Manipal Health Enterprises, backed by Singapore’s investment firm Temasek, has received approval from the Securities and Exchange Board of India (SEBI) for its proposed initial public offering (IPO), according to Reuters sources familiar with the development.
The hospital chain is reportedly planning to launch its stock market debut in late July or early August. The sources, who requested anonymity as the information has not yet been made public, said the offering is expected to be among the largest healthcare IPOs in India.
In March, Manipal Health filed draft papers for an IPO worth up to $1.2 billion, aiming to capitalize on the growing demand for advanced and specialized healthcare services.
The company’s listing plans come amid heightened geopolitical tensions linked to the Iran conflict, which have triggered substantial foreign investor outflows and slowed activity in the IPO market. As a result, several companies have adopted a more cautious approach towards public listings.
Foreign investors have sold shares worth $29.2 billion so far this year, contributing to an approximately 7% decline in India’s benchmark Nifty 50 index.
