Manipal Hospitals Plans to File $1 Billion India IPO in January

Manipal Health Enterprises is preparing to submit draft documents for $1 billion initial public offering(IPO) in January, according to Bloomberg.  

If completed, it would be the largest IPO by an Indian hospital operator. The company is examining a valuation of up to $13 billion, though the final terms may adjust as the process continues. 

Structure of the Proposed Offer 

The IPO is expected to include a fresh issue of shares along with an offer for sale by existing investors.  

Manipal has brought in Kotak Mahindra Capital, Axis Bank, Goldman Sachs, JPMorgan, and Jefferies to advise on the transaction.  

Standing in the Sector 

A valuation near the upper end of the range would place Manipal ahead of other listed hospital groups. As per Bloomberg data, Max Healthcare has a market value of roughly $12.1 billion, while Apollo Hospitals is valued at about $11.6 billion.  

Fortis Healthcare is at $7.7 billion, Narayana Hrudayalaya at $4.3 billion and Global Health at $3.7 billion. 

Expansion and Recent Deals 

Manipal, backed by Temasek Holdings, has expanded through acquisitions, including the purchase of Sahyadri Hospitals, the largest network in Maharashtra. In June, KKR announced $600 million in financing to support the company’s growth.  

The hospital chain operates more than 10,500 beds across its facilities, according to publicly available information. The broader Manipal Group also has interests in education and insurance.  

Read More: FPI Inflow in Indian IPOs Stood at $1.3 Billion in November 2025! 

Conclusion 

If Manipal proceeds with a January filing, the offer would add another large transaction to the country’s healthcare market and underline the scale at which private hospital operators now operate. 

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