Temasek-backed Manipal Health Enterprises Ltd has begun meeting institutional investors for its planned $1.1 billion initial public offering (IPO), three people aware of the matter said. The company expects the regulator’s nod in the coming weeks, and may launch the share sale between June-end and mid-July.
The progress on the share sale is significant because India’s IPO market has practically remained shut for the past several months due to the West Asia crisis, which has sucked liquidity out of emerging markets. “This issue’s success could very well decide if other large IPOs can be launched in this market,” one of the two people cited above said.
The IPO of Manipal Health, which competes with Apollo Hospitals and Aster Care, could be one of the biggest share sales in India’s healthcare sector. The Bengaluru-based company plans to raise up to ₹8,000 crore in primary capital while its investors sell over 43.2 million shares. It filed its draft red herring prospectus on 23 March. The IPO is likely to value the Ranjan-Pai founded firm at $8-8.5 billion, the people cited above said.
Mint first reported the company’s IPO plans on 17 January 2025.
Steady cash flows
“The company has decided to go ahead with its IPO plans notwithstanding the market conditions. Initial discussions with the investors suggest there is a lot of demand for asset-backed companies with steady cash flows,” a second person said.
Last year, Manipal Hospitals acquired the Sahyadri Hospitals chain for around ₹6,400 crore, using a line of credit from KKR’s insurance business. A large part of the fresh capital that Manipal raises in the IPO is expected to be used to repay that debt.
Founded in 2010, Manipal Hospitals focuses on key areas such as cardiology, oncology, transplants, neurosciences, orthopaedics, emergency, and critical care. Its expansion accelerated with the 2021 buyouts of Columbia Asia’s India operations for ₹2,100 crore and Vikram Hospital for ₹350 crore. Next, it took controlling stakes in AMRI Hospitals for around ₹2,300 crore in 2023, Medica Synergie for up to ₹1,400 crore in 2024, and acquired Sahyadri Hospitals from the Ontario Teachers’ Pension Plan in July 2025 for around ₹6,400 crore.
In April 2023, Temasek acquired 41% stake in the company for more than $2 billion, valuing it at nearly $4.8 billion or ₹40,000 crore. It acquired stake from Manipal founder Ranjan Pai and other investors such as NIIF and TPG, that took its shareholding to around 59%. Manipal Education and Medical Group Pvt. Ltd retains around 31% of the company, with TPG holding around 10-11%.
A Manipal spokesperson declined to comment.
Manipal’s network of hospitals extends across cities such as Bangalore, Mangalore, Mysore, Vijayawada, Salem, Dwarka, Palamvihar, Goa, Jaipur, Ghaziabad, Patiala, Pune and Kolkata. At the end of 2025, it operated 49 multi-specialty hospitals with nearly 12,600 operating beds (owned and managed) across India.
An India Ratings credit rating report in December 2025 said Manipal’s consolidated revenue grew 34% year-on-year to ₹8,242 crore in FY25 and ₹4,721 crore in 1HFY26. Its earnings before interest, tax, depreciation and amortization or Ebitda grew to ₹2,127 crore as against ₹1,683 crore in FY24 and ₹1,251 crore in 1HFY2026.
