Manipal Health Enterprises has raised ₹4,167 crore from anchor investors ahead of its initial public offering (IPO), which opens for public subscription on July 29, 2026. The company informed the stock exchanges that its Board of Directors, at a meeting held on July 28, 2026, in consultation with the book-running lead managers, finalised the allocation of 70,628,768 equity shares to anchor investors at an allocation price of ₹590 per equity share.
According to the company, the anchor book attracted participation from 133 investors across geographies and investor categories. The company stated that the participation reflects confidence in its business model, long-term growth strategy and India’s hospital sector. The anchor book included sovereign wealth funds, global asset managers, domestic mutual funds, insurance companies and alternative investment platforms.
The company allocated 70,628,768 equity shares at ₹590 per share to anchor investors. Institutions participating in the anchor book included Abu Dhabi Investment Authority – Stable, Templeton Emerging Markets Fund, BNP Paribas Trust Services Singapore as Trustee of Fullerton Alpha – Asia Focus Equities Fund, Government Pension Fund Global, Allianz Global Investors Fund – Allianz India Equity and Fidelity Securities Fund Fidelity Blue Chip Growth K6 Fund, among others.
Among equity-oriented schemes, the company allocated 28,260,350 equity shares to mutual funds, including ICICI Prudential Multi-Asset Fund, Kotak Large Cap Fund, Aditya Birla Sun Life Mutual Fund – Aditya Birla Sun Life Pharma & Healthcare Fund and UTI MNC Fund, among others. Of the total anchor allocation, 28,260,350 equity shares were allotted to 21 domestic mutual funds through 55 schemes.
Manipal Health Enterprises is the largest pan-India multispecialty hospital network by bed capacity and the second-largest hospital chain by number of hospitals as of March 31, 2026, according to a CRISIL report.
The IPO has been priced in a band of ₹560 to ₹590 per equity share of face value ₹2 each. The issue will open for subscription on July 29, 2026, and close on July 31, 2026. Investors can bid for a minimum of 25 equity shares and in multiples of 25 thereafter.
The public issue comprises a fresh issue of equity shares worth 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 Private Limited. Investors selling shares through the offer for sale 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.
The company said the proceeds from the fresh issue, amounting to ₹5,552.7 crore, will be utilised towards repayment or prepayment, in full or in part, of certain outstanding borrowings and accrued interest of its material subsidiary, Manipal Hospitals. An amount of ₹574 crore will be used for the acquisition of the minority stake in its step-down subsidiary, Sahyadri Hospitals Private Limited, while the remaining proceeds will be used for general corporate purposes.
The offer is being made through the book-building process, with not more than 50 per cent of the net offer allocated to qualified institutional buyers, and not less than 35 per cent and 15 per cent reserved for non-institutional bidders and retail individual bidders, respectively.
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 and DBS Bank India are the book-running lead managers to the issue, while KFin Technologies is the registrar. The equity shares are proposed to be listed on the National Stock Exchange of India and BSE Limited.