Upcoming IPO: Temasek-backed hospital chain Manipal Health has filed its draft red herring prospectus with the market regulator, Sebi, to raise funds via an initial public offering (IPO), which is a mix of fresh issue and offer for sale by the investors and promoters of the company.
Manipal Health IPO’s fresh issue size amounts to ₹800 crore, while existing investors plan to sell 43.2 million shares, according to the draft prospectus. The company pay consider a pre-IPO placement of ₹1600 crore, before filing of the RHP.
Imperius Healthcare and Manipal Education and Medical Group are the promoters looking to offload stake in the upcoming share sale. TPG SG Magazine, Seventy Second Investment Company, Ammar Sdn Bhd, Novo Holdings Invest Asia and Pheonix Bear Investments are the investor selling shareholders.
The company plans to use ₹537.80 crore for the repayment of certain borrowings availed by material subsidiaries, ₹57.40 crore for the acquisition of a minority stake in a stepdown subsidiary and the rest for general corporate purposes.
The company is seeking to raise as much as $1 billion and is targeting a valuation of up to $13 billion, according to people familiar with the matter, as suggested by a Bloomberg report.
The company has earmarked 50% of the offer for qualified institutional buyers (QIBs), 15% for non-institutional investors (NIIs) and the rest 35% for retail investors.
Manipal Health has appointed six bankers to the offer, namely Kotak Mahindra Capital, Axis Capital, Goldman Sachs, Jefferies, JP Morgan, UBS Securities and DBS Bank. KFin Technologies is the registrar for the offer.
About Manipal Health
Manipal Health operates the widest network of private hospitals in India, according to the RHP. It has 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, it operated 38 hospitals, with 10,761 licensed beds across 14 states and union territories.
For the last fiscal year (FY25), it recorded a revenue growth of 33.55% year-on-year to ₹8242.25 crore, while profit was higher by 13.12% to ₹1,081.67 crore.
With long-term structural factors supporting growth of the Indian healthcare delivery market, renewed impetus from Pradhan Mantri Jan Arogya Yojana and government focus shifting towards the healthcare sector, the healthcare delivery market is expected to grow at a CAGR of 10-12% between fiscals 2025 and 2030 to ₹11.2-12.2 trillion. The CAGR for OPD is expected to be 8-10% and for IPD at 10.5-12.5%.
Manipal Health’s IPO comes at a time when the Indian primary market is witnessing a slowdown amid the weakness in the broader market, steep valuations for offers and fading grey market premium.
