Manipal Hospitals Plans INR 10,500-11,000 Cr IPO, Likely to Be Largest in India’s Healthcare Sector

If successful, this move could mark the largest public offering in the Indian healthcare sector, reflecting growing investor interest and the expansion potential of this vital industry.

Manipal Hospitals, a leading player in India's healthcare industry, is preparing to submit its draft red herring prospectus (DRHP) within this week. The company is planning to launch an initial public offering (IPO) projected to raise between Rs 10,500 and 11,000 crore.

If successful, this move could mark the largest public offering in the Indian healthcare sector, reflecting growing investor interest and the expansion potential of this vital industry.

According to reports, the issue will feature an offer-for-sale component of approximately Rs 2,000 crore. A significant portion of the proceeds will be allocated to repay approximately Rs 8,000 crore in debt and to support inorganic expansion opportunities. Kotak is serving as the lead banker for the IPO.

The listing comes at a time when the IPO market has slowed as companies delay launches amid cautious investor sentiment, weaker listing gains and geopolitical tensions.

With a network of nearly 50 hospitals and around 13,000 beds, Manipal Hospitals has recently surpassed Apollo Hospitals in scale, becoming the country’s largest hospital chain by bed capacity.

The hospital chain recently acquired a 100% stake in Sahyadri Hospitals for about Rs 6,000–Rs 6,400 crore. Three years ago, Temasek Holdings acquired a majority stake in Manipal Health Enterprises for over $2 billion, then the largest deal in India’s healthcare sector, valuing the company at around $5 billion.

Backed by Singapore's state-owned investor Temasek Holdings, Manipal could emerge as India's most valuable healthcare operator following its proposed listing.

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