Manipal Health Enterprises makes a strong/quiet debut on the bourses. The stock has listed at Rs 652 on the NSE, which is a premium of 10.5% to the issue price. On the BSE, the stock has listed at a premium of 11% at Rs 655.

The IPO was open for subscription from July 29 to July 31, with the company aiming to raise Rs 9,275.22 crore through the initial public offering. The issue price was fixed at Rs 590 per equity share.

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The share allotment for one of the major mainboard issues was finalised on August 3. The IPO was oversubscribed 4.92 times, but the retail portion was undersubscribed.

Manipal Health IPO: Subscription status

Overall, the IPO saw heavy investor response, mainly in the QIB segment. However, the retail individual investor category was undersubscribed at 0.93 times. By the end of the bidding window, the issue was subscribed 4.92 times. The QIBs booked the issue 8.25 times, while the Non-Institutional Investors subscribed it 1.02 times. The employees category was booked 2.19 times.

Manipal Health IPO: BRLM and registrar

The issue is being managed by Kotak Mahindra Capital, while KFIN Technologies is acting as the registrar of the IPO. 

Expert take on Manipal Health IPO

Manipal Health Enterprises is the only private hospital chain with leading positions in Bengaluru, Kolkata, and Pune, supported by a well-diversified presence across metro and non-metro markets, a trusted brand among patients and medical professionals, and advanced healthcare infrastructure focused on delivering superior clinical outcomes.

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“At the upper price band, the company is valued at a PE of 85.4x to its FY26 earnings, with a market cap of Rs 77,605.6 crore post issue of equity shares. We believe that the IPO is fully priced and recommend a ‘Subscribe-Long Term’ rating to the IPO,” said Anand Rathi Research in an IPO note ahead of the issue opening. 

About Manipal Health Enterprises

Manipal Health Enterprises operates a pan-India network of multispecialty hospitals delivering a comprehensive range of care services, from outpatient services to complex tertiary and quaternary interventions. As of March 31, 2026, the company operated 49 hospitals with 13,037 licensed beds across 14 states and union territories. The company has the widest footprint in terms of hospital presence among private hospital chains in India as of March 31, 2026.