Temasek-Backed Manipal Health Secures SEBI Approval for IPO, Targets Late July Listing
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The company had filed its draft papers in March to raise up to $1.2 billion, betting on sustained demand for complex and specialty healthcare services.
Temasek-backed Manipal Health Enterprises has received approval from the Securities and Exchange Board of India (SEBI) for its proposed initial public offering (IPO) and is aiming to list on Indian stock exchanges in late July or early August, according to two sources familiar with the matter.
The sources, who requested anonymity as the information has not yet been made public, said the hospital chain is preparing for one of the largest IPOs by an Indian healthcare company. The company had filed its draft papers in March to raise up to $1.2 billion, betting on sustained demand for complex and specialty healthcare services.
The proposed public issue marks a significant milestone for Manipal Health, which is backed by Singapore-based investment firm Temasek. If launched as planned, the IPO would rank among the biggest healthcare listings in the country in recent years.
The approval comes at a time when India's IPO market has witnessed slower activity due to volatile global conditions. Rising geopolitical tensions linked to the Iran conflict have triggered risk aversion among foreign investors, prompting several companies to adopt a cautious approach toward public listings.
According to Reuters, overseas investors have sold $29.2 billion worth of Indian equities so far this year. The sustained outflows have weighed on market sentiment, with the benchmark Nifty 50 index declining by around 7% during the same period.
Despite the broader market headwinds, Manipal Health is proceeding with its listing plans, reflecting continued investor interest in India's healthcare sector. The company had positioned its IPO around the growing demand for advanced and complex medical care, a segment that has seen steady expansion in recent years.
The final timeline for the offering is expected to depend on prevailing market conditions, with the company currently targeting a market debut by the end of July or early August, the sources said.
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