Manipal Health Enterprises sets IPO; issue opens on July 29

Manipal Health Enterprises Limited has fixed the price band at ₹560 to ₹590 per equity share of face value ₹2 each for its initial public offering (IPO).

The IPO will open for subscription on Wednesday, July 29, 2026, and close on Friday, July 31, 2026. Investors can bid for a minimum of 25 equity shares and in multiples of 25 equity shares thereafter.

As on date, the company has 1,179,757,321 outstanding equity shares of ₹2 each.

The IPO comprises a fresh issue of up to ₹8,000 crore and an offer-for-sale of up to 21,613,834 equity shares by promoters Imperius Healthcare Investments Pte. Ltd. and Manipal Education and Medical Group India. Investors selling shares include TPG SG Magazine Pte. Ltd., Seventy Second Investment Company LLC, Ammar Sdn Bhd, Novo Holdings Invest Asia A/S and Phoenix Bear Investments, LLC.

According to the company, proceeds from the fresh issue include ₹5,552.8 crore for repayment or prepayment, in full or in part, of certain outstanding borrowings and accrued interest availed by its material subsidiary, Manipal Hospitals Private Limited. A sum of ₹574 crore will be utilised for the acquisition of a minority stake in the company’s step-down subsidiary, Sahyadri Hospitals Private Limited, while the remaining proceeds will be used for general corporate purposes.

The company operates a pan-India network of multispecialty hospitals offering services ranging from outpatient care to tertiary and quaternary interventions. As of March 31, 2026, it operated 49 hospitals with 13,037 licensed beds across 14 states and union territories.

According to a CRISIL report, the company has the widest hospital footprint among private hospital chains in India as of March 31, 2026. It is also the largest pan-India multispecialty hospital network by bed capacity and the second-largest hospital chain by number of hospitals.

For FY26, the company reported revenue from operations of ₹103,357.51 million, or ₹109,356.18 million on a pro forma basis, the second-highest among private hospital chains in India, according to the CRISIL report.

As of March 31, 2026, the company had 6,404 licensed beds in Karnataka, 2,188 in Maharashtra and Goa, and 2,887 across West Bengal, Odisha, Jharkhand and Sikkim.

The CRISIL report also states that the company is the largest private hospital chain in Karnataka, Maharashtra and Goa, and in the states of West Bengal, Odisha, Jharkhand and Sikkim based on licensed bed capacity. Licensed beds represent the total number of hospital beds approved by regulatory authorities in a facility.

The company is also the only private hospital chain in India to lead by bed capacity across Bengaluru, Kolkata and Pune, with a combined capacity of 5,376 licensed beds as of March 31, 2026, according to the CRISIL report. It operated 12 hospitals with 2,579 licensed beds in Bengaluru, five hospitals with 1,513 licensed beds in Kolkata, and nine hospitals with 1,284 licensed beds in Pune. According to the company, its presence across multiple hospitals in these cities enables it to deliver care closer to patients’ homes, reduce travel time for interventions and serve referral areas within each city.

The company stated that 46.78 per cent of its licensed beds are located in metro cities, while 53.22 per cent are in non-metro locations as of March 31, 2026.

During FY26, the company served 7.63 million patients across its network, including operations and management hospitals. As of March 31, 2026, it had 11,064 doctors providing services across its hospitals.

The company offers services across several specialties, with a focus on tertiary and quaternary care in cardiac sciences, oncology, neurosciences, gastro sciences, orthopaedics and renal sciences (CONGO-R).

Revenue from operations increased to ₹10,335.8 crore in FY26 from ₹6,171.6 crore in FY24. Net profit stood at ₹916.5 crore in FY26 compared with ₹533.2 crore in FY24.

Kotak Mahindra Capital Company Limited, Axis Capital Limited, Goldman Sachs (India) Securities Private Limited, Jefferies India Private Limited, J.P. Morgan India Private Limited, UBS Securities India Private Limited and DBS Bank India Limited are the book-running lead managers to the issue. KFin Technologies Limited is the registrar of the offer.

The equity shares are proposed to be listed on the BSE and NSE.

Manipal Health Enterprises Limited has filed a red herring prospectus (RHP) dated July 23, 2026, with the Registrar of Companies, subject to receipt of approvals, market conditions and other considerations. The RHP is available on the websites of SEBI, the book-running lead managers, NSE, BSE and the company. The company stated that potential investors should refer to the “Risk Factors” section beginning on page 34 of the RHP and rely only on the information contained in the RHP filed with the Registrar of Companies while making an investment decision.

The company also stated that the equity shares offered in the issue have not been and will not be registered under the U.S. Securities Act and may not be offered or sold within the United States except pursuant to an applicable exemption or in a transaction not subject to registration requirements. The equity shares are being offered and sold only outside the United States in offshore transactions under Regulation S of the U.S. Securities Act.