Manipal Health sets Rs 560-590 band for Rs 9,275 crore IPO
Manipal Health Enterprises has filed its RHP with SEBI and set a Rs 560-590 price band. The Rs 9,275 crore issue opens on July 29 and closes on July 31, 2026.
The Development
Manipal Health Enterprises Limited has moved to the launch stage of its initial public offering, with its red herring prospectus (RHP) dated July 23, 2026 filed with the Securities and Exchange Board of India (SEBI) and listed in the regulator's public-issues section on July 24, 2026. The Bengaluru-based hospital operator has set the price band for the book-built issue at Rs 560 to Rs 590 per equity share of face value Rs 2, per the price band advertisement ahead of the offer. Anchor bidding opens on Tuesday, July 28, 2026, the offer opens on Wednesday, July 29, 2026 and closes on Friday, July 31, 2026, per the abridged prospectus.
The offer combines a fresh issue of up to Rs 8,000 crore (Rs 80,000.00 million) with an offer for sale (OFS) of up to 21,613,834 equity shares by named selling shareholders. At the upper end of the band, that structure implies a total offer of roughly Rs 9,275 crore, placing it among the largest mainboard issues of the year. The equity shares are proposed to be listed on the BSE and the NSE, with the NSE as the designated stock exchange, per the RHP. This report was surfaced via coverage in The Economic Times.
The Company
Manipal Health Enterprises operates a pan-India network of multispecialty hospitals. Per the RHP, the company describes itself as the largest pan-India multispecialty hospital network by bed capacity as of March 31, 2026, citing a CRISIL report, with a clinical focus on cardiac sciences, oncology, neurosciences, gastro sciences, orthopedics and renal sciences, which the company groups as "CONGO-R" specialties. As of March 31, 2026, the company discloses it operated 49 hospitals (including six operations-and-management hospitals) with 13,037 licensed beds across 14 states and union territories, and it served 7.63 million patients across its network in Fiscal 2026.
On 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, against Rs 1,081.67 crore in Fiscal 2025 and Rs 533.20 crore in Fiscal 2024, per the RHP. Total borrowings rose to Rs 10,553.43 crore as of March 31, 2026 from Rs 4,766.83 crore a year earlier, reflecting an acquisition-led expansion. 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 stated in the offer document.
The Offer Structure
The fresh issue is capped at Rs 8,000 crore, while the OFS covers up to 21,613,834 equity shares. Named selling shareholders in the OFS 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), TPG SG Magazine Pte. Ltd. (up to 2,329,667 shares), Seventy Second Investment Company LLC, Ammar Sdn Bhd, Novo Holdings Invest Asia A/S and Phoenix Bear Investments, LLC, per the RHP. The company will not receive any proceeds from the OFS; those flow to the selling shareholders.
Per the objects of the offer, the company intends to use net proceeds for the repayment or prepayment of certain borrowings of its material subsidiary Manipal Hospitals Private Limited (an estimated Rs 5,552.76 crore), the acquisition of a minority stake in its 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, with KFin Technologies as registrar. Readers working through the arithmetic of an allotment can use Oquilia's lumpsum calculator and CAGR calculator, and the /news desk for prior coverage.
Risk Factors
The RHP lists geographic concentration as a leading risk: the company discloses it derived 46.40% of its revenue from operations in Fiscal 2026 from its hospitals in Karnataka, so disruption there could materially affect the business. Among the risk factors the company discloses, revenue is also concentrated by specialty, with 64.30% of gross inpatient revenue in Fiscal 2026 coming from the CONGO-R specialties, and by payor, with 49.68% of gross inpatient revenue in Fiscal 2026 tied to insurance and third-party administrators.
The RHP also flags a related-party dimension: part of the net proceeds is proposed to repay non-convertible debentures held by DBS Bank Ltd., the parent of book-running lead manager DBS Bank India Limited, which is deemed an "associate" of promoter and selling shareholder Imperius Healthcare Investments. The company further discloses exposure to legal claims arising from healthcare services, including alleged medical negligence. Finally, 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 Fiscal 2026 and does not meet the profitability route under Regulation 6(1)(a), per the RHP.
What Happens Next
With the RHP filed and the price band advertised, the sequence from here is standard. Anchor investors are allotted shares on Tuesday, July 28, 2026 under the exchange anchor-book process, and the three-day public subscription window then runs from Wednesday, July 29 to Friday, July 31, 2026, with the UPI mandate cut-off at 5:00 p.m. on the closing day, per the abridged prospectus.
After the issue closes, the registrar, KFin Technologies, finalises the basis of allotment; successful applicants receive shares in demat form while blocked funds are released for unsuccessful or partial applications. Listing and trading in the equity shares would then commence on the BSE and the NSE. Category-wise subscription figures during the window, and the eventual listing price against the offer price, will be exchange-recorded facts as they occur.
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?
Per the price band advertisement ahead of the issue, the band is Rs 560 to Rs 590 per equity share of face value Rs 2. The final offer price is determined through the book-building process within that band, per the RHP.
When does the issue open and close?
Anchor bidding is on Tuesday, July 28, 2026. The public offer opens 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 abridged prospectus.
How large is the offer?
The offer comprises a fresh issue of up to Rs 8,000 crore and an offer for sale of up to 21,613,834 equity shares. At the upper end of the band, this implies a total offer of roughly Rs 9,275 crore, per the RHP and the price band.
Where can I read the RHP?
The red herring prospectus is available on SEBI's website and on the BSE and NSE websites, as well as on the company's investor-disclosures page, per the abridged prospectus.
This report is based on the red herring prospectus filed with SEBI and the accompanying abridged prospectus. It was surfaced via coverage in The Economic Times.