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What is the story about?
Bengaluru-based Manipal Health Enterprises Ltd on Monday (July 6) received approval from the Securities and Exchange Board of India (SEBI) for its initial public offering (IPO). The company had filed its IPO papers with SEBI on March 25, 2026.
The proposed IPO comprises a fresh issue of up to ₹8,000 crore along with an offer for sale of up to 43,227,668 equity shares by promoters Imperius Healthcare Investments Pte. Ltd. and Manipal Education and Medical Group India Private Limited.
Investors selling shares include TPG SG Magazine Pte. Ltd, Seventy Second Investment Company LLC, Ammar Sdn Bhd, Novo Holdings Invest Asia A/S and Phoenix Bear Investments, LLC.
ALSO READ | Exclusive | NSE targets September for mega IPO launch: Sources
The proceeds from its fresh issuance worth ₹5,378 crore will be utilised for repayment/ prepayment, in full or in part, of certain outstanding borrowings and accrued interest thereon availed by one of the company's material subsidiaries, Manipal Hospitals Private Ltd, ₹574 crore for acquisition of a minority stake in the company's step-down subsidiary, Sahyadri Hospitals Private Limited, and general corporate purposes.
The company, in consultation with the book-running lead managers, may consider a pre-IPO Placement for up to ₹1,600 crore. If the pre-IPO placement is completed, the fresh issue size will be reduced.
Manipal Health, India’s second-largest hospital chain by scale, operates a network of 38 hospitals (48 on a pro forma basis) with over 12,300 beds across 14 states and union territories, as of September 2025.
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On the financial front, the company reported a net profit of ₹571.8 crore for the six months ending September 30, FY26, against operating revenue of ₹4713 crore in the same period.
Kotak Mahindra Capital, Axis Capital, Goldman Sachs, Jefferies, J.P. Morgan, UBS, and DBS Bank are the book-running lead managers.
According to Abhinav Bharti, Managing Director and Head of India Equity Capital Markets (ECM) at JPMorgan, India's primary market could witness one of its busiest second halves, with seven to eight initial public offerings (IPOs) of $1 billion or more expected to raise $10-15 billion.
Bharti said the broader equity capital markets pipeline remains strong and could reach nearly $40 billion in the second half of 2026, supported by IPOs, follow-on offerings and block deals.
ALSO READ | Coca-Cola India IPO: Banker pitches called in London, formal talks on Aug 9-10, sources say
"We are tracking close to about seven to eight IPOs that could raise a billion dollars or more... which cumulatively between them should easily add up to a number between $10 to $15 billion," Bharti said. Including the broader pipeline, he added, "the potential is pretty much there" for another $20 billion of fundraising.
The proposed IPO comprises a fresh issue of up to ₹8,000 crore along with an offer for sale of up to 43,227,668 equity shares by promoters Imperius Healthcare Investments Pte. Ltd. and Manipal Education and Medical Group India Private Limited.
Investors selling shares include TPG SG Magazine Pte. Ltd, Seventy Second Investment Company LLC, Ammar Sdn Bhd, Novo Holdings Invest Asia A/S and Phoenix Bear Investments, LLC.
ALSO READ | Exclusive | NSE targets September for mega IPO launch: Sources
The proceeds from its fresh issuance worth ₹5,378 crore will be utilised for repayment/ prepayment, in full or in part, of certain outstanding borrowings and accrued interest thereon availed by one of the company's material subsidiaries, Manipal Hospitals Private Ltd, ₹574 crore for acquisition of a minority stake in the company's step-down subsidiary, Sahyadri Hospitals Private Limited, and general corporate purposes.
The company, in consultation with the book-running lead managers, may consider a pre-IPO Placement for up to ₹1,600 crore. If the pre-IPO placement is completed, the fresh issue size will be reduced.
Manipal Health, India’s second-largest hospital chain by scale, operates a network of 38 hospitals (48 on a pro forma basis) with over 12,300 beds across 14 states and union territories, as of September 2025.
ALSO READ | Rentomojo gets SEBI nod for IPO; to raise ₹150 crore via fresh issue
On the financial front, the company reported a net profit of ₹571.8 crore for the six months ending September 30, FY26, against operating revenue of ₹4713 crore in the same period.
Kotak Mahindra Capital, Axis Capital, Goldman Sachs, Jefferies, J.P. Morgan, UBS, and DBS Bank are the book-running lead managers.
According to Abhinav Bharti, Managing Director and Head of India Equity Capital Markets (ECM) at JPMorgan, India's primary market could witness one of its busiest second halves, with seven to eight initial public offerings (IPOs) of $1 billion or more expected to raise $10-15 billion.
Bharti said the broader equity capital markets pipeline remains strong and could reach nearly $40 billion in the second half of 2026, supported by IPOs, follow-on offerings and block deals.
ALSO READ | Coca-Cola India IPO: Banker pitches called in London, formal talks on Aug 9-10, sources say
"We are tracking close to about seven to eight IPOs that could raise a billion dollars or more... which cumulatively between them should easily add up to a number between $10 to $15 billion," Bharti said. Including the broader pipeline, he added, "the potential is pretty much there" for another $20 billion of fundraising.
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