Bangalore, Mar 24: Manipal Health Enterprises Limited has filed its Draft Red Herring Prospectus (DRHP) with capital markets regulator, Securities and Exchange Board of India (SEBI) to raise funds through Initial Public Offering (IPO).
The IPO, with a face value of ₹2, with fresh issue of Rs 8,000 crore and offer-for-sale of up to 43,227,668 equity shares by promoters – Imperius Healthcare Investments Pte. Ltd, Manipal Education and Medical Group India Private Limited.
Investors – TPG SG Magazine Pte. Ltd, Seventy Second Investment Company LLC, Ammar Sdn Bhd, Novo Holdings Invest Asia A/S, Phoenix Bear Investments, LLC.
The proceeds from its fresh issuance worth Rs 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 Limited, Rs 574 crore for acquisition of minority stake in the company’s stepdown 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 Rs 1,600 crore. The pre-IPO placement if completed, the fresh issue size will be reduced.
The Offer is being made through the book-building process, wherein not more than 50% of the net offer is allocated to qualified institutional buyers, and not less than 15% and 35% of the net offer is assigned to non-institutional bidders and retail individual bidders respectively.
Manipal Health Enterprises operate 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 September 30, 2025, the company operated 38 hospitals (48 hospitals on a pro forma basis) with 10,761 licensed beds (12,367 licensed beds on a pro forma basis) across 14 states and union territories.
The company have the widest footprint in terms of presence of hospitals among private hospital chains in India as of September 30, 2025 (Source: CRISIL Report). The company is also the largest pan-India multispecialty hospital network by bed capacity and the second largest hospital chain by number of hospitals as of September 30, 2025 (Source: CRISIL Report).
In November 2025, the company commenced operations at our 49th hospital in Bengaluru (Karnataka), which increased our licensed bed capacity to 12,631 licensed beds as of December 31, 2025.
In the company’s three key regions of (i) Karnataka, (ii) Maharashtra and Goa and (iii) West Bengal, Odisha, Jharkhand, and Sikkim (in eastern India), the company had 6,040, 2,188 and 2,887 licensed beds, respectively, as of September 30, 2025 (on a pro forma basis).
Following the company’s acquisition of Sahyadri Hospitals Private Limited and its subsidiaries (collectively, “Sahyadri”) in October 2025, the company added 1,606 licensed beds to their network. On a pro forma basis, the company’s total licensed bed capacity was 12,100 licensed beds as of March 31, 2025, and 12,367 licensed beds as of September 30, 2025.
The company served 3.94 million patients and 7.19 million patients across the company’s network (including their O&M hospitals) in the six months ended September 30, 2025 (on a pro forma basis) and in Fiscal 2025 (on a pro forma basis), respectively, with 11,058 doctors available to provide their services in the company’s hospitals as of September 30, 2025. (on a pro forma basis).
The company’s revenue from operations was Rs 4,713 crore during the six-months ended September 30, 2025, and net profit was Rs 571.8 crore. Its revenue from operations was Rs 8,242.2 crore during FY25 as against Rs 4,839.6 crore during FY23. The net profit in FY25 stood at 1,081.6 crore as against Rs 414.2 crore in FY23.
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.
