Manipal Health Enterprises IPO will open for public subscription on 29 July and close on 31 July. The Manipal Health Enterprises IPO price band has been fixed at ₹560–590 per share, valuing the company at over ₹77,600 crore at the upper end.
Ahead of the issue opening, the company raised ₹4,167 crore from anchor investors on Tuesday.
The anchor book saw participation from leading global investors, including Abu Dhabi Investment Authority (ADIA), Allianz Global Investors Fund, Morgan Stanley Asia, Natixis International Fund, Societe Generale, and Goldman Sachs Bank Europe, according to a BSE circular. Domestic institutional investors such as ICICI Prudential Mutual Fund, Kotak Mutual Fund, Aditya Birla Sun Life Mutual Fund, UTI Mutual Fund, and HSBC Mutual Fund also participated in the anchor round.
The Manipal Health Enterprises IPO lot size has been fixed at 25 equity shares, with applications accepted in multiples of 25 shares thereafter.
Under the allocation structure, up to 75% of the issue has been reserved for Qualified Institutional Buyers (QIBs), not less than 15% for Non-Institutional Investors (NIIs), and not less than 10% for Retail Individual Investors (RIIs).
According to the tentative schedule, the Manipal Health Enterprises IPO allotment is expected to be finalised on Monday, 3 August. Refunds and credit of shares to successful applicants’ demat accounts are likely on Tuesday, 4 August, while the Manipal Health Enterprises share price is scheduled to list on the BSE and NSE on Wednesday, 5 August.
Manipal Health Enterprises operates a pan-India network of multispecialty hospitals, offering a wide range of healthcare services from outpatient care to tertiary and quaternary treatments. As of 30 September 2025, the company operated 38 hospitals, or 48 hospitals on a pro forma basis, with 10,761 licensed beds, or 12,367 beds on a pro forma basis, spread across 14 states and Union Territories.
Manipal Health Enterprises IPO GMP today
Manipal Health Enterprises IPO GMP today is +10. Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of the Manipal Health Enterprises share was ₹600 apiece, which is 1.69% higher than the IPO price of ₹590.
Based on grey market activity over the past six sessions, the trend in today’s IPO GMP is downward and is likely to decline further. Throughout this period, the GMP fluctuated between ₹10 and ₹35, according to industry experts.
Manipal Health Enterprises IPO details
Manipal Health Enterprises IPO comprises a fresh issue of up to ₹8,000 crore of equity shares and an offer for sale (OFS) of up to 2.16 crore equity shares by existing shareholders.
Under the OFS, promoter entities Imperius Healthcare Investments Pte. Ltd. and Manipal Education and Medical Group India Pvt. Ltd., along with shareholders TPG SG Magazine Pte. Ltd., Seventy Second Investment Company LLC, Ammar Sdn Bhd, Novo Holdings Invest Asia, and Phoenix Bear Investments, LLC, will offload part of their holdings.
The company plans to utilise ₹5,378 crore from the fresh issue to repay or prepay borrowings of its subsidiary, Manipal Hospitals Pvt. Ltd. It has also earmarked ₹574 crore to acquire the minority stake in its step-down subsidiary, Sahyadri Hospitals Pvt. Ltd. The remaining proceeds will be used for general corporate purposes.
Axis Capital, Kotak Mahindra Capital Company, Goldman Sachs (India) Securities, Jefferies India, J.P. Morgan India, UBS Securities India, and DBS Bank India are the book-running lead managers to the issue, while KFin Technologies is the registrar to the IPO.
Manipal Health Enterprises IPO review
Brokerages have offered mixed views on the Manipal Health Enterprises IPO, with some recommending investors subscribe for the long term, while others have advised caution due to its rich valuation.
Anand Rathi Share & Stock Brokers has assigned a “Subscribe – Long Term” rating to the issue. The brokerage noted that at the upper price band of ₹590, the company is valued at a price-to-earnings (P/E) multiple of 85.4x FY26 earnings, implying a post-issue market capitalisation of around ₹77,606 crore. Despite the premium valuation, Anand Rathi believes the company’s long-term growth prospects justify subscribing to the IPO.
SBICAP Securities has also recommended investors subscribe to the issue for the long term. The brokerage highlighted that Manipal Health Enterprises is India’s largest multi-specialty healthcare provider by bed capacity, with a strong presence across key metropolitan cities and a proven track record of value-accretive acquisitions. It expects the company to add 2,426 beds between FY26 and FY30 through a combination of greenfield and brownfield expansions. SBICAP also expects profitability to improve, supported by the integration of Sahyadri Hospitals and lower interest costs, as nearly 69% of the IPO proceeds will be used to reduce debt. At the upper end of the price band, the IPO is valued at an EV/EBITDA multiple of 29.4x based on FY26 pro forma earnings, which the brokerage considers fairly valued relative to peers.
In contrast, Swastika Investmart has taken a cautious stance on the IPO. The brokerage pointed out that a significant portion of the issue proceeds will be used to repay acquisition-related debt, leaving limited capital for future expansion. It also flagged the company’s high dependence on Karnataka, which contributes 46%–60% of its revenue, and noted that the IPO is priced at the higher end of peer valuations, offering a limited margin of safety. Swastika has advised investors to wait for more attractive entry levels after listing or for clearer evidence of debt reduction before considering an investment.
Manipal Health Enterprises IPO subscription status
Subscription for the public issue will open at 10:00 IST during Wednesday’s deals.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
