Temasek-backed Manipal Health Moves Ahead with $1.2 Bn IPO

Manipal Health has positioned its upcoming IPO as a strategic move to tap into India’s expanding demand for advanced medical care, while also strengthening its balance sheet and funding recent acquisitions.

Manipal Health Enterprises has filed for an initial public offering of up to USD 1.17 Bn, aiming to capitalise on growing demand for specialised healthcare in India. The offering includes a fresh issue worth USD 852.2 Mn alongside an offer for sale of 43.2 Mn shares by existing stakeholders.

Manipal Health has positioned its upcoming IPO as a strategic move to tap into India’s expanding demand for advanced medical care, while also strengthening its balance sheet and funding recent acquisitions.

Manipal Health counts global investors such as Temasek, TPG, and Novo Holdings among its backers, all of whom are partially exiting through the IPO. According to sources, these investors may offload shares worth up to INR 30 Bn.

“India remains an undersupplied healthcare market, with strong tailwinds from rising insurance penetration, industry consolidation favouring larger players and higher per capita incomes driving demand for quality care,” said Sanjay Singh, Head of Investment Banking at InCred Capital, adding the IPO is likely to see strong interest from both institutional and retail investors.

Manipal Health’s growth strategy has been closely tied to expanding its footprint and capabilities. As of September 2025, the company operated around 12,367 beds across its network, in terms of capacity.

Financially, Manipal Health reported a consolidated net profit of INR 5.61 Bn on revenue of INR 47.13 Bn for the six months ending September 2025, signalling steady operational performance.

A portion of the IPO proceeds will be used to reduce debt, while a significant share will support the integration and expansion of Sahyadri Hospitals, which Manipal acquired for USD 700 Mn.

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