The Manipal Health IPO saw muted investor interest on its first day of bidding, achieving an overall subscription of 15%, as it received bids for 1.3 crore shares against its ask of over 9 crore shares. The offer worth Rs 9,275 crore witnessed none of its segments being fully subscribed on Day 1.
Manipal Health IPO: Strong employee participation
The hospital chain operator, which has fixed its share price band at Rs 560-590, witnessed the employees segment being subscribed by 89% on the first day of bidding. The firm has reserved 2.80 lakh shares for its eligible employees, who are being offered shares at a discount of Rs 56 per share to the final offer price.
This was followed by the retail individual investor portion, which was subscribed 25%, receiving bids for 41.38 lakh shares against the 1.64 crore shares reserved. The non-institutional investor segment was subscribed 7%, with bids received for 18.37 lakh shares against the 2.46 crore offer, and the Qualified Institutional Buyers portion was subscribed 14%, receiving bids for 68.52 lakh shares against its ask of 4.87 crore shares.
Manipal Health IPO: Day 2 subscription snapshot
Manipal Health IPO saw tepid investor response on day one, receiving an overall subscription of 0.15 times.
| Investor Category | Subscription (Day 1) |
| Qualified Institutional Buyers (QIBs) | 0.14x |
| Non-Institutional Investors (NIIs) | 0.07x |
| Retail Individual Investors (RIIs) | 0.25x |
| Employee | 0.89x |
| Overall | 0.15x |
Manipal Health IPO: GMP around 1.5%
In the unlisted markets, the shares of Manipal Health are being traded at a premium of Rs 9, reflecting an estimated listing price of Rs 599, based on the upper end of the price band. This translates into gains of nearly 1.53% per share.
While the issue’s GMP has fallen over the past few sessions, it is important to note that grey market premium does not guarantee profit and is subject to fluctuation dependent on market mood and sentiment.
Manipal Health IPO: Expert commentary
Giving the Manipal Health IPO a ‘Subscribe for long-term’ rating, Deven Choksey Research in a note said, “ Based on our primary assumptions and forecasts, we believe Manipal Health is well positioned for its next phase of growth. We expect revenue and EBITDA to grow at a CAGR of ~18% and ~17%, respectively, between FY26-FY28 driven by capacity expansion, improving occupancy, and higher ARPOB.”