Temasek-backed Manipal Health Enterprises has fixed the price band for its ₹9,275 crore IPO at ₹560–590 per share. The public issue will open on July 29 and close on July 31, 2026.
Mumbai : Temasek-backed Manipal Health Enterprises Limited has announced the price band for its much-awaited initial public offering (IPO), setting it at ₹560 to ₹590 per equity share of face value ₹2 each. The public issue 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 shares thereafter.
The IPO comprises a fresh issue of equity shares worth up to ₹8,000 crore along with an offer for sale (OFS) of up to 21.61 million equity shares by promoters Imperius Healthcare Investments Pte. Ltd. and Manipal Education and Medical Group India Private Limited, as well as existing investors including TPG SG Magazine Pte. Ltd., Seventy Second Investment Company LLC, Ammar Sdn Bhd, Novo Holdings Invest Asia A/S, and Phoenix Bear Investments, LLC. At the lower end of the price band, the total issue size is estimated at approximately ₹9,210.38 crore, while at the upper end it could reach ₹9,275.22 crore.
The company plans to utilize ₹5,552.8 crore from the fresh issue proceeds to repay or prepay outstanding borrowings, along with accrued interest, of its material subsidiary, Manipal Hospitals Private Limited. Another ₹574 crore will be used to acquire a minority stake in its step-down subsidiary, Sahyadri Hospitals Private Limited, while the remaining proceeds will be allocated towards general corporate purposes.
Manipal Health Enterprises is one of India's leading private healthcare providers, operating a pan-India network of multispecialty hospitals that offer services ranging from outpatient care to advanced tertiary and quaternary treatments. As of March 31, 2026, the company operated 49 hospitals with 13,037 licensed beds across 14 states and union territories. According to a CRISIL report, it has the widest hospital footprint among private hospital chains in India, is the largest multispecialty hospital network by bed capacity, and the second-largest by the number of hospitals.
The company has established a strong presence across key regions, with 6,404 licensed beds in Karnataka, 2,188 in Maharashtra and Goa, and 2,887 across West Bengal, Odisha, Jharkhand, and Sikkim. It is also the only private hospital chain in India to lead by bed capacity in three major metropolitan markets—Bengaluru, Kolkata, and Pune—where it operates a combined 5,376 licensed beds. This extensive presence enables the company to provide advanced healthcare services closer to patients while strengthening its referral network.
Maintaining a balanced expansion strategy, Manipal Health has nearly equal representation in metropolitan and non-metropolitan markets, with 46.78% of its licensed beds located in metro cities and 53.22% in non-metro locations. During Fiscal 2026, the company served approximately 7.63 million patients across its network, supported by more than 11,000 doctors. Its clinical strengths span high-acuity specialties including cardiac sciences, oncology, neurosciences, gastro sciences, orthopedics, and renal sciences.
The healthcare provider reported strong financial growth over the past two years. Revenue from operations increased to ₹10,335.8 crore in FY26 from ₹6,171.6 crore in FY24, while net profit rose to ₹916.5 crore from ₹533.2 crore during the same period.
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 acting as the book-running lead managers to the issue, while KFin Technologies Limited is the registrar. The company's equity shares are proposed to be listed on both the BSE and the National Stock Exchange.
Mumbai : Temasek-backed Manipal Health Enterprises Limited has announced the price band for its much-awaited initial public offering (IPO), setting it at ₹560 to ₹590 per equity share of face value ₹2 each. The public issue 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 shares thereafter.
The IPO comprises a fresh issue of equity shares worth up to ₹8,000 crore along with an offer for sale (OFS) of up to 21.61 million equity shares by promoters Imperius Healthcare Investments Pte. Ltd. and Manipal Education and Medical Group India Private Limited, as well as existing investors including TPG SG Magazine Pte. Ltd., Seventy Second Investment Company LLC, Ammar Sdn Bhd, Novo Holdings Invest Asia A/S, and Phoenix Bear Investments, LLC. At the lower end of the price band, the total issue size is estimated at approximately ₹9,210.38 crore, while at the upper end it could reach ₹9,275.22 crore.
The company plans to utilize ₹5,552.8 crore from the fresh issue proceeds to repay or prepay outstanding borrowings, along with accrued interest, of its material subsidiary, Manipal Hospitals Private Limited. Another ₹574 crore will be used to acquire a minority stake in its step-down subsidiary, Sahyadri Hospitals Private Limited, while the remaining proceeds will be allocated towards general corporate purposes.
Manipal Health Enterprises is one of India's leading private healthcare providers, operating a pan-India network of multispecialty hospitals that offer services ranging from outpatient care to advanced tertiary and quaternary treatments. As of March 31, 2026, the company operated 49 hospitals with 13,037 licensed beds across 14 states and union territories. According to a CRISIL report, it has the widest hospital footprint among private hospital chains in India, is the largest multispecialty hospital network by bed capacity, and the second-largest by the number of hospitals.
The company has established a strong presence across key regions, with 6,404 licensed beds in Karnataka, 2,188 in Maharashtra and Goa, and 2,887 across West Bengal, Odisha, Jharkhand, and Sikkim. It is also the only private hospital chain in India to lead by bed capacity in three major metropolitan markets—Bengaluru, Kolkata, and Pune—where it operates a combined 5,376 licensed beds. This extensive presence enables the company to provide advanced healthcare services closer to patients while strengthening its referral network.
Maintaining a balanced expansion strategy, Manipal Health has nearly equal representation in metropolitan and non-metropolitan markets, with 46.78% of its licensed beds located in metro cities and 53.22% in non-metro locations. During Fiscal 2026, the company served approximately 7.63 million patients across its network, supported by more than 11,000 doctors. Its clinical strengths span high-acuity specialties including cardiac sciences, oncology, neurosciences, gastro sciences, orthopedics, and renal sciences.
The healthcare provider reported strong financial growth over the past two years. Revenue from operations increased to ₹10,335.8 crore in FY26 from ₹6,171.6 crore in FY24, while net profit rose to ₹916.5 crore from ₹533.2 crore during the same period.
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 acting as the book-running lead managers to the issue, while KFin Technologies Limited is the registrar. The company's equity shares are proposed to be listed on both the BSE and the National Stock Exchange.
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