In November 2025, the firm began its operations in its 49th hospital in Bengaluru. This brought its total licensed bed capacity to 12,631 up to the end of December 2025.

The company showed strong top and bottom lines. Manipal Health Enterprises has posted income from operations of ₹4,713 crore during 6 months ending September 30, 2025. Over the same six months, the company has recorded a net profit of ₹571.8 crore.

Conclusion

With the IPO launch on July 29, 2026, of Manipal Health Enterprises Ltd, the hospital group is set to make a milestone in its operations, in which they aim to raise up to ₹9,275 crore. The company will be deploying ₹8,000 crore through the new issue funds, where ₹5,378 crore will be utilized for paying off their debt from Manipal Hospitals Pvt. Ltd while ₹574 crore will be utilized for achieving total control of Sahyadri Hospitals Pvt. Ltd.

With the help of 49 hospitals, 12,631 beds and performances in financials such as ₹4,713 crore in six months and ₹571.8 crore in net profits, the offer of ₹560 to ₹590 price band reflects how well-established the group is in 14 states and Union Territories before listing on BSE and NSE on August 5, 2026.