About Manipal Health Enterprises IPO
Manipal Health Enterprises Limited is set to launch its IPO for public subscription on July 29, 2026, and will remain open until July 31, 2026.
The Manipal Health Enterprises IPO price band is set at ₹560–₹590 per equity share. The allotment is expected to be finalised on August 3, 2026.
The Manipal Health Enterprises IPO is a ₹9,273.64 crore book-building issue, comprising a fresh issue aggregating to ₹7,998.43 crore and an offer for sale (OFS) of up to 2,16,13,900 equity shares aggregating to ₹1,275.22 crore, with a face value of ₹2 each.
Manipal Health Enterprises IPO Date, Price, and Other Details
The following are the details of the upcoming Manipal Health Enterprises Limited IPO.
| Particulars | Details |
|---|---|
| IPO Size | Book Build issue of ₹9,273.64 crore |
| Offer Type | Fresh issue of ₹7,998.43 crore + OFS of ₹1,275.22 crore |
| Price Band | ₹560 to ₹590 per share |
| Issue Dates | Opens: Jul 29, 2026 · Closes: Jul 31, 2026 |
| Minimum Bid Lot | 1 lot of 25 shares |
| Minimum Investment (Retail) | ₹14,750 (at upper band) |
| Allotment Date | Aug 3, 2026 |
| Listing Date | Aug 5, 2026 |
| Face Value | ₹2 per share |
| Lead Managers (BRLMs) | Kotak Mahindra Capital Co. Ltd. Axis Capital Ltd. Goldman Sachs (India) Securities Pvt. Ltd. Jefferies India Pvt. Ltd. J.P. Morgan India Pvt. Ltd. UBS Securities India Pvt. Ltd. DBS Bank India Ltd. |
| Registrar | Kfin Technologies Ltd. |
| Listing Exchanges | National Stock Exchange of India (NSE) & Bombay Stock Exchange (BSE) |
Business Overview of Manipal Health Enterprises
Manipal Health Enterprises Limited, incorporated in 2010 and headquartered in Bengaluru, Karnataka, is one of India's largest private healthcare providers, operating a pan-India network of multi-specialty hospitals, clinics, and diagnostic centres.
Manipal Health is part of the Manipal Group, founded by Dr. T. M. A. Pai. The company has expanded its network through acquisitions including AMRI, Medica Synergie, and Sahyadri Group.
Key Highlights of Manipal Health Enterprises:
- India's largest multi-specialty hospital chain by bed capacity and the 2nd largest by number of hospitals.
- Only private hospital chain in India with leadership in three metros simultaneously (Bengaluru, Kolkata, and Pune).
- Offers end-to-end healthcare services spanning outpatient consultations, diagnostics, emergency care, surgeries, intensive care, organ transplants, and complex tertiary and quaternary treatments, etc.
Manipal Health Enterprises IPO Reservation: Who Can Apply?
The Manipal Health Enterprises IPO has the following category reservations from Retail to HNIs:
| Investor Category | Lots | Shares | Amount (at ₹590) |
|---|---|---|---|
| Retail (Min) | 1 | 25 | ₹14,750 |
| Retail (Max) | 13 | 325 | ₹1,91,750 |
| sNII (Min) | 14 | 350 | ₹2,06,500 |
| sNII (Max) | 67 | 1,675 | ₹9,88,250 |
| bNII (Min) | 68 | 1,700 | ₹10,03,000 |
| QIB | As applicable | — | — |
Strengths and Risks of Manipal Health Enterprises IPO
With every business owning its strengths and risks, even the Manipal Health Enterprises IPO has its potential plus points and downsides to be aware of.
Here is a brief business analysis (as per RHP) below:
Strengths
- India's largest multi-specialty hospital chain by bed capacity, with 49 hospitals, 13,037 licensed beds across 14 states and UTs.
- The only private hospital chain in India with leadership in three metros simultaneously — Bengaluru, Kolkata, and Pune.
- Revenue from operations grew from ₹6,171.63 crore (FY24) to ₹10,335.75 crore (FY26), reflecting consistent top-line growth.
- As one of the strengths of Manipal Health, High-acuity specialty focus “CONGO-R” specialties contributed 64.3% of gross inpatient revenue in FY26.
- Advanced clinical infrastructure including 58 cath labs, 44 MRI scanners, 19 LINACs, and robotic surgical systems.
- Network expanded from 33 hospitals (FY24) to 49 hospitals (FY26) through acquisitions of AMRI, Medica Synergie, and Sahyadri Group.
Risks
- Manipal Health’s business is primarily dependent on inpatient care and hospital occupancy levels.
- PAT declined in FY24-25 and FY25-26 despite revenue growth, reflecting margin pressure from higher employee costs, finance costs, and depreciation.
- Total borrowings rose sharply, more than doubling in a single year.
- Significant geographic concentration of hospitals (46.40%) resides in Karnataka.
- Recent acquisitions (Sahyadri Group completed Oct–Dec 2025) carry integration risk around realising synergies and aligning clinical protocols.
- A substantial portion of the fresh issue proceeds (₹5,552.76 crore) will be used to repay borrowings of a material subsidiary, not for direct business expansion.
Future Plans/Strategies of Manipal Health Enterprises
- Repay/prepay outstanding borrowings of material subsidiary Manipal Hospitals Private Limited using IPO proceeds.
- Acquire a minority stake in step-down subsidiary Sahyadri Hospitals Private Limited to solidify their ownership.
- Continue expanding hospital network through organic growth and strategic acquisitions.
- Strengthen digital health capabilities including telemedicine, e-pharmacy, and AI-enabled platforms.
- Listing on exchanges to enhance visibility and support long-term growth plans.
Manipal Health Enterprises IPO Objectives – How Will the Funds Be Used?
The Manipal Health Enterprises IPO comprises both a fresh issue (₹7,998.43 crore) and an OFS (₹1,275.22 crore). The company will receive proceeds only from the fresh issue. The OFS proceeds will go to the selling shareholders.
| Objective | Amount (₹ crore) |
|---|---|
| Repayment/prepayment of outstanding borrowings and accrued interest of Manipal Hospitals Private Limited | 5,552.76 |
| Acquisition of minority stake in step-down subsidiary, Sahyadri Hospitals Private Limited | 574.00 |
| General corporate purposes | Shall not exceed 25% of gross proceeds |
Promoter Shareholding of Manipal Health Enterprises IPO
The promoters of Manipal Health Enterprises include Dr. Ranjan Ramdas Pai, Manipal Global Health Services, Memg International Ltd., Kangto Investments Pte. Ltd., Imperius Healthcare Investments Pte. Ltd., and Kabru Investments Pte. Ltd.
| Promoter | Pre-Issue Holding (%) |
|---|---|
| Dr. Ranjan Ramdas Pai | 0.18% |
| Manipal Global Health Services | 19.68% |
| Kangto Investments Pte. Ltd. | 26.45% |
| Imperius Healthcare Investments Pte. Ltd. | 17.77% |
| Kabru Investments Pte. Ltd. | 5.78% |
| (A) | 69.86% |
| Others (Promoter Group) | 12% |
| Total (A + B) | 81.42% |
Financial Performance (₹ in crores) of Manipal Health Enterprises IPO
Here's the table outlining the financial performance of Manipal Health Enterprises Limited from FY 2024 to FY 2026.
(₹ in crores)
| Period Ended | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Assets | 24,864.50 | 14,072.08 | 10,818.83 |
| Total Income | 10,520.52 | 8,362.79 | 6,265.17 |
| Profit After Tax | 916.52 | 1,081.67 | 533.20 |
| EBITDA | 2,795.94 | 2,247.07 | 1,776.60 |
Key Performance Metrics of Manipal Health Enterprises
Based on the financials available in the RHP, the following key performance metrics of Manipal Health Enterprises IPO can be considered.
| KPI | As of FY 2025-26 | FY 2024-25 |
|---|---|---|
| ROE | — | 26.98% |
| Net Asset Value (NAV) per share | ₹72.55 | ₹50.91 |
| Earnings Per Share (EPS - Diluted) | ₹7.67 | ₹9.25 |
| EBITDA Margin (%) | 25.58% | 26.27% |
| PAT Margin (%) | 8.87% | 13.12% |
| Total Borrowings | ₹10,553.43 crore | ₹4,766.83 crore |
(Note: P/E, market capitalisation, and post-IPO NAV are subject to final pricing and allotment. Refer to the RHP dated July 23, 2026 for complete details.)
Registrar of Manipal Health Enterprises IPO
The assigned registrar of the Manipal Health Enterprises IPO is Kfin Technologies Ltd.
Phone: 040-79615565
Email: manipal.ipo@kfintech.com
Website: https://ipostatus.kfintech.com/
Lead Manager of Manipal Health Enterprises IPO
In total, 7 lead managers are handling the IPO process of Manipal Health Enterprises Limited, namely;
- Kotak Mahindra Capital Company Ltd.
- Axis Capital Ltd.
- Goldman Sachs (India) Securities Pvt. Ltd.
- Jefferies India Pvt. Ltd.
- J.P. Morgan India Pvt. Ltd.
- UBS Securities India Pvt. Ltd.
- DBS Bank India Ltd.
