Manipal Hospitals is preparing to file for a $1 billion initial public offering (IPO) in January, potentially marking the largest listing by an Indian hospital operator to date, according to people familiar with the development.
The company is reportedly seeking a valuation of up to $13 billion. The planned issue is expected to include both a fresh share sale and an offer for sale by existing investors, though the structure could still change as discussions continue, the people said, requesting anonymity.
The Bengaluru-headquartered healthcare group has engaged Kotak Mahindra Capital, Axis Bank, and the Indian arms of Goldman Sachs, JPMorgan, and Jefferies as advisers for the proposed offering. Representatives from Manipal and several banks involved either declined to comment or did not respond to queries.
Backed by Singapore’s state investor Temasek Holdings, Manipal could emerge as India’s most valuable healthcare provider post-listing. The move reflects growing investor interest in India’s hospital and healthcare ecosystem. The chain has been scaling up through acquisitions, including its recent purchase of Sahyadri Hospitals Pvt.
In June, KKR announced a $600 million financing commitment to support Manipal’s expansion plans. Around the same time, Bloomberg reported that Manipal had temporarily paused IPO preparations in order to pursue the Sahyadri acquisition from the Ontario Teachers’ Pension Plan Board.
Manipal, part of a diversified conglomerate spanning healthcare, education, and insurance, operates over 10,500 beds across its network.
Currently, Max Healthcare Institute Ltd. holds the crown as India’s most valuable hospital chain with a market capitalization of approximately $12 billion. The most recent major hospital IPO in the country was Dr Agarwal’s Health Care, which raised $350 million earlier this year.