Manipal Health opens Rs 9,275 crore IPO at Rs 560-590 band

The Development

Manipal Health Enterprises Limited opened its Rs 9,275 crore initial public offering for subscription on Wednesday, 29 July 2026, per the red herring prospectus filed with the Securities and Exchange Board of India (SEBI) and the exchange record. The three-day book-built issue is scheduled to close on 31 July 2026. Per the RHP, the offer combines a fresh issue of equity shares aggregating to Rs 8,000 crore with an offer for sale of up to 2.16 crore shares by existing shareholders, taking the total to about Rs 9,275 crore at the upper end of the price band. The price band is set at Rs 560 to Rs 590 per equity share of face value Rs 2 each.

Ahead of the issue, the company allotted over 7.06 crore equity shares to anchor investors at Rs 590 per share, raising about Rs 4,167 crore, according to the anchor circular uploaded on the BSE. Named anchor participants include the Abu Dhabi Investment Authority and Morgan Stanley, alongside domestic mutual funds. The Bengaluru-based hospital operator, backed by Temasek and the Ranjan Pai family, proposes to list on the BSE and NSE on or about 5 August 2026. The opening was surfaced via coverage in The Economic Times, and this marks the company's maiden public offering.

The Company

Manipal Health Enterprises is one of India's larger private hospital networks. As of 31 March 2026, the company operated 49 hospitals, including six operations-and-management facilities, with 13,037 licensed beds across 14 states and union territories, along with 21 clinics, the company discloses in the RHP. It employed 24,240 full-time staff, including 11,048 nurses and 6,362 paramedics. Among its key facilities, the offer document lists Manipal Hospital Old Airport Road in Bengaluru with 700 licensed beds and Kasturba Hospital in Manipal with 2,235 licensed beds.

On the financials, per the RHP, revenue from operations was Rs 10,336 crore in Fiscal 2026, against Rs 8,242 crore in Fiscal 2025 and Rs 6,172 crore in Fiscal 2024. Profit for the year was Rs 916.5 crore in Fiscal 2026, Rs 1,081.7 crore in Fiscal 2025 and Rs 533.2 crore in Fiscal 2024, while EBITDA was Rs 2,721.9 crore in Fiscal 2026. The board is chaired by Dr Hebri Sudarshan Ballal, with Dilip Jose Puthiyidathu as Managing Director and Chief Executive Officer and Dr Ranjan Ramdas Pai as a non-executive director, the RHP states. The company cites a CRISIL report estimating the Indian healthcare delivery market at Rs 7.6 to 7.8 trillion in Fiscal 2026.

The Offer Structure

The offer is a mix of primary and secondary shares. The fresh issue aggregates to Rs 8,000 crore, while the offer for sale covers up to 2.16 crore equity shares, per the RHP. Selling shareholders include promoters Imperius Healthcare Investments Pte. Ltd. and Manipal Education and Medical Group India Private Limited, together with TPG SG Magazine, Seventy Second Investment Company, Ammar Sdn Bhd and Novo Holdings Invest Asia. The bid lot is 25 shares, so the minimum application at the Rs 590 upper band works out to Rs 14,750. Per the offer structure, qualified institutional buyers are allotted up to 75 per cent, non-institutional investors 15 per cent and retail investors 10 per cent, with shares worth up to Rs 15 crore reserved for eligible employees at a Rs 56 per share discount.

The stated objects of the offer are repayment or prepayment of certain borrowings of material subsidiary Manipal Hospitals Private Limited (about Rs 5,378 crore of the net proceeds), acquisition of a minority stake in step-down subsidiary Sahyadri Hospitals Private Limited (about Rs 574 crore) and general corporate purposes. The book-running lead managers are Axis Capital, Kotak Mahindra Capital, Goldman Sachs (India) Securities, Jefferies India, J.P. Morgan India, UBS Securities India and DBS Bank India, with KFin Technologies as registrar. Readers working through the arithmetic of an allotment can use Oquilia's lumpsum calculator or CAGR calculator; prior coverage sits on the Oquilia news desk.

Risk Factors

The RHP sets out a detailed risk-factors section, and the abridged prospectus summarises the top disclosed risks. Among them, the company discloses a heavy geographic concentration: it derived 46.40 per cent of revenue from operations in Fiscal 2026 from its hospitals in Karnataka, so disruption or policy changes in that state could materially affect the business. The RHP also lists dependence on inpatient care, noting that an inability to maintain or improve admissions and hospital occupancy rates could adversely affect operations.

The offer document further discloses that it derived 64.30 per cent of gross inpatient revenue in Fiscal 2026 from a group of clinical specialties, exposing it to shifts in demand for those services. Among the risk factors the company discloses are exposure to legal claims and regulatory actions, including claims arising from alleged medical negligence by its doctors and healthcare professionals, and the risk that acquisitions may be difficult to identify, integrate or fund. The RHP additionally flags the need to obtain, renew and maintain statutory permits, licences and accreditations, and reputational risk from adverse publicity.

What Happens Next

The subscription window runs from 29 July to 31 July 2026, with bids placed through the ASBA and UPI mechanisms on the exchanges. The anchor book was completed ahead of the opening. Per the tentative schedule in the record, the basis of allotment is expected to be finalised on or about 3 August 2026, followed by refunds and the unblocking of application amounts for unsuccessful or partially successful bidders, and the crediting of shares to demat accounts.

Listing on the BSE and NSE is scheduled for on or about 5 August 2026, when the shares begin trading against the Rs 590 upper-band issue price. Category-wise subscription multiples for the qualified institutional, non-institutional and retail portions will be published by the exchanges as bid data through the window. These are process steps stated in the offer document and exchange notices, not predictions of demand or price.

FAQ

Should I apply for this IPO?

Oquilia does not make recommendations. This report is informational and is not investment advice or a recommendation to subscribe. The RHP, including the complete risk-factors section, is available on SEBI's website and the exchanges; read it directly before making any decision.

What is the price band and lot size?

Per the RHP, the price band is Rs 560 to Rs 590 per share of face value Rs 2 each. The bid lot is 25 shares, so the minimum application at the upper end of the band is Rs 14,750, with bids in multiples of 25 shares thereafter.

When does the issue open and close?

The issue opened for subscription on 29 July 2026 and is scheduled to close on 31 July 2026, per the exchange record. The basis of allotment is expected on or about 3 August, with listing on the BSE and NSE on or about 5 August 2026.

How is the offer split between fresh issue and offer for sale?

Per the RHP, the fresh issue aggregates to Rs 8,000 crore and the offer for sale covers up to 2.16 crore shares by promoters and existing shareholders, for a total of about Rs 9,275 crore at the upper band.

Where can I read the RHP?

The red herring prospectus is on SEBI's website under Filings, Public Issues, and on the BSE and NSE public-issue pages. It carries the full financials, objects, promoter details and risk factors this report summarises.

This report is based on the red herring prospectus filed with SEBI and exchange anchor and public-issue data from the NSE. It was surfaced via coverage in The Economic Times.