Temasek-backed Manipal Health Enterprises has filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI), marking a significant step toward its planned initial public offering (IPO).
The healthcare major aims to raise ₹8,000 crore through a fresh issue of equity shares, along with an offer-for-sale (OFS) of up to 4.32 crore shares by promoters and existing investors.
The OFS includes shares from promoters such as Imperius Healthcare Investments and Manipal Education and Medical Group India. Other investors participating in the stake sale include TPG SG Magazine, Novo Holdings Invest Asia, Seventy Second Investment Company LLC, Ammar Sdn Bhd, and Phoenix Bear Investments.
Additionally, the company may consider a pre-IPO placement of up to ₹1,600 crore. If executed, this would reduce the size of the fresh issue.
Leading investment banks, including Kotak Mahindra Capital, Axis Capital, Goldman Sachs India, Jefferies India, JP Morgan India, UBS Securities India, and DBS Bank India, are managing the issue, while KFin Technologies has been appointed as the registrar.
Manipal Health Enterprises operates a wide network of multispecialty hospitals across India. As of September 30, 2025, the company had 38 hospitals with 10,761 licensed beds, which expanded to 48 hospitals and 12,367 beds on a pro forma basis across 14 states and union territories.
The recent launch of its 49th hospital in Bengaluru further increased its capacity to 12,631 beds as of December 31, 2025. The acquisition of Sahyadri Hospitals in October 2025 added 1,606 beds, strengthening its presence in western India.
Regionally, the company has a strong footprint in Karnataka, Maharashtra and Goa, and eastern India, with thousands of beds across these markets.
The company reported revenue of ₹4,713 crore for the six months ended September 30, 2025, with a net profit of ₹571.8 crore. For the full fiscal year 2025, revenue stood at ₹8,242.2 crore, while net profit came in at ₹1,081.6 crore.
Manipal Health served 3.94 million patients in the six-month period and 7.19 million patients in FY25, supported by a network of over 11,000 doctors.
Manipal Health’s IPO filing signals growing investor interest in India’s healthcare sector, particularly in large hospital chains with expanding footprints and improving profitability. With a strong presence across key regions and consistent financial performance, the company is positioning itself as a major player in the listed healthcare space.
The final success of the IPO, however, will depend on market conditions, valuation expectations, and investor appetite at the time of launch.
Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation or investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions.
Investments in the securities market are subject to market risks. Read all related documents carefully before investing.
Published on: Mar 24, 2026, 4:16 PM IST
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