Manipal Health Enterprises Pvt. Ltd., the operator of the Manipal Hospitals network, is reportedly preparing to launch its initial public offering (IPO) as early as July, according to sources familiar with the matter.
Backed by Temasek Holdings, the healthcare company has concluded meetings with potential investors and is aiming for a valuation of nearly $10 billion. However, discussions are still underway, and the final size and timeline of the IPO may be revised. The company has not officially commented on the development.
If completed as planned, the offering could become India’s first billion-dollar IPO of 2026. The listing is also expected to boost sentiment in the equity markets, which have witnessed a relatively subdued start this year despite record-breaking fundraising activity over the previous two years. Indian companies have collectively raised around $3.6 billion through IPOs so far in 2026.
Manipal Hospitals had submitted its draft red herring prospectus to the market regulator in March. The proposed issue comprises a fresh equity issue worth approximately ₹8,000 crore, along with a secondary sale of up to 43.23 million shares, representing about 3.66% of the company’s stake, by existing shareholders.
The healthcare provider has appointed a consortium of investment bankers for the proposed public issue, including Kotak Mahindra Capital, Axis Capital, Goldman Sachs, JPMorgan Chase, Jefferies, UBS Securities, and DBS Bank.
