Valuation of Manipal Hospitals Rises to $13 Bn After Sahyadri Deal; IPO Eyed for 2026

The recently announced deal marks a substantial increase from the group’s $3 billion valuation in 2021. Reportedly, the acquisition was valued at over INR 6,000 Cr with an additional upside value potential of INR 2,000 Cr.

Bengaluru-based Manipal Hospitals has reportedly seen its valuation climb by at least $1 billion after acquiring Sahyadri Hospitals, taking its overall valuation to approximately $13 billion.

The recently announced deal marks a substantial increase from the group’s $3 billion valuation in 2021. Reportedly, the acquisition was valued at over INR 6,000 Cr with an additional upside value potential of INR 2,000 Cr.

Manipal Hospitals has finalized a list of investment banks for its proposed $1 billion initial public offering. The company has selected Goldman Sachs, Axis Capital, Jefferies, Kotak Mahindra Capital, and JP Morgan to manage the offering.

Draft papers for the IPO are expected to be filed by June 2025, with plans to list by the end of FY26.

Founded in 2010 by Ranjan Pai, Manipal Hospitals today operates a network of over 30 hospitals with a team of more than 5,000 doctors across cities including Bengaluru, Mysore, Ghaziabad, Kolkata, Vijayawada, Salem, Pune, Dwarka, Palam Vihar, Goa, Mangalore, Jaipur and Patiala.

In a previous interview with Moneycontrol, Temasek’s India head Ravi Lambah had said the group would pursue a combination of brownfield, greenfield and inorganic growth opportunities, adding that valuation would be one of the decisive factors before going public.

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