One of India’s largest hospital chains, Manipal Health Enterprises Ltd has announced its initial public offering (IPO) to raise ₹9,275 crore marking one of the country’s biggest healthcare listings. The public issue will open for subscription on July 29 and close on July 31 with the company fixing a price band of ₹560–590 per equity share. The IPO comprises a fresh issue of equity shares worth ₹8,000 crore and an Offer for Sale (OFS) of ₹1,275.22 crore by existing shareholders including investors such as Temasek’s Imperius Healthcare Investments and TPG Capital. At the upper end of the price band, the issue values the Bengaluru-headquartered hospital operator at around US$8 billion reflecting strong investor interest in India’s fast-growing healthcare sector.
According to the Red Herring Prospectus (RHP) a significant portion of the proceeds from the fresh issue ₹5,552.8 crore will be used to repay or prepay outstanding borrowings including debt incurred for the acquisition of Sahyadri Hospitals. Another ₹574 crore has been earmarked to acquire the remaining minority stake in Sahyadri Hospitals while the balance will be utilised for general corporate purposes.
Manipal Health currently operates 49 hospitals across India with a licensed bed capacity of 13,037 beds making it one of the country’s largest multispecialty hospital networks. The company has also announced plans to invest nearly ₹4,000 crore over the next three to four years to add around 2,400 new beds expanding its capacity by more than 18%. The expansion will strengthen its presence in key metropolitan and tier-II cities amid rising demand for quality healthcare services.
Anchor investors will be able to bid on July 28 while the shares are expected to be listed on the BSE and NSE on August 5 subject to regulatory approvals. The IPO is expected to be the second-largest public issue in India in 2026 underlining sustained investor confidence in the country’s healthcare and hospital sector.