Manipal Health sets Rs 560-590 band for Rs 9,275 crore IPO
Manipal Health Enterprises has set a Rs 560-590 price band for its Rs 9,275 crore IPO, with subscription open 29-31 July, per the RHP stage and its SEBI-filed prospectus.
The Development
Manipal Health Enterprises Limited has set a price band of Rs 560 to Rs 590 per equity share for its initial public offering, with the three-day subscription window opening on 29 July and closing on 31 July 2026. The move, reported by Mint on 24 July, marks the red herring prospectus stage of one of the year's larger mainboard offers. At the top of the band the total issue aggregates to about Rs 9,275 crore.
The Bengaluru-based hospital operator filed its draft red herring prospectus with SEBI, which lists the draft offer document dated 23 March 2026 under its public-issues filings on 7 April 2026. Following SEBI's observations, the company has moved to the operative RHP stage at which the band and dates are fixed. SEBI's observations are a clearance to proceed and are explicitly not an approval of the offer's merits or a guarantee of the disclosures; the draft prospectus itself records that the equity shares have "neither been recommended, nor approved" by the regulator.
The equity shares are proposed to be listed on both the BSE and the National Stock Exchange, per the offer document.
The Company
Per the DRHP, Manipal Health Enterprises operates a pan-India network of multispecialty hospitals delivering outpatient services and complex tertiary and quaternary care, and describes itself as the largest pan-India multispecialty hospital network by bed capacity as of 30 September 2025, citing a CRISIL report. The company focuses on cardiac sciences, oncology, neurosciences, gastro sciences, orthopaedics and renal sciences, a cluster it labels "CONGO-R". The offer document states the network served 3.94 million patients in the six months ended 30 September 2025 and 7.19 million patients in Fiscal 2025, both on a pro forma basis.
On financials, the company discloses restated consolidated revenue from operations of Rs 8,242.3 crore in Fiscal 2025, up from Rs 6,171.6 crore in Fiscal 2024 and Rs 4,839.6 crore in Fiscal 2023. Profit for the year was Rs 1,081.7 crore in Fiscal 2025 against Rs 533.2 crore a year earlier, with EBITDA of Rs 2,261.0 crore. For the six months ended 30 September 2025 the company reports revenue from operations of Rs 4,713.1 crore and profit of Rs 571.8 crore. Total borrowings stood at Rs 10,111.1 crore as of 30 September 2025, per the DRHP.
The promoters, as named in the offer document, 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, who together held about 69.86% of pre-offer capital.
The Offer Structure
The offer combines a fresh issue aggregating up to Rs 8,000 crore with an offer for sale, taking the total to approximately Rs 9,275 crore at the upper band per the RHP-stage announcement. In an offer for sale the company receives no proceeds; the selling shareholders receive them. The DRHP names the selling shareholders as Imperius Healthcare Investments and Manipal Education and Medical Group India (promoter and promoter-group sellers), alongside investor sellers TPG SG Magazine, Seventy Second Investment Company, Ammar Sdn Bhd, Novo Holdings Invest Asia and Phoenix Bear Investments.
The lot size is 25 shares, making the minimum application about Rs 14,750 at the ceiling price, per Mint. The stated objects of the fresh issue, per the DRHP, are repayment or prepayment of certain borrowings of material subsidiary Manipal Hospitals Private Limited (an estimated Rs 5,378 crore), acquisition of a minority stake in stepdown subsidiary Sahyadri Hospitals Private Limited (Rs 574 crore) and general corporate purposes. 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; the registrar is KFin Technologies. Readers working through the arithmetic of an allotment can use Oquilia's lumpsum calculator or CAGR calculator, and the /news desk for prior coverage.
Risk Factors
The offer document sets out its own risk-factors section, and the following are among the material risks the company discloses. The DRHP lists geographic concentration first: the company derived 49.55% of revenue from operations in the six months ended 30 September 2025 (and 51.55% in Fiscal 2025) from its hospitals in Karnataka, so any disruption there could materially affect the business.
The RHP-stage document also flags dependence on inpatient care, noting that any inability to maintain or improve admissions and occupancy rates could hurt results. It records specialty concentration, with the CONGO-R cluster contributing 64.08% of gross inpatient revenue in the half-year. Among the risk factors the company discloses are exposure to legal claims and regulatory actions arising from healthcare services, and claims arising from alleged medical negligence by its doctors and healthcare professionals, either of which it says could affect reputation and results. The document further lists the difficulty of identifying, acquiring and integrating acquisitions as a risk given its stated growth strategy.
What Happens Next
With the band and dates fixed at the RHP stage, the standard mechanics run from here. The anchor investor book, per the offer document, is scheduled one working day before the main issue opens, ahead of the three-day subscription window from 29 to 31 July 2026. Bids are placed category-wise across qualified institutional buyers, non-institutional bidders and retail individual bidders, with applications made through the UPI and ASBA framework.
After the subscription closes, the registrar finalises the basis of allotment, followed by refunds or the unblocking of blocked amounts and the credit of shares, before the equity shares list on the BSE and the NSE. Category-wise subscription figures will be reported by the exchanges as of stated times during the window. Each of these steps is a process defined by the offer terms, not a prediction 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?
The price band is Rs 560 to Rs 590 per share, per the RHP-stage announcement reported by Mint. The lot size is 25 shares, making the minimum application about Rs 14,750 at the ceiling price. Applications are made through the UPI and ASBA framework via a bank or broker.
What do SEBI's observations mean?
SEBI's observations are a clearance allowing the company to proceed with the offer. They are not an endorsement, and SEBI does not certify the merits of the issue or guarantee the accuracy of the disclosures. The DRHP itself states the shares have not been recommended or approved by the regulator.
When does the issue open and close?
The subscription window runs from 29 July to 31 July 2026, with the anchor investor book, per the offer document, scheduled one working day before the issue opens. The equity shares are proposed to list on both the BSE and the NSE.
Where can I read the RHP?
The draft offer document is available on SEBI's website under public issues, and the offer documents are also hosted on the BSE, the NSE and the company's investor-disclosures page. The DRHP is the source for the financials, objects and risk factors summarised above.
This report is based on the draft red herring prospectus filed with SEBI and was surfaced via coverage in Mint.