Manipal Health Enterprises opens Rs 9,275 crore IPO at Rs 560-590 band
India's largest hospital chain by bed capacity opened its Rs 9,275 crore IPO on 29 July at a price band of Rs 560 to Rs 590, per the RHP filed with SEBI and the exchanges.
The Development
Manipal Health Enterprises Limited opened its initial public offering on Wednesday, 29 July 2026, at a price band of Rs 560 to Rs 590 per equity share of face value Rs 2, per the red herring prospectus filed with SEBI and the price band advertisement issued to the exchanges. At the upper end of the band the offer aggregates to about Rs 9,275 crore, ranking among the larger mainboard offers of 2026.
The offer combines a fresh issue of equity shares aggregating up to Rs 8,000 crore with an offer for sale of up to 21,613,834 shares by existing holders. Anchor bidding took place on Tuesday, 28 July, and the three-day book closes on Friday, 31 July. The shares are proposed to list on the BSE and the National Stock Exchange, with the NSE as the designated stock exchange, under the symbol MANIPALHOS.
The issue was surfaced via Mint's markets desk, which reported a measured opening day. As of the close of day one, the issue was subscribed 0.15 times overall, per NSE data, with the retail portion booked 0.25 times, the qualified institutional portion 0.14 times and the non-institutional portion 0.07 times.
The Company
Manipal operates a pan-India network of multispecialty hospitals. As of 31 March 2026 it operated 49 hospitals, including six operated-and-managed facilities, with 13,037 licensed beds across 14 states and union territories, and employed 24,240 people, the company discloses. Citing a CRISIL report, it describes itself as India's largest multispecialty hospital group by bed capacity, with leadership in Karnataka, the Maharashtra and Goa region, and select eastern states. Its focus specialties are cardiac sciences, oncology, neurosciences, gastro sciences, orthopedics and renal sciences, which it groups as "CONGO-R". Key facilities include Manipal Hospital Old Airport Road in Bengaluru, with 700 licensed beds, and Kasturba Hospital Manipal, with 2,235 licensed beds.
Per the RHP, revenue from operations rose to Rs 10,335.75 crore in the financial year ended 31 March 2026, from Rs 8,242.25 crore in FY2025 and Rs 6,171.63 crore in FY2024. Profit for the year was Rs 916.52 crore in FY2026, down from Rs 1,081.67 crore in FY2025, while EBITDA was Rs 2,721.87 crore, the company discloses. Return on net worth was 10.57% in FY2026, and total borrowings stood at Rs 10,553.43 crore as of 31 March 2026.
The Offer Structure
The offer comprises a fresh issue aggregating up to Rs 8,000 crore and an offer for sale of up to 21,613,834 shares by seven selling shareholders. The named sellers include Imperius Healthcare Investments Pte. Ltd. and Manipal Education and Medical Group India Private Limited on the promoter side, alongside investor sellers TPG SG Magazine Pte. Ltd., Seventy Second Investment Company LLC, Ammar Sdn Bhd, Novo Holdings Invest Asia A/S and Phoenix Bear Investments, LLC. Bids are made for a minimum of 25 shares and in multiples of 25 thereafter, so a single retail application at the Rs 590 cap works out to Rs 14,750. Readers working through the arithmetic of an allotment can use Oquilia's lumpsum calculator or CAGR calculator, and prior coverage sits on the /news desk.
The company will not receive any proceeds from the offer for sale. The stated objects of the fresh issue are the repayment or prepayment of certain borrowings of subsidiary Manipal Hospitals Private Limited, estimated at about Rs 5,552.76 crore, and the acquisition of a minority stake in stepdown subsidiary Sahyadri Hospitals Private Limited, at Rs 574 crore, with the balance for 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; KFin Technologies is the registrar.
Risk Factors
The RHP lists geographical concentration among the material risks: the company derived 46.40% of its FY2026 revenue from operations from its Karnataka hospitals, and any disruption there could have a material adverse effect on results, the offer document states. The company also discloses a concentration by specialty, with 64.30% of FY2026 gross inpatient revenue coming from its CONGO-R specialties, and a dependence on cashless payors, with 49.68% of FY2026 gross inpatient revenue from insurance companies and third-party administrators.
Among the further risk factors the company discloses, a portion of the net proceeds will repay non-convertible debentures held by DBS Bank Ltd., the parent of one of the book-running lead managers and an associate of a promoter and selling shareholder. The RHP also notes that the offer is being made under Regulation 6(2) of the SEBI ICDR Regulations because the company's net tangible assets were below Rs 30 million in FY2026, and that it is exposed to legal claims and regulatory actions, including alleged medical negligence, arising from the provision of healthcare services.
What Happens Next
From here the mechanics are standard. The book remains open until Friday, 31 July 2026, with the UPI mandate confirmation cut-off at 5:00 p.m. on the closing day, per the exchange notice. After the close, the registrar, KFin Technologies, finalises the basis of allotment; successful applicants receive shares in their demat accounts and blocked funds are released for unsuccessful bids, before the shares are admitted to trading on the BSE and the NSE.
Because this is a Regulation 6(2) issue, at least 75% of the net offer is reserved for qualified institutional buyers, up to 15% for non-institutional bidders and up to 10% for retail individual bidders, per the RHP. Category-wise subscription is published by the exchanges through the bidding window and determines how heavily each portion is filled by the close.
FAQ
What is the price band and lot size?
The price band is Rs 560 to Rs 590 per equity share of face value Rs 2, per the price band advertisement. Bids are for a minimum of 25 shares and in multiples of 25 thereafter, so a single retail lot at the Rs 590 cap costs Rs 14,750. Eligible employees receive a discount of Rs 56 per share on the employee reservation portion, the company discloses.
When does the issue open and close?
Anchor bidding took place on Tuesday, 28 July 2026. The offer opened for all other investors on Wednesday, 29 July and closes on Friday, 31 July 2026, with the UPI mandate confirmation cut-off at 5:00 p.m. on the closing day, per the exchange notice.
Where can I read the RHP?
The red herring prospectus is available on SEBI's website and on the NSE and BSE portals, along with the company's IPO-disclosures page. The abridged prospectus, which summarises the offer terms, financials and risk factors, is filed on sebi.gov.in and is the source for the figures in this report.
How is the basis of allotment decided?
Where a category is oversubscribed, the retail portion is allotted by lottery in minimum lots, so applying for more lots does not guarantee a larger allotment. The registrar finalises the basis of allotment after the issue closes, subject to verification by the exchanges, per the offer document.
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.
This report is based on the red herring prospectus and abridged prospectus filed with SEBI and the price band and issue details published by the NSE. It was surfaced via coverage in Mint.