Temasek-backed hospital chain Manipal Health Enterprises has filed a Draft Red Herring Prospectus with the Securities and Exchange Board of India (SEBI) to raise capital through an initial public offering (IPO).
The IPO issue will comprise a fresh issue of shares worth Rs 8,000 crore and an offer-for-sale of 43,227,668 equity shares by the promoters. The promoters who are offloading their stake in the IPO include Imperius Healthcare Investments and Manipal Education and Medical Group India, and investors such as TPG SG Magazine, Seventy Second Investment, and Novo Holdings Invest Asia will also sell stakes.
Manipal Health IPO objectives
As per the Draft Red Herring Prospectus, proceeds from its fresh issuance worth Rs 5,378 crore will be utilised for loan payments to the company’s arm, Manipal Hospitals; Rs 574 crore for acquiring a minority stake in the company’s subsidiary, Sahyadri Hospitals, and for general corporate purposes.
As per the document, the company may consider a pre-IPO Placement for up to Rs 1,600 crore. In that case, the fresh issue size could be reduced. In the proposed IPO, 50 per cent of the offer is allocated to QIBs, while 15 per cent is allocated to non-institutional buyers. Furthermore, 35 per cent of the offer is reserved for retail investors.
To assist the offering, Manipal Health has appointed Kotak Mahindra Capital Company, Axis Capital, Goldman Sachs (India) Securities Private Ltd, Jefferies India, JP Morgan India, UBS Securities India, and DBS Bank India as the book-running lead managers.
Manipal Health Enterprises business
Manipal Health Enterprises operates a pan-India network of multispecialty hospitals, operating 38 hospitals with 10,761 licensed beds across 14 states and union territories.
The company served 3.94 million patients in the six months ended September 30, 2025, and 7.19 million patients in FY2025.
On the financial front, the company’s revenue from operations stood at Rs 8,242.2 crore, with a net profit of Rs 1,081.6 crore during FY25.