Manipal Health Enterprises has filed draft papers with the Securities and Exchange Board of India for an initial public offering aimed at raising Rs 8,000 crore through a fresh issue of shares, marking what could become one of the largest healthcare IPOs in the country. The offering will also include an offer for sale of up to 43.23 million shares by promoters and existing investors, including Imperius Healthcare Investments, Manipal Education and Medical Group, TPG and Seventy Second Investment.
IPO Structure And Fund Utilisation
The proceeds from the fresh issue are primarily intended for debt reduction and strategic expansion. The company plans to use Rs 5,378 crore to repay borrowings and Rs 574 crore to acquire a minority stake in its subsidiary, Sahyadri Hospitals. As of January 31, 2026, Manipal Health had consolidated borrowings of Rs 10,612.79 crore, highlighting the importance of deleveraging through the IPO. The company may also consider a pre-IPO placement of up to Rs 1,600 crore, which could reduce the size of the fresh issue.
Manipal Health operates a network of 38 hospitals, with 10,761 licensed beds across 14 states and union territories, which expands to 48 hospitals and 12,367 beds on a pro forma basis. The company served 7.19 million patients in FY25, reflecting its scale in India’s private healthcare sector. Financially, it reported revenue of Rs 9,263.56 crore and a net profit of Rs 534.7 crore for FY25 on a pro forma basis.
The IPO is being managed by a consortium of investment banks including Kotak Mahindra Capital, Axis Capital, Jefferies, JP Morgan, Goldman Sachs, UBS and DBS Bank India. The listing is expected to be launched by the end of 2026, subject to market conditions. |
