Manipal Health Enterprises IPO Opens July 29 with INR 560-590 Price Band; Targets Expansion
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The public issue consists of a fresh issue of equity shares worth INR 8,000 Cr and an OFS of 2.16 Cr equity shares valued at INR 1,275.21 Cr, taking the total issue size to INR 9,275 Cr.
Manipal Health Enterprises has fixed the price band for its INR 9,275 Cr initial public offering (IPO) at INR 560 to 590 per equity share.
The public issue will open on July 29 and close on July 31, with the company planning to use a significant portion of the fresh capital to strengthen its balance sheet by repaying debt and making strategic investments.
The public issue consists of a fresh issue of equity shares worth INR 8,000 Cr and an offer for sale (OFS) of 2.16 Cr equity shares valued at INR 1,275.21 Cr, taking the total issue size to INR 9,275 Cr.
Compared with the draft red herring prospectus (DRHP) filed earlier this year, the OFS component has been reduced by half, while the fresh issue size remains unchanged.
Under the OFS, promoters Imperius Healthcare Investments and Manipal Education and Medical Group India, along with existing investors TPG SG Magazine, Seventy Second Investment Company, Ammar Sdn Bhd, Novo Holdings Invest Asia and Phoenix Bear Investments, will dilute part of their holdings.
Earlier this month, the Securities and Exchange Board of India (SEBI) cleared the company's IPO proposal.
According to the red herring prospectus, INR 5,378 Cr from the fresh issue proceeds will be used to repay borrowings and accrued interest of its material subsidiary, Manipal Hospitals.
Another INR 574 Cr has been earmarked for acquiring a minority stake in its step-down subsidiary, Sahyadri Hospitals, while the remaining funds will be allocated towards general corporate purposes.
The Manipal Health Enterprises IPO has been priced in a band of INR 560 to 590 per share, with a lot size of 25 equity shares and multiples thereafter.
The company has reserved up to 75% of the issue for qualified institutional buyers, at least 15% for non-institutional investors and a minimum of 10% for retail investors. Employees have also been allocated shares worth INR 15 Cr at a discount of INR 56 per share.
Anchor investor allocation is scheduled for July 28, while the basis of allotment is expected to be finalised on August 3. Refunds and credit of shares to successful applicants' demat accounts are expected on August 4, with the company's shares likely to be listed on the BSE and NSE on August 5.
Backed by Temasek and led by Dr Ranjan Pai, Manipal Health Enterprises has grown through both organic expansion and acquisitions, emerging as one of the country's largest multispecialty hospital networks.
As of March 2026, Manipal Health Enterprises operated 49 hospitals with more than 13,000 licensed beds across 14 states and union territories.
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