Manipal Health IPO Day 2: Issue Subscribed Only 15% So Far, GMP Fall; Should You Apply? Check Recommendations

Manipal Health IPO: The initial public offering (IPO) of Manipal Health Enterprises Ltd, one of India’s leading hospital chains, is going to witness its second day of bidding today, July 30. The price band of the Rs 9,275.22-crore mainboard IPO, which will remain open till tomorrow, July 31, has been fixed in the range of Rs 560 to Rs 590 per share.

On the first day of bidding on Thursday, the IPO received a strong 0.15x subscription, garnering bids for 1,31,45,250 shares as against the 8,66,04,947 shares on offer. So far, its retail category has received a 0.27x subscription, while the non-institutional investor (NII) category received a 0.08x subscription. The QIB category received a 0.15x subscription on Day 1.

Shares of Manipal Health Enterprises

will be listed on both the BSE and the NSE on August 5.

Ahead of the public issue, the company on Tuesday raised Rs 4,167 crore from anchor investors. The anchor book attracted several global investors, including Abu Dhabi Investment Authority (ADIA), Allianz Global Investors Fund, Morgan Stanley Asia, Natixis International Fund, Societe Generale and Goldman Sachs Bank Europe, according to a circular uploaded on the BSE.

ICICI Prudential Mutual Fund (MF), Kotak MF, Aditya Birla Sun Life MF, UTI MF and HSBC MF also participated in the anchor round.

Manipal Health IPO: Price Band & Lot Size

The company has fixed the price band in the range of Rs 560-590 per equity share. The lot size for an application is 25 shares. So, retail investors will require a minimum amount of Rs 14,750 (25 shares), based on upper price, to apply for the IPO.

Manipal Health IPO GMP Today

According to market observers, unlisted shares of Manipal Health Enterprises were commanding a grey market premium (GMP) of around Rs 9per share on Thursday, compared with Rs 10 on Wednesday.

Based on the upper price band of Rs 590, the GMP indicates a potential listing price of around Rs 599 per share, which is only a 1.53 per cent listing gain. However, investors should note that the grey market is unofficial and GMP keeps changing based on investor sentiments.

Manipal Health IPO: Should You Apply?

Brokerages tracking the issue remain positive on the long-term prospects of Manipal Health Enterprises, citing its leadership position in India’s fast-growing healthcare sector, strong pan-India presence and expansion plans.

Anand Rathi has assigned a ‘Subscribe – Long Term’ rating to the IPO. In its IPO note, the brokerage said, “Manipal Health Enterprise Limited is India’s largest multispecialty hospital network by bed capacity, with a pan-India footprint and market leadership across its three core regions. It 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.”

As of March 31, 2026, Manipal Health operated 49 hospitals with 13,037 licensed beds across 14 states and Union Territories, offering a comprehensive range of healthcare services from outpatient care to complex tertiary and quaternary treatments.

On valuation, Anand Rathi noted that at the upper price band, the company is valued at a P/E of 85.4 times FY26 earnings, with a post-issue market capitalisation of Rs 77,605.6 crore. Despite the premium valuation, the brokerage believes the company’s growth potential justifies a long-term investment. “We believe that the IPO is fully priced and recommend a ‘Subscribe-Long Term’ rating to the IPO,” it said.

Meanwhile, Master Capital Services believes the company is well positioned to benefit from India’s expanding healthcare market.

The brokerage highlighted that the Indian healthcare delivery market, valued at around Rs 7.0 trillion in FY25, is estimated to have grown to Rs 7.6-7.8 trillion in FY26, driven by rising demand for routine treatments, elective surgeries and outpatient services. Looking ahead, the market is expected to grow at a 10-12% CAGR between FY25 and FY30, reaching Rs 11.2-12.2 trillion, supported by structural drivers such as higher healthcare spending, expanding insurance coverage, the Ayushman Bharat (PMJAY) scheme and increasing government focus on healthcare.

According to Master Capital, “Manipal Health Enterprises Limited is well positioned to benefit from growing healthcare demand, supported by its pan-India network, strong presence across key metro and non-metro markets, focus on tertiary and quaternary care, advanced clinical capabilities and continued capacity expansion.”

The brokerage also noted that the company’s growing inpatient volumes, strategic acquisitions and plans to add around 2,426 licensed beds by 2030 strengthen its long-term growth outlook. It concluded, “Investors may consider the IPO as a potential long-term investment opportunity.”

Manipal Health IPO: Key Details

The Bengaluru-based company’s proposed IPO comprises a fresh issue of equity shares worth up to Rs 8,000 crore and an Offer For Sale (OFS) of up to 2.16 crore equity shares by existing shareholders, according to a public announcement on Friday.

Promoters — Imperius Healthcare Investments Pte. Ltd. and Manipal Education and Medical Group India Pvt. Ltd — along with shareholders– TPG SG Magazine Pte. Ltd., Seventy Second Investment Company LLC, Ammar Sdn Bhd, Novo Holdings Invest Asia and Phoenix Bear Investments, LLC –will pare their stakes through the offer for sale.

The company plans to use Rs 5,378 crore to repay or prepay borrowings of its subsidiary, Manipal Hospitals Pvt. Ltd. It has also earmarked Rs 574 crore to acquire the minority stake in step-down subsidiary Sahyadri Hospitals Pvt. Ltd., while the remaining proceeds will be used for general corporate purposes.

At the upper end of the price band, the total issue size is estimated at around Rs 9,275 crore, while at the lower end it is pegged at about Rs 9,210 crore.

Manipal Health operates a pan-India network of multispecialty hospitals offering services ranging from outpatient care to tertiary and quaternary interventions.

As of September 30, 2025, it operated 38 hospitals, or 48 on a pro forma basis, with 10,761 licensed beds, or 12,367 on a pro forma basis, across 14 states and Union Territories.

In November 2025, the company commenced operations at its 49th hospital in Bengaluru, taking its licensed bed capacity to 12,631 as of December 31, 2025.

For the six months ended September 30, 2025, the company reported revenue from operations of Rs 4,713 crore and a net profit of Rs 571.8 crore.

As per the allocation structure, Qualified Institutional Buyers (QIBs) will receive up to 75 per cent of the offer, non-institutional investors (NIIs) 15 per cent and retail investors 10 per cent. Equity shares aggregating up to Rs 15 crore have been reserved for eligible employees, who will be offered a discount of Rs 56 per share.

Axis Capital, Kotak Mahindra Capital Company, Goldman Sachs (India) Securities, Jefferies India, JP Morgan India, UBS Securities India and DBS Bank India are the book-running lead managers to the issue, while KFin Technologies is the registrar.