Manipal Health Enterprises IPO is a book-built issue worth ₹9,275 crore. The IPO consists of a fresh issue of ₹8,000 crore and an offer for sale of ₹1,275 crore, aggregating 15.72 crore equity shares. The IPO opens for subscription on July 29, 2026, and closes on July 31, 2026.
Kotak Mahindra Capital Company Limited is the book-running lead manager to the issue, and Kfin Technologies Limited is the registrar.
Industry Outlook
The Indian healthcare delivery market was valued at around ₹7.0 trillion in FY25 and is estimated to have grown to ₹7.6-₹7.8 trillion in FY26.
The market is expected to expand at a 10%-12% CAGR between FY25 and FY30, reaching ₹11.2-₹12.2 trillion.
In-patient Department (IPD) services account for around 71%-72% of the healthcare delivery market and are expected to grow faster than out-patient Department (OPD) services through FY30.
Healthcare services in India continue to be dominated by private providers, supported by limited public healthcare infrastructure and rising demand for quality medical care.
The private sector's share of the healthcare delivery market is expected to increase to around 69% by FY30, while the organised hospital segment still represents only about 20% of the market, leaving room for consolidation.
Non-metro cities, which account for nearly 75%-80% of the market, are expected to drive future growth as organised hospital chains expand beyond major metropolitan areas.
Higher household incomes, increasing urbanisation, and greater willingness to spend on quality healthcare are driving industry growth.
Growing health insurance penetration is making healthcare more affordable and improving access to organised hospital services.
Manipal Health Enterprises IPO Objectives
The company plans to utilise the net proceeds from the IPO for the following purposes:
₹5,552.76 crore will be used for repayment or prepayment, in full or in part, of certain outstanding borrowings, along with accrued interest, of its material subsidiary, Manipal Hospitals Private Limited.
₹574 crore will be utilised for the acquisition of the minority stake in its step-down subsidiary, Sahyadri Hospitals Private Limited.
The remaining proceeds will be used for general corporate purposes.
About Manipal Health Enterprises Limited
Manipal Health Enterprises Limited is India's largest multispecialty hospital group by bed capacity, with a pan-India presence across metro and non-metro markets.
The company traces its origins to the launch of its flagship hospital in Bengaluru in 1991 and was incorporated in 2010. It operates 49 hospitals with a total licensed bed capacity of 13,037 beds, comprising 43 owned or jointly managed hospitals and 6 hospitals managed under operation and management (O&M) agreements.
It primarily focuses on tertiary and quaternary healthcare services across key specialties, including cardiac sciences, oncology, orthopaedics, neurosciences, gastro sciences, and renal sciences, which together contributed over 64% of its gross inpatient revenue in FY26.
Apart from hospital services, Manipal Health offers diagnostic services, ambulance services, home healthcare, virtual consultations, an e-pharmacy platform, AI-enabled digital health solutions, and postgraduate medical training programmes.
Manipal Health has a balanced geographical presence, with around 47% of its licensed beds located in metro cities and 53% in non-metro locations. It is the largest private hospital network by bed capacity in Karnataka, Maharashtra & Goa, and several eastern Indian states.
The company serves patients through a diversified payer mix comprising insurance and third-party administrators (TPAs), self-pay patients, government healthcare schemes, corporate clients, and international medical travellers. This diversified revenue base supports its operations across multiple healthcare segments and geographies.
Financial Performance of Manipal Health Enterprises Limited
Particulars | Year ending on March 31, 2026 | Year ending on March 31, 2025 | Year ending on March 31, 2024 |
Revenue from Operations (₹ Million) | 1,03,357.51 | 82,422.50 | 61,716.32 |
Growth in Revenue from Operations (%) | 25.40% | 33.55% | 27.52% |
EBITDA (₹ Million) | 27,959.37 | 22,470.70 | 17,766.03 |
EBITDA Margin (%) | 27.05% | 27.26% | 28.79% |
PAT (₹ Million) | 9,165.19 | 10,816.72 | 5,332.03 |
PAT Margin (%) | 8.87% | 13.12% | 8.64% |
Return on Net Worth (RoNW) | 10.57% | 18.16% | 14.75% |
RoCE (%) | 21.88% | 26.98% | 27.74% |
Manipal Health Enterprises Limited Peer Comparison
Company Name | Face Value (₹) | EPS (Diluted) (₹) | RONW (%) | NAV (₹) | Revenue from Operations (₹ million) |
Manipal Health Enterprises Limited | 2 | 7.67 | 10.57 | 72.55 | 1,03,357.51 |
Apollo Hospitals Enterprise Limited | 5 | 134.94 | NA | NA | 2,52,285.00 |
Fortis Healthcare Limited | 10 | 13.80 | NA | NA | 91,278.40 |
Max Healthcare Institute Limited | 10 | 14.76 | NA | NA | 1,00,650.00 |
Strengths and Opportunities of Manipal Health Enterprises IPO
Manipal Health is India's largest private multispecialty hospital network by bed capacity, with 49 hospitals and 13,037 licensed beds across 14 states and union territories.
The company is the leading private hospital network by bed capacity in Bengaluru, Kolkata, and Pune, giving it a strong presence in key healthcare markets.
Around 53% of its bed capacity is in non-metro cities, helping the company benefit from growing demand for quality healthcare in underserved regions.
Between FY24 and FY26, the company reported strong growth in both revenue and profit, while maintaining operational efficiency through a low average length of hospital stay and a negative working capital cycle.
Manipal Health has a track record of integrating acquired hospitals and improving their operational performance, supporting future expansion through acquisitions.
The company is backed by institutional investors, including Temasek, TPG, and Novo Holdings, and is led by an experienced management team.
A major portion of the IPO proceeds will be used to repay borrowings, which is expected to reduce interest costs and strengthen the company's balance sheet.
The company also plans to use part of the proceeds to increase its stake in Sahyadri Hospitals, strengthening its presence in western India.
India's private healthcare market remains fragmented, providing opportunities for organised hospital chains to expand through organic growth and acquisitions.
Manipal Health plans to add 2,426 beds by 2030 through brownfield and greenfield expansion projects.
The company continues to strengthen its digital healthcare ecosystem through online consultations, AI-enabled healthcare solutions, digital bookings, and e-pharmacy services.
Risks and Threats of Manipal Health Enterprises IPO
In FY26, 46.40% of the company's revenue came from Karnataka, making its business significantly dependent on the state's economic and regulatory environment.
In FY26, 64.30% of gross inpatient revenue was generated from six specialties, cardiac sciences, oncology, neurosciences, gastro sciences, orthopaedics, and renal sciences, resulting in high dependence on these segments.
Insurance companies and third-party administrators (TPAs) contributed 49.68% of gross inpatient revenue in FY26. Any delay in claim settlements or non-renewal of agreements could affect cash flows.
The company has expanded through acquisitions, and integrating acquired hospitals may involve operational, financial, and management challenges. Some acquired subsidiaries have also reported losses in recent years.
The company has recorded impairment charges on certain investments and goodwill in previous years, reflecting risks associated with acquisitions.
31 of its 49 hospitals operate on leased land, and some properties are subject to land-related disputes, title issues, or regulatory notices.
Certain hospitals have pending occupancy certificates, fire safety clearances, and accreditation renewals, which could affect operations if not obtained on time.
The company has received notices from pollution control authorities regarding biomedical waste management and environmental compliance at certain facilities.
Government regulations on pricing of medicines, medical devices, and healthcare services, along with subsidised treatment obligations under government schemes, could impact profitability.
As of May 31, 2026, the company had consolidated borrowings of ₹111,850.24 million, resulting in a high debt burden despite plans to reduce debt through the IPO.
As of March 31, 2026, the company had contingent liabilities of ₹1,463.09 million, including tax demands and legal claims.
Manipal Health Enterprises IPO Reservation
Investor Category | Reservation |
Qualified Institutional Buyers (QIBs) | Not more than 75% of the Net Offer |
Retail Individual Investors (RIIs) | Not less than 10% of the Net Offer |
Non-Institutional Investors (NIIs) | Not less than 15% of the Net Offer |
Manipal Health Enterprises IPO Promoter Holding
The promoters of the Company are Dr. Ranjan Ramdas Pai, Manipal Global Health Services, MEMG International Limited, Kangto Investments Private Limited, Imperius Healthcare Investments Private Limited, and Kabru Investments Private Limited.
Share Holding Pre-Issue
| 81.43% |
Share Holding Post Issue | 72.08% |
Manipal Health Enterprises IPO Prospectus
Manipal Health Enterprises IPO Registrar and Lead Managers
Manipal Health Enterprises IPO Lead Managers
Kotak Mahindra Capital Company Limited
Registrar for Manipal Health Enterprises IPO
Kfin Technologies Limited
Contact Number: 040-79615565
Email Address: manipal.ipo@kfintech.com
Manipal Health Enterprises IPO Registrar
How To Apply for Manipal Health Enterprises IPO Online?
Login to Your Angel One Account: Open the Angel One app or website and log in with your credentials.
Locate the IPO Section: Navigate to the 'IPO' section on the platform.
Select IPO: Find and select the Manipal Health Enterprises IPO from the list of open IPOs.
Enter the Lot Size: Specify the number of lots you want to bid for.
Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application.
Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN.
How To Check the Allotment Status of the Manipal Health Enterprises IPO?
Steps to check IPO allotment status on Angel One’s app:
Log in to the Angel One app.
Go to the IPO Section and then to IPO Orders.
Select the individual IPO that you had applied for and check the allotment status.
Angel One will notify you of your IPO allotment status via push notification and email.
Contact Details of Manipal Health Enterprises IPO
Registered Office: The Annexe, #98/2, Rustom Bagh, HAL Airport Road, Bengaluru, Karnataka, 560017
Phone: 80 4936 0300
E-mail: legalcs@manipalhospitals.com
