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₹590 - 590
Manipal Health Enterprises Ltd
HealthcareIPO
₹590 - 590
We operate a pan-India network of multispecialty hospitals delivering a comprehensive range of care services from outpatient services to complex tertiary and quaternary interventions. As of September 30, 2025, we operated 38 hospitals (48 hospitals on a pro forma basis) with 10,761 licensed beds (12,367 licensed beds on a pro forma basis) across 14 states and union territories. We have the widest footprint in terms of presence of hospitals among private hospital chains in India as of September 30, 2025. For details, see "-Our Hospitals and Facilities" on page 238. We are the largest pan-India multispecialty hospital network by bed capacity and the second largest hospital chain by number of hospitals as of September 30, 2025 (Source: CRISIL Report). In November 2025, we commenced operations at our 49th hospital in Bengaluru (Karnataka), which increased our licensed bed capacity to 12,631 licensed beds as of December 31, 2025. For Fiscal 2025, we reported the second-highest revenue from operations of Rs.92,635.56 million (on a pro forma basis) among private hospital chains in India, and reported the third-highest revenue from operations of Rs.82,422.50 million, among private hospital chains in India.
Lot25Min Invest₹14,750Face Value₹2Issue Size₹9,275 CrFresh Issue₹8,000 CrOffer for Sale₹1,275 CrListing Price₹652CMP₹607
Timeline
29 Jul
Bidding opens
31 Jul
Bidding closes
3 Aug
Allotment
4 Aug
Refund & demat credit
5 Aug
Listing
Subscription
Subscription opens once dates are announced
Reports
Offer Details
Terms
Issue Size₹9,275 Cr15.72 Cr shares
Fresh Issue₹8,000 Cr
Offer for Sale₹1,275 Cr
Face Value₹2
Lot Size25 shares
ReservationQIB 75% · NII 15% · RETAIL 10%
Application Sizes
Retail₹14,7501-13 lots
sNII₹2,06,500from 14 lots
bNII₹10,03,000from 68 lots
Managers & Registrar
Lead ManagerKotak Mahindra Capital Company Limited
Co-ManagerAxis Capital Limited, Goldman Sachs (India) Securities Private Limited, Jefferies India Private Limited, J.P. Morgan India Private Limited, UBS Securities India Private Limited, DBS Bank India Limited
RegistrarKFin Techologies Ltd
Ownership & Proceeds
Offer for Sale
Selling ShareholderShares OfferedAmt ₹ CrImperius Healthcare Investments Pte. Ltd.PRMTR1,08,08,861637.72Manipal Education and Medical Group India Private LimitedPRMTR67,92,002400.73TPG SG Magazine Pte. Ltd.OTH23,29,667137.45Seventy Second Investment Company LLCOTH7,92,49446.76Ammar Sdn BhdOTH4,05,79123.94Novo Holdings Invest Asia A/SOTH2,64,55615.61Phoenix Bear Investments, LLCOTH2,20,46313.01Total2,16,13,8341,275.22
Shareholding
CategoryPre IPOPost IPOPromoter Group81.85%72.08%Public18.15%27.92%
Objects of the Issue
- Repayment/ prepayment, in full or in part, of certain outstanding borrowings and accrued interest thereon availed by one of the Material Subsidiaries, Manipal Hospitals Private Limited
- Acquisition of minority stake in the company stepdown Subsidiary, Sahyadri Hospitals Private Limited
- General corporate purposes
Anchor Book
Bid Date28-Jul-2026Shares7,06,28,768Amount₹4,167 Cr30-day lock-in01-Sep-202690-day lock-in31-Oct-2026
Financials
Profit & Loss
| Financial Year | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| RevenueCr | 3,975 | 4,806 | 6,172 | 8,242 | 10,336 |
| Operating ProfitCr | 900 | 1,244 | 1,683 | 2,127 | 2,611 |
| OPM% | 22.6 | 25.9 | 27.3 | 25.8 | 25.3 |
| PBTCr | 637 | 586 | 745 | 1,242 | 1,178 |
| PATCr | 547 | 429 | 533 | 1,082 | 917 |
| EPS | 73 | 57 | 5 | 9 | 8 |
Balance Sheet
| Financial Year | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Equity CapitalCr | 76 | 76 | 76 | 77 | 236 |
| ReservesCr | 2,732 | 3,166 | 3,940 | 5,770 | 8,190 |
| BorrowingsCr | 2,017 | 2,184 | 5,130 | 6,385 | 12,863 |
| Total AssetsCr | 7,355 | 7,777 | 10,819 | 14,072 | 24,865 |
Cash Flow
| Financial Year | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Operating Cash FlowCr | 805 | 1,149 | 1,389 | 1,570 | 2,078 |
| Investing Cash FlowCr | -1,711 | -994 | -871 | -2,658 | -7,037 |
| Financing Cash FlowCr | 941 | -144 | -250 | 904 | 4,954 |
| Net Cash FlowCr | 34 | 12 | 268 | -184 | -4 |
Strengths & Risks
Strengths · as stated in the DRHP
- India's largest multispecialty hospital group by bed capacity with pan-India presence and leadership in our three key regions.
- We are the only private hospital chain network in India with leadership in three metros (Bengaluru, Kolkata and Pune) with a balanced and diversified presence across metros and non-metros.
- Widely recognized brand and network of choice for patients, doctors and healthcare professionals.
- Advanced infrastructure and medical equipment, with a strong focus on clinical excellence.
- Track record of delivering industry leading growth with strong profitability and efficiency metrics.
- Repeatable playbook for integrating and scaling transformative acquisitions to improve access to quality healthcare.
Strategies · as stated in the DRHP
- Continue capitalizing growth opportunities in existing facilities and organic network expansion
- Strategic acquisitions to enter and consolidate market positions and improve access and patient care
- Leverage digital, AI and technology to extend patient reach and access, transform patient and clinician experiences, expand out-of-hospital care and continue to focus on operational excellence to drive efficiencies.
- Continue to attract, develop, and retain medical talent.
- Invest in advanced medical infrastructure and clinical innovations.
Risks · as stated in the DRHP
- A substantial number of the company's hospitals is located in Karnataka. Its derived 46.40%, 51.55%, and 59.98%, of the company's revenue from operations in Fiscals 2026, 2025 and 2024, respectively, from its hospitals in Karnataka. Any loss of business or disruption in the operations of these hospitals or geopolitical or policy changes in Karnataka could have a material adverse effect on the company's business, financial condition, results of operations, cash flows and prospects.
- The company primarily generates revenue by providing inpatient care at its hospitals. Any inability to maintain or improve the company's admissions and hospital occupancy rates could adversely affect its business, financial condition, results of operations, cash flows and prospects.
- The company derived 64.30%, 62.56% and 61.55% of its gross inpatient revenue from cardiac sciences, oncology, neurosciences, gastro sciences, orthopaedics, and renal sciences ("CONGO-R") specialties in Fiscals 2026, 2025 and 2024, respectively, and any negative changes in the demand for these specialties could adversely impact the company's business, results of operations and financial condition.
- A portion of the Net Proceeds is proposed to be utilized for repayment or prepayment of certain borrowings in the nature of Non-Convertible Debentures issued by one of the company's Subsidiaries to DBS Bank Ltd., which is the parent company of DBS Bank India Limited, which is deemed to be an "Associate" of Imperius Healthcare Investments Pte. Ltd. (one of its Promoters and Selling Shareholders) in terms of Regulation 21A of SEBI Merchant Bankers Regulations.
- Acquisitions, strategic investments, partnerships or alliances may be difficult to identify, acquires and integrate, and may adversely affect the company's business, financial condition, results of operations, cash flows and prospects.
- The company is exposed to legal claims and regulatory actions arising from the provision of healthcare services which includes claims arising out of alleged medical negligence by its doctors and other healthcare professionals and may be subject to liabilities arising from operational and equipment-related risks, which could materially and adversely affect the company's reputation, business, financial position, and results of operations. Further, quarantines and sterilizations could limit the operations of hospitals and result in reputational damage.