Manipal Health opens Rs 9,275 crore IPO at Rs 560-590 band
Manipal Health Enterprises opened its roughly Rs 9,275 crore IPO on July 29 with a price band of Rs 560-590 a share, per the RHP filed with SEBI. The three-day window closes July 31.
The Development
Manipal Health Enterprises Limited opened its initial public offering for subscription on Wednesday, July 29, 2026, with the three-day bidding window closing on Friday, July 31, 2026, per the red herring prospectus dated July 23, 2026 filed with the Securities and Exchange Board of India (SEBI). The offer combines a fresh issue of equity shares aggregating up to Rs 8,000 crore (Rs 80,000 million) and an offer for sale of up to 2,16,13,834 equity shares of face value Rs 2 each by promoter and investor selling shareholders.
At the announced price band of Rs 560 to Rs 590 per share, the total offer works out to roughly Rs 9,275 crore, placing it among the larger mainboard hospital-sector listings on the Indian primary market this year. The equity shares are proposed to be listed on the National Stock Exchange and BSE, per the RHP. Anchor bidding took place a day earlier, on Tuesday, July 28, 2026, per the offer schedule; The Economic Times reported that the company allotted Rs 4,167 crore to anchor investors ahead of the public window. The anchor allocation and offer terms were surfaced via coverage in The Economic Times.
The Company
Manipal Health Enterprises operates a pan-India network of multispecialty hospitals delivering outpatient services and complex tertiary and quaternary care, the company discloses in the RHP. As of March 31, 2026 it ran 49 hospitals, including six operations-and-management (O&M) facilities, with 13,037 licensed beds across 14 states and union territories. The company describes itself as "the largest pan-India multispecialty hospital network by bed capacity" as of that date, citing a CRISIL report. Its clinical focus, branded CONGO-R, spans cardiac sciences, oncology, neurosciences, gastro sciences, orthopedics and renal sciences, which together contributed 64.09% of gross inpatient revenue in Fiscal 2026 per the RHP. The network served 7.63 million patients and employed 24,240 people in Fiscal 2026.
On its headline financials, the company discloses restated consolidated 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 for Fiscal 2025, with return on net worth easing to 10.57% from 18.16%, per the RHP. EBITDA stood at Rs 2,721.87 crore and net worth at Rs 8,440.92 crore as of March 31, 2026. The company discloses total borrowings of Rs 10,553.43 crore as of the same date.
The Offer Structure
The offer is a mix of primary and secondary shares. The fresh issue aggregates up to Rs 8,000 crore, while the offer for sale of up to 2,16,13,834 equity shares is made by promoter and investor selling shareholders, the RHP states. The named selling shareholders include Imperius Healthcare Investments Pte. Ltd. (up to 1,08,08,861 shares), Manipal Education and Medical Group India Private Limited (up to 67,92,002 shares), 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 will not receive any proceeds from the offer for sale.
The stated objects of the fresh issue are repayment or prepayment of certain borrowings of its material subsidiary Manipal Hospitals Private Limited (Rs 5,552.76 crore from net proceeds), acquisition of a minority stake in stepdown subsidiary Sahyadri Hospitals Private Limited (Rs 574 crore) and general corporate purposes, per the RHP. The book-running lead managers are Kotak Mahindra Capital, Axis Capital, Goldman Sachs (India) Securities, Jefferies India, J.P. Morgan India, UBS Securities India and DBS Bank India; KFin Technologies is the registrar. The lot size and minimum application amount are set out in the exchange bid details and the RHP. Readers working through the arithmetic of an allotment can use Oquilia's lumpsum calculator or CAGR calculator; prior primary-market coverage sits on the Oquilia news desk.
Risk Factors
The RHP sets out the company's own risk factors, and several concern revenue concentration. The company discloses that it derived 46.40%, 51.55% and 59.98% of revenue from operations from its Karnataka hospitals in Fiscals 2026, 2025 and 2024 respectively, and that disruption or policy changes in the state could materially affect its business. Among the risk factors the company discloses is a heavy weighting toward its CONGO-R specialties, which accounted for 64.30%, 62.56% and 61.55% of gross inpatient revenue over the same three fiscals.
The RHP also lists a payor-concentration risk: insurance companies and third-party administrators contributed 49.68%, 49.18% and 49.45% of gross inpatient revenue across Fiscals 2026, 2025 and 2024, so termination, non-renewal or collection difficulties could hurt results. The company further discloses exposure to legal claims and regulatory actions arising from healthcare delivery, including alleged medical negligence, and integration risk from acquisitions. It also flags that part of the net proceeds will repay non-convertible debentures held by DBS Bank Ltd., the parent of book-running lead manager DBS Bank India Limited, a disclosed related-party consideration.
What Happens Next
With anchor allocation completed on July 28 and the public issue open from July 29 to July 31, the standard mechanics now run their course. After the subscription window closes, the basis of allotment is finalised by the registrar, KFin Technologies, in consultation with the exchanges. Applicants whose bids are not allotted have the blocked amounts under the ASBA and UPI mandate released, while successful applicants receive shares in their demat accounts, per the process set out in the RHP.
The equity shares are then admitted for trading on the NSE and BSE on the listing date, once the exchanges issue their listing and trading notices. Category-wise subscription figures for qualified institutional buyers, non-institutional investors and retail individual bidders are published by the exchanges as the issue progresses. These are process steps and exchange formalities, not indicators of eventual 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 offer size?
The announced price band is Rs 560 to Rs 590 per equity share of face value Rs 2, per the offer record. The fresh issue aggregates up to Rs 8,000 crore and the offer for sale extends to 2,16,13,834 shares, taking the total to roughly Rs 9,275 crore at the upper band.
When does the issue open and close?
Anchor bidding was held on Tuesday, July 28, 2026. The public issue opened on Wednesday, July 29, 2026 and closes on Friday, July 31, 2026, with the UPI mandate cut-off at 5:00 p.m. on the closing day, per the RHP.
What are the stated objects of the issue?
Per the RHP, the fresh-issue proceeds are earmarked for repayment or prepayment of certain borrowings of Manipal Hospitals Private Limited (Rs 5,552.76 crore), acquisition of a minority stake in Sahyadri Hospitals Private Limited (Rs 574 crore) and general corporate purposes. The company receives nothing from the offer for sale.
Where can I read the RHP?
The red herring prospectus is available on SEBI's website, on the NSE and BSE, and on the company and lead-manager websites. This report links the SEBI filing page directly in the source attribution below.
This report is based on the red herring prospectus filed with SEBI. It was surfaced via coverage in The Economic Times.