Manipal Health Eyeing $1 Bn IPO, Plans for January Listing

As per reports, the company is targeting a valuation of as much as $13 billion, with talks continuing as final terms are yet to be locked in.

Manipal Health Enterprises is preparing to file for a $1 billion initial public offering in January, people familiar with the development said, signalling one of the most ambitious listing moves in India’s healthcare sector.

As per reports, the company is targeting a valuation of as much as $13 billion, with talks continuing as final terms are yet to be locked in. The potential offering is expected to include both a fresh issue of shares and an offer for sale by existing investors.

Additionally, the Bengaluru-based network is working with advisers including Kotak Mahindra Capital, Axis Bank, and the Indian units of Goldman Sachs, JPMorgan, and Jefferies. 

Manipal, backed by Temasek Holdings Pte., has been expanding rapidly across India through a series of acquisitions, most recently Sahyadri Hospitals Pvt. The company has grown consistently over the past few years, adding capacity and widening its geographic footprint.

According to its website, Manipal operates more than 10,500 operational beds across its network. The company sits within a broader conglomerate with interests in healthcare, education, and insurance.

India’s most valuable listed hospital operator is Max Healthcare Institute Ltd., with a market capitalisation of about $12 billion. The last major hospital IPO in the country was Dr Agarwal’s Health Care, which raised $350 million earlier this year.

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