Manipal Health sets ₹560 to ₹590 price band for ₹9,275 crore IPO
Manipal Health Enterprises has priced its ₹9,275 crore initial public offering at ₹560 to ₹590 per share, halving its offer-for-sale component to fund debt repayment and a subsidiary acquisition.
Manipal Health Enterprises has fixed the price band for its initial public offering between ₹560 and ₹590 per equity share. The subscription window for the ₹9,275 crore issue will open on Wednesday, 29 July and close on Friday, 31 July. Anchor investor allocation is scheduled for Tuesday, 28 July, with shares expected to list on the BSE and NSE on 5 August.
The offering comprises a ₹8,000 crore fresh issue of equity shares alongside an offer for sale of 2.16 crore shares valued at ₹1,275.2 crore. The company has halved the offer-for-sale component from the 4.32 crore shares initially proposed in its March 2026 draft red herring prospectus. This reduction limits immediate supply dilution and signals stronger confidence from existing backers in retaining their stakes ahead of the public debut.
Qualified institutional buyers are allocated up to 75% of the public issue, while non-institutional and retail investors receive minimum reservations of 15% and 10% respectively. The firm has also earmarked ₹15 crore in shares for its employees at a ₹56 discount to the final offering price. The lot size is set at 25 equity shares.
Proceeds from the fresh issue will primarily target debt reduction, with ₹5,378 crore allocated to repay borrowings. An additional ₹574 crore will fund the acquisition of a minority stake in step-down subsidiary Sahyadri Hospitals, while the remainder is designated for general corporate purposes. Clearing this debt will significantly deleverage the balance sheet ahead of the listing, improving financial flexibility for future expansion.
The offer for sale involves share sales by promoters Imperius Healthcare Investments and Manipal Education and Medical Group India. Existing investors including TPG SG Magazine, Novo Holdings Invest Asia, and Seventy Second Investment Company are also participating alongside Temasek and Dr Ranjan Pai. Kotak Mahindra Capital, Axis Capital, Goldman Sachs, Jefferies, JP Morgan, UBS, and DBS Bank are managing the issue.
Manipal operates 49 hospitals with over 12,600 beds across more than 24 cities. It claims the largest multispecialty hospital network in India by bed capacity and ranks second by the number of facilities. The listing arrives shortly after the Securities and Exchange Board of India approved the proposal earlier this month.
