Manipal Health eyes Rs 8,000-cr via IPO

Temasek-backed hospital chain Manipal Health Enterprises has filed preliminary papers with capital markets regulator Sebi to raise funds through an initial public offering (IPO), comprising a fresh issue of shares worth Rs 8,000 crore.

Apart from the fresh issue, there will be an offer-for-sale of 43,227,668 equity shares by promoters -- Imperius Healthcare Investments Pte. Ltd, Manipal Education and Medical Group India, and investors -- TPG SG Magazine Pte Ltd, Seventy Second Investment Company LLC, Ammar SdnBhd, Novo Holdings Invest Asia A/S, Phoenix Bear Investments, LLC, according to the Draft Red Herring Prospectus (DRHP) filed on Monday.

Proceeds from its fresh issuance worth Rs 5,378 crore will be utilised for loan payments availed by the company’s arm, Manipal Hospitals; Rs 574 crore for acquiring a minority stake in the company’s subsidiary, Sahyadri Hospitals, and for general corporate purposes. The company may consider a pre-IPO Placement for up to Rs 1,600 crore. If such an initiative is completed, the fresh issue size will be reduced.

Manipal Health Enterprises operates a pan-India network of multispecialty hospitals, covering cardiology, oncology, neurosurgery, gastrointestinal science, Orthopedics, liver transplantation surgery and kidney transplant, among others. It operated 38 hospitals with 10,761 licensed beds across 14 states and union territories as of September 30, 2025.

The company served 3.94 million patients in the six months ended September 30, 2025, and 7.19 million patients in FY2025. On the financial front, the company’s revenue from operations stood at Rs 8,242.2 crore, with a net profit of Rs 1,081.6 crore during FY25. To assist the offering, Manipal Health has appointed Kotak Mahindra Capital Company, Axis Capital, Goldman Sachs (India) Securities Private Ltd, Jefferies India, JP Morgan India, UBS Securities India, and DBS Bank India as the book-running lead managers.