Manipal Health Enterprises, one of India’s largest hospital chains has raised ₹4,167 crore from anchor investors ahead of the launch of its ₹9,275-crore Initial Public Offering (IPO) which opened for public subscription on July 29. The strong response from institutional investors is being viewed as a significant vote of confidence in India’s fast-growing healthcare sector and the company’s long-term expansion strategy.
The company allotted over 7.06 crore equity shares to 133 anchor investors at ₹590 per share, the upper end of the IPO price band of ₹560-590 per share. The anchor book attracted participation from leading global institutional investors including Abu Dhabi Investment Authority (ADIA), Allianz Global Investors, Morgan Stanley Asia, Natixis International Fund, Societe Generale, Goldman Sachs Bank Europe and several domestic mutual funds such as ICICI Prudential Mutual Fund, Kotak Mutual Fund, Aditya Birla Sun Life Mutual Fund, UTI Mutual Fund, HDFC Mutual Fund, HSBC Mutual Fund and Mirae Asset Mutual Fund.
At the upper end of the price band, the IPO values the Bengaluru-headquartered healthcare provider at over ₹77,600 crore making it one of the largest healthcare listings in India. The public issue will remain open for subscription until July 31. Early subscription data indicated a steady response from investors with institutional demand expected to drive momentum during the three-day offering.
The IPO comprises a fresh issue of equity shares worth ₹8,000 crore and an Offer for Sale (OFS) of shares by existing shareholders amounting to approximately ₹1,275 crore taking the total issue size to ₹9,275 crore. Manipal Health plans to utilise ₹5,378 crore from the fresh issue to repay or prepay borrowings of its subsidiary, Manipal Hospitals Pvt. Ltd. Another ₹574 crore will be used to acquire the minority stake in Sahyadri Hospitals Pvt. Ltd. strengthening the group’s ownership following its acquisition of the Pune-based hospital network. The remaining proceeds will be used for general corporate purposes and future growth initiatives.
The IPO comes at a time when Manipal Health is pursuing an aggressive expansion strategy. The company has announced plans to invest around ₹4,000 crore over the next three to four years to add 2,400 new beds expanding its network to meet the rising demand for tertiary and quaternary healthcare services across India. As of March 31, 2026, Manipal Health operated 49 hospitals with 13,037 licensed beds across India making it the country’s largest pan-India multispecialty hospital network by bed capacity and the second-largest hospital chain by number of hospitals, according to industry data cited in its prospectus.
The successful anchor round underscores continued investor interest in India’s healthcare sector, which has witnessed robust growth driven by increasing healthcare expenditure, expanding insurance coverage, consolidation among hospital chains, and rising demand for advanced medical services. If the IPO receives a strong public response, it will rank among the largest healthcare IPOs in India’s capital markets, further highlighting investor confidence in the long-term growth prospects of the country’s hospital industry.
