Mr. Dilip Jose, MD & CEO, Manipal Health Enterprises Limited at the launch of the Company’s IPO in Mumbai
- Price band of ₹560 – ₹590 per Equity Share bearing face value of ₹2 each (“Equity Shares”)
- Bid/Offer Opening Date – Wednesday, July 29, 2026 and Bid/Offer Closing Date, Friday, July 31, 2026
- Minimum Bid Lot is 25 Equity Shares and in multiples of 25 Equity Shares thereafter
Mumbai, July 24, 2026: Manipal Health Enterprises Limited has fixed the price band of ₹560/- to ₹590/- per Equity Share of face value ₹2/- each for its initial public offer.
The Initial Public Offering (“IPO” or “Offer”) of the Company will open on Wednesday, July 29, 2026, for subscription and close on Friday, July 31, 2026.
Investors can bid for a minimum of 25 Equity Shares and in multiples of 25 Equity Shares thereafter.
Equity shares outstanding as on date 1,179,757,321 Equity Shares of ₹2 each.
The IPO is a fresh issue of up to Rs 8,000 crore, and an offer-for-sale of up to 21,613,834 equity shares by promoters – Imperius Healthcare Investments Pte. Ltd, and Manipal Education and Medical Group India Private Limited.
| Particulars |
Fresh Issue |
OFS |
Total Issue Size |
| Lower Price Band (Rs. 560 per share) |
Rs. 8000 crore |
Rs. 1210.38 crore |
Rs. 9210.38 crore |
| Upper Price Band (Rs. 590 per share) |
Rs. 8000 crore |
Rs. 1275.22 crore |
Rs. 9275.22 crore |
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.
The proceeds from its fresh issuance worth Rs 5,552.8 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 Limited, Rs 574 crore for acquisition of minority stake in the company’s step-down subsidiary, Sahyadri Hospitals Private Limited, and general corporate purposes.
The company 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 presence of hospitals among private hospital chains in India as of March 31, 2026 (Source: CRISIL Report). It is the largest pan-India multispecialty hospital network by bed capacity and the second-largest hospital chain by number of hospitals as of March 31, 2026 (Source: CRISIL Report).
For Fiscal 2026, the company reported the second-highest revenue from operations of ₹103,357.51 million (₹109,356.18 million on a pro forma basis) among private hospital chains in India (Source: CRISIL Report).
In its three key regions of Karnataka, Maharashtra and Goa and West Bengal, Odisha, Jharkhand, and Sikkim, the company had 6,404, 2,188 and 2,887 licensed beds, respectively, as of March 31, 2026.
Among private hospital chains in India, as of March 31, 2026, the company is the largest player in Karnataka, the largest player in Maharashtra and Goa region, and the largest player in select states of West Bengal, Odisha, Jharkhand, and Sikkim (Source: CRISIL Report). Licensed beds represent the total number of hospital beds approved by regulatory authorities in a facility.
The company is the only private hospital chain network in India to lead in three metro markets of Bengaluru, Kolkata and Pune by bed capacity (5,376) as of March 31, 2026 (Source: CRISIL Report). As of March 31, 2026, the company had 2,579, 1,513 and 1,284 licensed beds and 12, five and nine hospitals in Bengaluru, Kolkata and Pune respectively. Its multi-hospital presence in these metros allows the company to deliver care closer to patients’ homes, reduce travel times for critical interventions, and serve broad referral areas within each city.
In line with the company’s core philosophy to improve access to healthcare, it maintains a balanced presence across metros and non-metros, with 46.78% of its licensed beds located in metros and 53.22% of its licensed beds located in non-metros as of March 31, 2026.
The company served 7.63 million patients across its network (including its O&M hospitals) in Fiscal 2026. Further, it had 11,064 doctors available to provide their services in its hospitals as of March 31, 2026.
The company offers clinical services across several specialties, with a focus on tertiary and quaternary care, particularly in cardiac sciences, oncology, neurosciences, gastro sciences, orthopedics, and renal sciences (CONGO-R). These specialties involve high-acuity cases or cases that are severe, complex and require advanced interventions and high levels of care.
Its revenue from operations was Rs 10,335.8 crore during FY26 as compared to Rs 6,171.6 crore during FY24.
Its net profit was Rs 916.5 crore during FY26 as compared to Rs 533.2 crore during FY24.
Kotak Mahindra Capital Company Limited, Axis Capital Limited, Goldman Sachs (India) Securities Private Limited, Jefferies India Private Limited, J.P. Morgan India Private Limited, UBS Securities India Private Limited, and DBS Bank India Limited are the book-running lead managers, and KFin Technologies Limited is the registrar of the offer.
The equity shares are proposed to be listed on BSE and NSE.
RHP Link: https://investmentbank.kotak.com//kib-cms/sites/default/files/offer-documets/Manipal%20Health%20Enterprises%20Limited-%20RHP%20%28July%2023%2C%202026%29.pdf
Manipal Health Enterprises Limited is proposing, subject to receipt of requisite approvals, market conditions and other considerations, to make an initial public offer of its Equity Shares and has filed a red herring prospectus dated July 23, 2026, with the RoC. The RHP is made available on the website of the SEBI at www.sebi.gov.in as well as on the website of the BRLM, Kotak Mahindra Capital Company; Axis Capital Limited, Goldman Sachs (India) Securities Private; Jefferies India Private Limited, J.P. Morgan India Private Limited, UBS Securities India Private Limited, and DBS Bank India Limited, the website of the NSE at www.nseindia.com and the website of the BSE at www.bseindia.com and the website of the Company at https://www.manipalhospitals.com/. Any potential investor should note that investment in equity shares involves a high degree of risk and for details relating to such risks, please see the section “Risk Factors” beginning on page 34 of the RHP. Potential investors should not rely on the DRHP for making any investment decision but should only rely on the information included in the RHP filed by the Company with the RoC.
The Equity Shares offered in the Issue have not been, and will not be, registered under the U.S. Securities Act and may not be offered or sold within the United States, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act and applicable state securities laws. The Equity Shares offered in the issue are being offered and sold only outside the United States in “offshore transactions” as defined in and in reliance on Regulation S under the U.S. Securities Act (“Regulation S”).
Disclaimer Clause of Securities and Exchange Board of India (“SEBI”): SEBI only gives its observations on the draft offer documents and this does not constitute approval of either the Offer or the specified securities stated in the Offer Documents. The investors are advised to refer to page 614 of the RHP for the full text of the disclaimer clause of SEBI.
Disclaimer Clause of BSE: It is to be distinctly understood that the permission given by BSE should not in any way be deemed or construed that the Red Herring Prospectus has been cleared or approved by BSE nor does it certify the correctness or completeness of any of the contents of the Red Herring Prospectus. The investors are advised to refer to the page 618 of the Red Herring Prospectus for the full text of the disclaimer clause of BSE.
Disclaimer Clause of NSE (the Designated Stock Exchange): It is to be distinctly understood that the permission given by NSE should not in any way be deemed or construed that the Offer Document has been cleared or approved by NSE nor does it certify the correctness or completeness of any of the contents of the Offer Document. The investors are advised to refer to page 619 of the RHP for the full text of the disclaimer clause of NSE.
