• IPO structure: The ₹9,275 crore issue features an ₹8,000 crore fresh issue and a ₹1,275 crore OFS at a price band of ₹560 to ₹590, valuing the company at over ₹77,000 crore and roughly 29 times FY26 EV/EBITDA.
• Debt repayment plan: Approximately ₹6,000 crore from the fresh issue will repay debt incurred for the ₹6,300 crore Sahyadri Hospitals acquisition, saving ₹450 to ₹500 crore in annual interest and making the company net debt-free.
• EBITDA margin target: Management intends to raise Sahyadri's 17% EBITDA margin toward Manipal's baseline level of 26% to 27% through operational efficiencies and clinical integration.
• Capacity expansion pipeline: The company is adding approximately 3,000 beds across India over the next three years to its 13,000+ bed base, led by greenfield projects in Raipur (350 beds) and Mumbai (600 beds).
• Geographic diversification strategy: Management is actively reducing its Karnataka revenue concentration from the current 43% to 45% through domestic greenfield expansions, with no plans to enter international markets.