Manipal Health sets Rs 560-590 band for Rs 9,275 crore IPO
Manipal Health Enterprises has fixed a price band of Rs 560 to Rs 590 per share for its roughly Rs 9,275 crore IPO, which opened on 29 July and closes on 31 July, per the RHP filed with SEBI.
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, per the red herring prospectus (RHP) dated 23 July 2026 filed with the Securities and Exchange Board of India (SEBI). At the upper end of the band the offer aggregates to about Rs 9,275 crore, one of the larger mainboard issues of the current calendar. The three-day subscription window opened on 29 July 2026 and closes on 31 July 2026, per the offer schedule.
The Bengaluru-headquartered hospital operator is coming to market through a combination of a fresh issue and an offer for sale. The RHP records a fresh issue of equity shares aggregating up to Rs 8,000 crore (stated as up to Rs 80,000 million), alongside an offer for sale by promoter and investor selling shareholders, with listing proposed on the National Stock Exchange and BSE. The development was surfaced through coverage on the IPO desk of The Economic Times. SEBI's standard disclaimer applies: the abridged prospectus notes the equity shares "have neither been recommended, nor approved" by SEBI, and that the regulator does not guarantee the accuracy or adequacy of the RHP's contents.
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 run under operations-and-management arrangements, with 13,037 licensed beds across 14 states and union territories. It served 7.63 million patients in Fiscal 2026 and employed 24,240 people, the offer document states. Its clinical focus is on tertiary and quaternary care across cardiac sciences, oncology, neurosciences, gastro sciences, orthopedics and renal sciences, grouped as "CONGO-R"; per the RHP, these contributed 64.30% of gross inpatient revenue in Fiscal 2026.
On financials, the company discloses restated consolidated total income of Rs 10,520.5 crore in Fiscal 2026, up from Rs 8,362.8 crore in Fiscal 2025 and Rs 6,265.2 crore in Fiscal 2024. Profit for the year was Rs 916.5 crore in Fiscal 2026, against Rs 1,081.7 crore in Fiscal 2025, a decline in the most recent year even as revenue rose. Total borrowings stood at Rs 10,553.4 crore as of 31 March 2026, per the RHP. The promoters are Dr. Ranjan Ramdas Pai and entities including Manipal Global Health Services, MEMG International Ltd, Kangto Investments Pte. Ltd., Imperius Healthcare Investments Pte. Ltd. and Kabru Investments Pte. Ltd.
The Offer Structure
Per the RHP, the offer combines a fresh issue of up to Rs 8,000 crore with an offer for sale of up to 21,613,834 equity shares of face value Rs 2 each by named selling shareholders. The selling shareholders include Imperius Healthcare Investments Pte. Ltd. (up to 10,808,861 shares), Manipal Education and Medical Group India Private Limited (up to 6,792,002 shares), and investor shareholders such as TPG SG Magazine Pte. Ltd., Ammar Sdn Bhd and Novo Holdings Invest Asia A/S. The company will not receive any proceeds from the offer for sale.
The price band is Rs 560 to Rs 590 per share; bids are made for a minimum of 25 shares and in multiples thereof, so a single retail lot works out to Rs 14,750 at the upper end of the band. 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. Per the RHP, the fresh-issue proceeds are earmarked for repayment or prepayment of about Rs 5,552.76 crore of borrowings of its material subsidiary Manipal Hospitals Private Limited, about Rs 574 crore towards a minority stake in step-down subsidiary Sahyadri Hospitals Private Limited, and general corporate purposes. The book running lead managers named in the offer document are Kotak Mahindra Capital, Axis Capital, Goldman Sachs (India) Securities, Jefferies India, J.P. Morgan India, UBS and DBS Bank.
Risk Factors
The RHP's risk-factors section begins on page 34. Geographic concentration features prominently: the RHP states the company derived 46.40% of its Fiscal 2026 revenue from operations from its Karnataka hospitals, and warns that disruption there could have a material adverse effect. The company also discloses specialty concentration, with 64.30% of gross inpatient revenue in Fiscal 2026 from its CONGO-R specialties, and payor concentration, with 49.68% from insurance companies and third-party administrators.
The RHP lists a related-party dimension to the use of proceeds: a portion of the net proceeds will repay non-convertible debentures issued to DBS Bank Ltd, the parent of DBS Bank India Limited, which is deemed to be an "associate" of Imperius Healthcare Investments, a promoter and selling shareholder. Among further risks the company discloses are exposure to legal claims and regulatory actions, including claims of alleged medical negligence, and that the issue is being made under Regulation 6(2) of the SEBI ICDR Regulations because the company had net tangible assets of less than Rs 30 million in Fiscal 2026 and does not meet the Regulation 6(1)(a) threshold.
What Happens Next
The mechanics from here follow the standard timetable. The anchor allocation preceded the public opening, and the three-day book-building window runs from 29 to 31 July 2026. After the close, the registrar and exchanges finalise the basis of allotment, expected in early August, after which application money is unblocked from ASBA and UPI mandates for unsuccessful bidders and shares are credited to successful applicants.
Listing on the NSE and BSE is scheduled for around 5 August 2026 per the tentative timetable, at which point the debut price will be an exchange fact measured against the offer price. Through the window, category-wise bid data for qualified institutional buyers, non-institutional bidders and retail individual bidders is published live by the NSE and BSE. These are process steps, not a prediction of demand or price.
FAQ
What is the price band and lot size?
Per the RHP, the price band is Rs 560 to Rs 590 per equity share of face value Rs 2. Bids are made for a minimum of 25 shares and in multiples thereof, so a single retail lot works out to Rs 14,750 at the upper end of the band and Rs 14,000 at the lower end.
When does the issue open and close?
The three-day subscription window opened on 29 July 2026 and closes on 31 July 2026, per the offer schedule. The basis of allotment is expected to be finalised in early August, with listing on the NSE and BSE scheduled for around 5 August 2026 per the tentative timetable.
What does the fresh issue fund?
Per the RHP, fresh-issue proceeds are earmarked for repayment or prepayment of about Rs 5,552.76 crore of borrowings of its material subsidiary Manipal Hospitals Private Limited, about Rs 574 crore towards acquiring a minority stake in step-down subsidiary Sahyadri Hospitals Private Limited, and general corporate purposes.
Where can I read the RHP?
The red herring prospectus is available on SEBI's website at sebi.gov.in, on the NSE and BSE websites, on the company's IPO disclosures page, and on the lead managers' websites. It includes the complete risk-factors section beginning on page 34.
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 filed with SEBI and the abridged prospectus on the regulator's website. It was surfaced via coverage in The Economic Times.