Manipal Health Enterprises IPO Day 2: Manipal Health Enterprises opened its ₹9,275 crore initial public offering (IPO) for subscription on Tuesday, July 29. The public issue will remain open until Friday, July 31, with the hospital operator fixing a price band of ₹560-590 per equity share.
Manipal Health IPO GMP Today
Investor sentiment toward the IPO is muted, as Manipal Health grey market premium (GMP) is ₹9 on 30 July. This suggested that the stock was likely to debut at ₹599, up just 1.5% from IPO price.
‘Grey market premium’ indicates investors’ readiness to pay more than the issue price.
Manipal Health IPO subscription status
The IPO was subscribed 0.16 times by 10:25 am on Day 2. The retail portion was subscribed 0.32 times, and NII portion was booked 0.09 times, Qualified Institutional Buyers (QIBs) portion received 0.14 times bids. Moreover, the employee portion was subscribed 1.06 times.
The company has received bids for 1.47 crore shares against 9 crore shares on offer.
Manipal Health: Should you buy?
Brokerages have offered mixed views on the Manipal Health Enterprises IPO, with most recommending investors subscribe to the issue for the company’s long-term growth prospects, while others adviseding caution over valuations and debt.
Anand Rathi has assigned a “Subscribe – Long Term” rating to the IPO, saying the issue is fully priced. At the upper end of the price band, Anand Rathi said the company is valued at a price-to-earnings (PE) multiple of 85.4x FY26 earnings, implying a post-issue market capitalisation of ₹77,605.6 crore.
ICICI Securities has also recommended “Subscribe”, citing the company’s strong financial performance. The brokerage noted that revenue and EBITDA grew at a CAGR of 29% and 27%, respectively, between FY23 and FY26. At the upper end of the price band, it said Manipal Health is valued at around 35x FY26 EV/EBITDA, which is in line with other pan-India hospital chains. Considering the long-term growth prospects and positive outlook for the hospital sector, ICICI Securities believes the valuation still offers scope for further appreciation.
In contrast, Swastika Investmart has assigned an “Avoid” rating to the IPO. The brokerage pointed out that a large portion of the IPO proceeds will be used to repay acquisition-related debt, leaving limited capital for future expansion. It also flagged the company’s high dependence on Karnataka, where hospitals contribute 46-60% of revenue, and said the IPO is priced at or above the upper end of peer valuations. Given the premium valuation and limited margin of safety, Swastika Investmart has advised investors to wait for more attractive entry levels after listing or for clearer signs of debt reduction before considering an investment.
Manipal Health IPO Details
The IPO comprises a combination of a fresh issue and an offer for sale (OFS). The fresh issue consists of 13.56 crore equity shares worth ₹8,000 crore, while the OFS includes 2.16 crore equity shares aggregating to ₹1,275.22 crore.
Following the closure of the issue, the IPO allotment is expected to be finalised on Monday, August 3. Shares are likely to be credited to the demat accounts of successful applicants on Tuesday, August 4, while refunds for unsuccessful bidders are also expected to be initiated on the same day. The company’s shares are tentatively scheduled to list on the BSE and NSE on August 5.
The company intends to deploy ₹5,552.7 crore from the fresh issue proceeds towards repayment of debt, primarily borrowings incurred for the acquisition of Sahyadri Hospitals. It will also use ₹574 crore to acquire the remaining 9.84% stake in Sahyadri Hospitals. As of March 2026, Manipal Health’s total outstanding debt stood at ₹11,185 crore, and the proposed debt repayment is expected to reduce its borrowings by nearly 47.5%.
Investors can bid for a minimum of 25 shares, requiring a minimum investment of ₹14,750 at the upper end of the price band. The IPO also includes a reservation of up to 2,80,899 equity shares for eligible employees, who are being offered a discount of ₹56 per share to the issue price.
Kotak Mahindra Capital Co. Ltd. is the book-running lead manager for the issue, while KFin Technologies Ltd. has been appointed as the registrar.
About Manipal Health
Manipal Health Enterprises is the largest private hospital operator in India by licensed bed capacity, with a network of 49 hospitals and 13,037 licensed beds spread across 14 states and Union Territories as of March 31, 2026. It also ranks as the second-largest private hospital chain by the number of hospitals and is the second-highest revenue-generating hospital network in the country.
The healthcare provider has established a dominant presence in key urban markets. It is the market leader in Bengaluru, Kolkata and Pune, making it the only private hospital chain to hold the largest market share across all three metropolitan cities simultaneously.
On the financial front, Manipal Health reported a strong increase in revenue during FY26. Total income rose 26% YoY to ₹10,520.5 crore, while EBITDA increased to ₹2,795.9 crore from ₹2,247.1 crore in the previous financial year. However, profit after tax (PAT) declined to ₹916.5 crore, compared with ₹1,081.7 crore in FY25.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
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