Mumbai, July 30: The Initial Public Offering (IPO) of Manipal Health Enterprises Limited was subscribed 0.15 times on the first day of bidding, with participation from retail, qualified institutional buyers (QIBs), non-institutional investors and employees.
The issue received bids for 1,30,96,350 equity shares against 9,00,88,286 equity shares on offer, according to data available on the stock exchanges.
The Retail Individual Investors (RII) portion was subscribed 0.25 times, the Non-Institutional Investors (NII) portion 0.07 times, the Qualified Institutional Buyers (QIBs) portion 0.14 times, and the Employee Reserved portion 0.89 times.
The issue kicked off for subscription on Wednesday, July 29, 2026, and will close for subscription on Friday, July 31, 2026.
A day before the opening of the issue, Manipal Health Enterprises Limited had raised Rs 4,167 crore from anchor investors. The anchor book witnessed participation from several marquee global institutional investors, including Abu Dhabi Investment Authority – Stable, Templeton Emerging Markets Fund and Allianz Global Investors Fund – Allianz India Equity, amongst others.
Brokerage houses recommend Manipal Health Enterprises
Leading brokerage firms like Anand Rathi, BP Wealth, Canara Bank Securities, ICICI Securities and SBI Securities have given their “Subscribe” recommendation to Manipal Health Enterprises Limited
Anand Rathi highlights the company 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.
On the valuation front, at the upper price band, company is valued at a PE of 85.4 to its FY26 earnings with market cap of Rs 7,76,056 million post issue of equity shares. Recommend a “SUBSCRIBE” rating for the long-term.
SBI Securities highlights the company delivers a comprehensive range of healthcare services which includes outpatient services to complex tertiary and quaternary interventions.
On the valuation front, at the upper price band of Rs 590, the issue is valued at an EV/EBITDA of 29.4 times based on FY26 Proforma earnings on a post-issue basis, which is fairly valued against industry peers. Recommend a “SUBSCRIBE” rating for the long-term.
IPO Details:
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.
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 5,552.7 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.
Investors can bid for a minimum of 25 Equity Shares and in multiples of 25 Equity Shares thereafter.
Company Information
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 ₹103,297.51 million (₹109,336.34 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.