Manipal Health lists at Rs 652 on NSE after Rs 9,275 crore IPO
Manipal Health Enterprises listed on 5 August at Rs 652 on the NSE against its Rs 590 issue price, closing a Rs 9,275 crore IPO that was subscribed 4.92 times, per NSE data.
The Development
Manipal Health Enterprises Limited, which operates the Manipal Hospitals chain, made its stock market debut on Wednesday, 5 August 2026. The shares listed at Rs 652 on the National Stock Exchange (NSE) and Rs 655 on the BSE against an issue price of Rs 590, premiums of about 10.5% and 11% respectively, per exchange data reported on listing day. By close, the company's market capitalisation stood at roughly Rs 87,229 crore, per figures reported by The Economic Times, which surfaced the debut.
The listing completed a Rs 9,275 crore initial public offering, described by The Economic Times as the second-largest Indian IPO of 2026 by issue size after SBI Funds Management. Bidding ran from 29 to 31 July 2026, with the anchor book built on 28 July, per the red herring prospectus (RHP) filed with SEBI on 24 July 2026. The offer was subscribed 4.92 times overall, per NSE subscription data.
The RHP is the legally operative offer document for the issue and is available on SEBI's website and the exchanges. It sets out the company's business, its financials, the structure of the offer and the risk factors summarised below.
The Company
Per the RHP, Manipal Health Enterprises operates a pan-India network of multispecialty hospitals and describes itself as the largest pan-India multispecialty hospital network by bed capacity as of 31 March 2026, citing a CRISIL report. As of that date the company disclosed 49 hospitals, including six operated-and-managed facilities, with 13,037 licensed beds across 14 states and union territories, and said it served 7.63 million patients in the financial year 2026.
The company discloses a clinical focus on what it terms CONGO-R specialties - cardiac sciences, oncology, neurosciences, gastro sciences, orthopedics and renal sciences - which together accounted for 64.30% of gross inpatient revenue in fiscal 2026. Its promoters, per the RHP, are Dr Ranjan Ramdas Pai, Manipal Global Health Services, MEMG International Ltd, Kangto Investments Pte Ltd, Imperius Healthcare Investments Pte Ltd and Kabru Investments Pte Ltd. Dilip Jose Puthiyidathu is the managing director and chief executive.
On the numbers, the company discloses revenue from operations of Rs 10,335.75 crore in fiscal 2026, up from Rs 8,242.25 crore in fiscal 2025 and Rs 6,171.63 crore in fiscal 2024. Profit for the year was Rs 916.52 crore in fiscal 2026, lower than the Rs 1,081.67 crore reported in fiscal 2025, with the restated return on net worth easing to 10.57% from 18.16%, per the RHP.
The Offer Structure
Per the RHP and NSE issue data, the IPO combined a fresh issue of up to Rs 8,000 crore (Rs 80,000 million) with an offer for sale of up to 2,16,13,834 equity shares by selling shareholders. The named selling shareholders include Imperius Healthcare Investments, Manipal Education and Medical Group India, TPG SG Magazine, Seventy Second Investment Company, Ammar Sdn Bhd, Novo Holdings Invest Asia and Phoenix Bear Investments. The face value is Rs 2 per share.
The price band was set at Rs 560 to Rs 590 per share, with the issue priced at the top of the band. The bid lot was 25 equity shares and multiples thereof, putting the minimum application at the cap price at Rs 14,750, per NSE data. Eligible employees were offered a discount of Rs 56 per share. The book-running lead managers were Kotak Mahindra Capital, Axis Capital, Goldman Sachs (India) Securities, Jefferies India, J.P. Morgan India, UBS Securities India and DBS Bank India, with KFin Technologies as registrar. The RHP earmarks a portion of the fresh proceeds for the repayment or prepayment of certain borrowings. Readers working through the arithmetic of an allotment can use Oquilia's lumpsum calculator or CAGR calculator, and prior coverage sits on the Oquilia news desk.
Risk Factors
The RHP lists a detailed risk-factors section, and the following are among the material risks the company itself discloses. First, geographic concentration: the company derived 46.40% of revenue from operations in fiscal 2026 from its hospitals in Karnataka, and any disruption there is flagged as a risk to results. Second, specialty concentration: with CONGO-R specialties contributing 64.30% of gross inpatient revenue, the RHP lists a fall in demand for those services as a risk.
Third, payor concentration: the company discloses that 49.68% of gross inpatient revenue in fiscal 2026 came from insurance and third-party administrators, so any breach or non-renewal of those arrangements is a stated risk. Fourth, the company discloses a related-party element - a portion of the net proceeds is proposed to repay non-convertible debentures issued by a subsidiary to DBS Bank Ltd, the parent of one of the lead managers, DBS Bank India. Among the further risk factors the company discloses are exposure to medical-negligence and regulatory claims, and the need to maintain licences, accreditations and bio-medical-waste compliance.
What Happens Next
With listing complete, the shares now trade on the NSE and BSE under the symbol MANIPALHOS, and the primary-issue process concludes: allotments were finalised, funds were unblocked for unsuccessful applicants, and the stock moved to normal secondary-market trading from 5 August 2026. Anchor investors and other categories are subject to the lock-in periods set out in the RHP under the SEBI ICDR Regulations.
From here, the company's disclosures shift to the periodic reporting framework for listed entities, covering quarterly results, shareholding patterns and material-event filings with the exchanges. The subscription split, per NSE data, showed qualified institutional buyers bidding 8.25 times their portion, non-institutional investors 1.02 times, retail investors 0.93 times and the employee category 2.19 times, for the overall 4.92-times figure.
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 bidding window for this issue has in any case closed and the shares are now listed. 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 was the price band and issue price?
Per NSE data, the price band was Rs 560 to Rs 590 per share, with a face value of Rs 2. The issue was priced at Rs 590, the top of the band. The bid lot was 25 shares, so the minimum application at the cap price worked out to Rs 14,750.
How large was the issue and how was it subscribed?
The IPO aggregated about Rs 9,275 crore, combining a fresh issue of up to Rs 8,000 crore and an offer for sale of up to 2,16,13,834 shares, per the RHP. It was subscribed 4.92 times overall, with QIBs at 8.25 times and the retail portion at 0.93 times, per NSE data.
At what price did the stock list?
Per exchange data reported on listing day, the shares opened at Rs 652 on the NSE and Rs 655 on the BSE against the Rs 590 issue price, premiums of about 10.5% and 11%. The company's market capitalisation was reported at about Rs 87,229 crore.
Where can I read the RHP?
The red herring prospectus is available on SEBI's website under Filings - Public Issues, and on the NSE and BSE websites. It is the authoritative source for the company's financials, the objects of the fresh issue and the full risk-factors section.
This report is based on the red herring prospectus filed with SEBI and subscription and issue data from the NSE. It was surfaced via coverage of the listing in The Economic Times.