Upcoming IPO: Manipal Health Enterprises files DRHP with SEBI; aims to raise ?8000 crore via fresh issue
Largest pan-India multispecialty hospital network operator Manipal Health Enterprises filed Draft Red Herring Prospectus (DRHP) with SEBI on March 23, 2026. The proposed issue is a mix of a fresh issue and an offer for sale.?
Issue Size
As per the DRHP, the proposed issue comprises a fresh issue of ?8000 crore and an offer for sale of up to 43,227,668 equity shares by existing shareholders Imperius Healthcare Investments Pte. Ltd, Manipal Education and Medical Group India Private Limited, TPG SG Magazine Pte. Ltd., Seventy Second Investment Company LLC, Ammar Sdn Bhd, Novo Holdings Invest Asia A/S, and Phoenix Bear Investments, LLC.?
BRLMs and Registrar
The book-running lead managers for the IPO are 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.?
KFin Technologies Limited is the registrar to the issue.?
Use of Proceeds
The net proceeds from the fresh issue will be used towards the following objectives:?
- Repay/prepay outstanding borrowings and accrued interest thereon availed by Manipal Hospitals Private Limited
- General corporate purposes?
- Acquire minority stake in step-down subsidiary Sahyadri Hospitals Private Limited
About Manipal Health Enterprises
Manipal Health Enterprises operates a nationwide network of multi-specialty hospitals in India and offers a full spectrum of healthcare services ranging from primary and outpatient care to advanced tertiary and quaternary treatments.
As of September 30, 2025, their network comprised 38 hospitals (48 hospitals on a pro forma basis), with a total capacity of 10,761 licensed beds (12,367 on a pro forma basis), spread across 14 states and union territories.?
According to the CRISIL Report, Manipal ranks among the largest pan-India multispecialty hospital networks by bed capacity and is the second-largest hospital chain by number of hospitals as of September 30, 2025.?
Manipal Health Enterprises Financials?
|
Period |
Six months ended Sep 30, 2025 |
FY 2025 |
FY 2024 |
FY 2023 |
|
Revenue from operations |
?4,713.05 |
?8,242.25 |
?6,171.63 |
?4,839.61 |
|
Profit After Tax (PAT) |
?571.83 |
?1,081.67 |
?533.20 |
?414.20 |
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