CHENNAI: Bengaluru-based hospital chain Manipal Health Enterprises Ltd filed its draft red herring prospectus (DRHP) with capital markets regulator Securities and Exchange Board of India (SEBI) to raise funds through a fresh issue of Rs 8,000 crore and offer-for-sale of up to 4.32 crore equity shares by promoters and existing shareholders and investors, the company said on Tuesday.
The promoters include Imperius Healthcare Investments Pte Ltd, Manipal Education and Medical Group India Pvt Ltd. The equity shares, with a face value of Rs 2 each, will be listed on the BSE and NSE.
Singapore investment major Temasek and Dr Ranjan Pai-backed hospital chain will be used for repayment of debt of Rs 5,378 crore at its material subsidiary Manipal Hospitals Pvt Ltd and the acquisition of a minority stake in step-down subsidiary Sahyadri Hospitals Pvt Ltd of Rs 574 crore.
The proceeds from its fresh issuance worth Rs 5,378 crore will be utilised for repayment/prepayment, in full or in part, of certain outstanding borrowings and accrued interest thereon availed by one of the company's material subsidiaries, Manipal Hospitals Private Limited, Rs 574 crore for acquisition of minority stake in the company's stepdown subsidiary, Sahyadri Hospitals Private Limited, and general corporate purposes.
Pune-headquartered Sahyadri Hospitals was acquired by Manipal Hospitals on July 9. The company, in consultation with the book-running lead managers, may consider a pre-IPO placement for up to Rs 1,600 crore. If the pre-IPO placement is completed, the fresh issue size will be reduced.
The offer is being made through the book-building process, wherein not more than 50% of the net offer is allocated to qualified institutional buyers, and not less than 15% and 35% of the net offer is assigned to non-institutional bidders and retail individual bidders respectively.
As of September 30, 2025, the company operated 38 hospitals (48 hospitals on a pro forma basis) with 10,761 licensed beds (12,367 licensed beds on a pro forma basis) across 14 states and Union territories.
In November 2025, the company commenced operations at its 49th hospital in Bengaluru, which increased its licensed bed capacity to 12,631 as of December 31, 2025.
Following the company's acquisition of Sahyadri Hospitals Private Limited and its subsidiaries (collectively, “Sahyadri”) in October 2025, the company added 1,606 licensed beds to their network. On a pro forma basis, the company's total licensed bed capacity was 12,100 licensed beds as of March 31, 2025, and 12,367 licensed beds as of September 30, 2025.
The company’s revenue from operations was Rs 4,713 crore during the six months that ended on September 30, 2025, and net profit was Rs 571.8 crore. Its revenue from operations was Rs 8,242.2 crore during FY25 as against Rs 4,839.6 crore during FY23. The net profit in FY25 stood at 1,081.6 crore as against Rs 414.2 crore in FY23.
Kotak Mahindra Capital Company Limited, Axis Capital Limited, Goldman Sachs (India) Securities Private Limited, Jefferies India Private Limited, J.P. Morgan India Private Limited, UBS Securities India Private Limited, and DBS Bank India Limited are the book-running lead managers, and KFin Technologies Limited is the registrar of the offer.