Manipal Hospitals is preparing to file its draft red herring prospectus (DRHP) this week for an initial public offering (IPO) estimated at ₹10,500–11,000 crore, which could become India’s largest healthcare sector listing.
The offering is expected to include an offer-for-sale (OFS) component of about ₹2,000 crore. A significant share of the proceeds will likely be used to reduce nearly ₹8,000 crore in debt and support future acquisitions, according to sources. Kotak Mahindra Capital Company has been appointed as the lead banker. The company declined to comment on the development.
With a network of nearly 50 hospitals and around 13,000 beds, Manipal Hospitals has recently overtaken Apollo Hospitals in terms of bed capacity, becoming India’s largest hospital chain.
The group has been actively expanding through acquisitions. It recently acquired a 100% stake in Sahyadri Hospitals for around ₹6,000–6,400 crore. Earlier, Temasek Holdings bought a majority stake in Manipal Health Enterprises for over $2 billion, valuing the company at roughly $5 billion at the time.
The organisation’s roots trace back to Udupi, where T. M. A. Pai established Kasturba Medical College in 1953. The hospital business was later launched in 1991 by Ramdas Pai.
Following a “string of pearls” strategy, the group has acquired multiple hospital networks over the years, including the India operations of Columbia Asia Hospitals, Vikram Hospital, and an 84% stake in AMRI Hospitals in 2023, strengthening its presence in eastern India.
It has also signed an agreement to acquire an 87% stake in Medica Synergie, a deal reportedly valued at around ₹1,400 crore.
Alongside acquisitions, Manipal Hospitals is expanding through greenfield projects in Bengaluru and Mumbai. The group aims to increase its total capacity to about 15,000 beds, including plans for a 300-500 bed tertiary care hospital in Raipur.
