Manipal Health Enterprises has secured SEBI approval for its ₹8,000 crore IPO. The proceeds will be used to reduce debt, acquire a stake in Sahyadri Hospitals and support corporate growth.
Mumbai : Manipal Health Enterprises Ltd has received approval from the Securities and Exchange Board of India (SEBI) to launch its much-awaited initial public offering (IPO), paving the way for one of the country's largest healthcare sector listings. According to an update issued by the market regulator, the company received SEBI's observations on July 3, which effectively clears the proposal for the public issue.
The Bengaluru-based hospital chain had filed its draft red herring prospectus (DRHP) with SEBI on March 25. The proposed IPO will comprise a fresh issue of equity shares worth ₹8,000 crore along with an offer for sale (OFS) of up to 4.32 crore equity shares by existing shareholders.
The promoters participating in the OFS include Imperius Healthcare Investments Pte Ltd and Manipal Education and Medical Group India Pvt Ltd. Other selling shareholders are 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 draft prospectus, the company intends to utilise a significant portion of the proceeds from the fresh issue to strengthen its balance sheet. Around ₹5,378 crore has been earmarked for the repayment or prepayment of borrowings of its subsidiary, Manipal Hospitals Pvt Ltd. Another ₹574 crore will be used to acquire the minority stake in step-down subsidiary Sahyadri Hospitals Pvt Ltd, while the remaining funds will be allocated towards general corporate purposes.
Manipal Health has also proposed a pre-IPO placement of up to ₹1,600 crore. If the company successfully completes the pre-IPO fundraising, the size of the fresh issue will be reduced by the amount raised before the public offering.
One of India's leading healthcare providers, Manipal Health operates a nationwide network of multispecialty hospitals offering services ranging from outpatient consultations to advanced tertiary and quaternary care. As of September 30, 2025, the company operated 38 hospitals, or 48 hospitals on a pro forma basis, with 10,761 licensed beds. On a pro forma basis, its total licensed bed capacity stood at 12,367 across 14 states and Union Territories.
The healthcare provider further expanded its footprint by launching its 49th hospital in Bengaluru in November 2025. Following the addition, its licensed bed capacity increased to 12,631 as of December 31, 2025.
For the six months ended September 30, 2025, Manipal Health reported revenue from operations of ₹4,713 crore and a net profit of ₹571.8 crore, reflecting the company's strong operational performance ahead of its planned stock market debut. The SEBI approval marks a significant milestone in the company's listing journey as it seeks to raise capital to reduce debt, strengthen its hospital network and support future growth.
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