Manipal Health Enterprises IPO: The initial public offering of Manipal Health Enterprises will open for public subscription on Wednesday, 29 July, and will remain open until Friday, 31 July. The book build issue combines a fresh issue of 13.56 crore shares and an offer for sale (OFS) of 2.16 crore shares.
The Manipal Health Enterprises IPO price band has been fixed in the range of ₹560 to ₹590 per equity share of the face value of ₹2.
Meanwhile, the grey market premium (GMP) of Manipal Health Enterprises shares on Monday afternoon was ₹25, suggesting the stock could list at a 4% premium to the issue price.
As the issue is scheduled to conclude on Friday, share allotment is expected to be finalised on the next business day on Monday, 3 August. Manipal Health shares will list on the NSE and the BSE on Wednesday, 5 August.
Manipal Health Enterprises IPO: 10 things from RHP
Ahead of the share sale coming Wednesday, here are the 10 key things that investors should know about Manipal Health Enterprises’ IPO from the Red Herring Prospectus (RHP):
1. Manipal Health Enterprises IPO details
Manipal Health IPO is a fresh issue of 13.56 crore shares to raise ₹8,000 crore, and an offer for sale (OFS) of 2,16,13,834 shares, aggregating to ₹1,275.22 crore.
Imperius Healthcare Investments Pte. Ltd. and Manipal Education and Medical Group India
Private Limited are the promoter selling shareholders, while TPG SG Magazine Pte. Ltd., Seventy Second Investment Company LLC, Ammar Sdn Bhd, Novo Holdings Invest Asia A/S, and Phoenix Bear Investments, LLC are the investor selling shareholders in the OFS.
2. Manipal Health Enterprises IPO book-running lead managers and registrar
Kotak Mahindra Capital Company Limited, Axis Capital Limited, Goldman Sachs (India) Securities Private Limited, Jefferies India Private Limited, J.P. Morgan India Private Limited, UBS Securities India Private Limited, and DBS Bank India Limited are the book-running lead managers of the Manipal Health Enterprises IPO. KFin Technologies Limited is the registrar of the issue.
3. Objects of the Manipal Health Enterprises IPO
The company will use the net proceeds from the fresh issue of shares to pay certain borrowings and interest availed by one of its subsidiaries, Manipal Hospitals. Besides, it will be used to acquire a minority stake in its stepdown subsidiary, Sahyadri Hospitals. Some parts of the net proceeds will be used for general corporate purposes.
4. Manipal Health Enterprises promoters
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., are the promoters of the company.
5. Management of Manipal Health Enterprises
The company’s board has nine directors, including one executive director and eight non-executive directors which includes three non-executive independent directors.
Dr. Hebri Sudarshan Ballal, 71, is the chairman and non-executive director. Dilip Jose Puthiyidathu, 60, is the managing director and CEO of the company.
6. Manipal Health Enterprises business
Manipal Health Enterprises operates a pan‑India network of multispecialty hospitals.
“As of 31 March 2026, we operated 49 hospitals with 13,037 licensed beds across 14 states and union territories. We have the widest footprint in terms of presence of hospitals among private hospital chains in India as of 31 March 2026. We are the largest pan-India multispecialty hospital network by bed capacity and the second largest hospital chain by number of hospitals as of March 31, 2026,” reads the RHP.
7. Manipal Health Enterprises’ financial performance
The company’s total revenue from operations was ₹6,171.63 crore in FY24, which increased to ₹8,242.25 crore in FY25 and to ₹10,335.75 crore in FY26. Its profit was ₹594.32 crore in FY24, ₹1,065.36 crore in FY25, and ₹892.32 crore in FY26.
8. Manipal Health Enterprises’ listed peers
Apollo Hospitals Enterprise, Fortis Healthcare Ltd, and Max Healthcare Institute are the major listed peers of the company.
9. Key risk
Manipal Health derived 46.40%, 51.55%, and 59.98% of its revenue from operations in FY26, FY25 and FY24, respectively, from its hospitals in Karnataka.
Any loss of business or disruption in the operations of these hospitals or geopolitical or policy changes in Karnataka could have a material adverse effect on the company.
10. Review of the Indian healthcare delivery market
As per the issue RHP, as of FY26, the Indian healthcare delivery market is estimated to have reached ₹7.6-7.8 lakh crore. In terms of value, the in-patient department (IPD) is estimated to have accounted for 71-72% of the healthcare delivery market in FY26, and the OPD for the balance. Though OPD volume outweighs IPD volume, the latter contributes the bulk of revenue for healthcare facilities.
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