Manipal Health opens Rs 9,275 crore IPO; band set at Rs 560-590
Manipal Health Enterprises opened its IPO on 29 July 2026 with a price band of Rs 560 to Rs 590, per the RHP filed with SEBI and NSE data. The window closes 31 July.
The Development
Manipal Health Enterprises Limited, which operates the Manipal Hospitals network, opened its initial public offering for subscription on Wednesday, 29 July 2026, with a price band of Rs 560 to Rs 590 per equity share of face value Rs 2. The three-day bidding window closes on Friday, 31 July 2026, per the red herring prospectus filed with SEBI and the exchange record. The anchor investor book opened a day earlier, on 28 July 2026.
At the upper end of the band, the offer aggregates to roughly Rs 9,275 crore, comprising a fresh issue of up to Rs 8,000 crore and an offer for sale of up to 2,16,13,834 equity shares by selling shareholders, per the RHP. The shares are proposed to be listed on the BSE and the NSE, with the NSE as the designated stock exchange.
As of 2.42 pm on 30 July 2026, the second day of bidding, the issue had been subscribed about 0.34 times overall, per NSE data, with the qualified institutional buyer portion at 0.41 times, the retail portion at 0.42 times and the non-institutional portion at 0.13 times. The development was surfaced via IPO coverage in The Economic Times.
The Company
Manipal Health Enterprises describes itself as a pan-India network of multispecialty hospitals and, per the RHP citing a CRISIL report, "the largest pan-India multispecialty hospital network by bed capacity" as of 31 March 2026. The company discloses that it served 7.63 million patients across its network in the year ended March 2026. Its clinical focus is on tertiary and quaternary care in cardiac sciences, oncology, neurosciences, gastro sciences, orthopaedics and renal sciences, which the offer document groups under the label CONGO-R.
On the numbers it puts on record, revenue from operations rose to Rs 10,335.75 crore in FY2026 from Rs 8,242.25 crore in FY2025 and Rs 6,171.63 crore in FY2024, per the restated consolidated financial information in the RHP. Profit for the year was Rs 916.52 crore in FY2026, which the company discloses is lower than the Rs 1,081.67 crore reported in FY2025 and above the Rs 533.20 crore of FY2024. EBITDA was Rs 2,721.87 crore in FY2026, per the same disclosures.
The promoters 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., as named in the offer document.
The Offer Structure
The offer combines a fresh issue of equity shares aggregating up to Rs 8,000 crore with an offer for sale of up to 2,16,13,834 shares, per the RHP. Selling shareholders in the OFS include the promoter Imperius Healthcare Investments Pte. Ltd. (up to 1,08,08,861 shares) and promoter group entity Manipal Education and Medical Group India Private Limited (up to 67,92,002 shares), alongside investor shareholders 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 OFS.
The bid lot is 25 equity shares, so a retail application at the Rs 590 cap works out to Rs 14,750, with larger applications made in multiples of the lot. On the stated objects, the RHP earmarks Rs 5,552.76 crore of the net proceeds for repayment or prepayment of certain borrowings of its material subsidiary Manipal Hospitals Private Limited, and Rs 574 crore towards acquiring a minority stake in its stepdown subsidiary Sahyadri Hospitals Private Limited, 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. Readers working through the arithmetic of an allotment can use Oquilia's lumpsum calculator or CAGR calculator, and the Oquilia news desk carries prior primary-market coverage.
Risk Factors
The RHP sets out a detailed risk-factors section, and among the risks the company discloses are the following. First, geographic concentration: the RHP lists that Manipal derived 46.40% of its revenue from operations in FY2026 from its hospitals in Karnataka, so any disruption there could affect the business. Second, specialty concentration: the company discloses that 64.30% of its gross inpatient revenue in FY2026 came from the CONGO-R specialties, and a fall in demand for these could hurt results.
Third, payor concentration: the RHP lists that 49.68% of gross inpatient revenue in FY2026 came from insurance companies and third-party administrators, exposing the company to renewal and collection risk on those contracts. Fourth, the company discloses that it is exposed to legal claims and regulatory actions arising from healthcare services, including claims of alleged medical negligence. Finally, the RHP notes that the offer 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 FY2026 and does not meet the alternative eligibility test. These are the company's own disclosures, not an external assessment.
What Happens Next
The book-building process runs through the close on 31 July 2026, with the UPI mandate cut-off at 5 pm that day, per the RHP. From there the standard mechanics follow: the basis of allotment is finalised with the registrar, KFin Technologies, ASBA funds are unblocked and shares are credited to successful applicants, and the stock is then admitted to trading on the exchanges. Dates for allotment and listing are published by the registrar and the exchanges; applications are made through the ASBA and UPI mechanisms.
SEBI issued its final observation letter on the draft offer document on 3 July 2026, per the company's IPO disclosures, and the BSE and NSE granted in-principle approval on 9 June 2026. SEBI's observations are a clearance to proceed and are not an endorsement of the issue or a guarantee of its merits; the regulator's own disclaimer in the RHP states the shares have "neither been recommended, nor approved" by SEBI.
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 exchange record. The bid lot is 25 shares, so an application at the upper price is Rs 14,750, with larger applications in multiples of the lot. The final terms are set out in the RHP on SEBI's website and the exchanges.
When does the issue open and close?
Bidding opened on Wednesday, 29 July 2026 and closes on Friday, 31 July 2026, per the RHP. The anchor investor book opened on 28 July 2026. The UPI mandate confirmation cut-off is 5 pm on the closing day.
What do SEBI's observations mean?
SEBI issued its final observations on the draft offer document on 3 July 2026. Observations are a clearance that lets the company proceed with the offer. They are explicitly not an approval of the issue's merits or an endorsement, and SEBI does not guarantee the accuracy of the prospectus.
How is the basis of allotment decided?
When a category is oversubscribed, shares are allotted through a lottery-based process overseen by the registrar and the exchanges, within the reservation for each category of bidder. The basis of allotment is finalised after the issue closes and is published as an exchange and registrar notice.
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 active-issue subscription data from the NSE. It was surfaced via IPO coverage in The Economic Times.