Bengaluru-based Manipal Health Enterprises, which operates the Manipal Hospitals chain, on Friday announced the launch of India’s largest healthcare initial public offering (IPO), aiming to raise Rs 9,275 crore at a price band of Rs 560-590 per share.
The issue will open for subscription on July 29 and close on July 31, while anchor investors can place bids on July 28.
At the upper end of the price band, the Temasek-backed hospital chain will command a valuation of around Rs 77,607 crore. The IPO comprises a fresh issue of shares worth Rs 8,000 crore and an offer for sale (OFS) of up to 2.16 crore equity shares aggregating Rs 1,275 crore.
Promoters Imperius Healthcare Investments and Manipal Education and Medical Group India, along with investors TPG SG Magazine, Seventy Second Investment Company, Ammar Sdn Bhd, Novo Holdings Invest Asia and Phoenix Bear Investments, will pare their holdings through the OFS.
Notably, the OFS component has been reduced from the 4.32 crore equity shares proposed in the draft red herring prospectus (DRHP) filed in March 2026. The Securities and Exchange Board of India (SEBI) approved the IPO earlier this month.
Of the proceeds from the fresh issue, Rs 5,552.8 crore will be used to repay or prepay borrowings and accrued interest of subsidiary Manipal Hospitals. Another Rs 574 crore will be utilised to acquire a minority stake in step-down subsidiary Sahyadri Hospitals, while the balance will be earmarked for general corporate purposes.
Group Chief Financial Officer Samir Agarwal said the IPO process had commenced before the Sahyadri acquisition and was not intended to finance the transaction. He added that the company expects to become net debt-free after deploying the proceeds.
As of March 31, 2026, Manipal Health operated 49 hospitals with 13,037 licensed beds. Its revenue from operations rose to Rs 10,336 crore in FY26 from Rs 6,172 crore in FY24, while net profit increased to Rs 916.5 crore from Rs 533.2 crore over the same period.
The issue is the second-largest mainboard IPO of 2026 so far, after SBI Funds Management’s Rs 9,795.32-crore public offering.
