Manipal Health Enterprises IPO opened for public subscription on July 29 and will close on July 31. 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 public issue, the company raised ₹4,167 crore from anchor investors on Tuesday. According to a BSE circular, the anchor book attracted marquee 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. 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 bids accepted in multiples of 25 shares thereafter.
For the public issue, up to 75% 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).
As per the tentative schedule, the Manipal Health Enterprises IPO allotment is likely to be finalised on August 3. Refunds and the credit of shares to successful bidders’ demat accounts are expected on August 4, while the Manipal Health Enterprises share price is scheduled to debut on the BSE and NSE on August 5.
Manipal Health Enterprises is one of India’s leading multispecialty hospital chains, providing healthcare services ranging from outpatient care to tertiary and quaternary treatments. As of September 30, 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) across 14 states and Union Territories.
Manipal Health Enterprises IPO GMP today
Manipal Health Enterprises IPO GMP today is +6. 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 ₹596 apiece, which is 1.02% higher than the IPO price of ₹590.
Based on grey market activity over the past eight sessions, the current IPO GMP trend appears to be declining and is expected to drop further. Throughout this period, the GMP fluctuated between ₹6 and ₹35, as noted by experts.
Manipal Health Enterprises IPO review
Brokerages have largely maintained a positive long-term view on the Manipal Health Enterprises IPO, citing the company’s leadership in the hospital sector, strong expansion pipeline, and improving profitability. However, some analysts have advised caution over the IPO’s premium 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 IPO is valued at a 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 potential supports a subscription.
SBICAP Securities has also recommended investors subscribe 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 major metropolitan cities and a proven track record of successful acquisitions. It expects the company to add 2,426 beds between FY26 and FY30 through greenfield and brownfield expansion. SBICAP added that profitability is likely to improve, aided by the integration of Sahyadri Hospitals and lower interest costs, as nearly 69% of the IPO proceeds will be used for debt reduction. 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 reasonable compared with peers.
Master Capital Services also recommended the IPO for long-term investors, stating that the company is well positioned to benefit from rising healthcare demand in India. It cited Manipal Health’s pan-India hospital network, strong presence across metro and non-metro markets, focus on tertiary and quaternary care, advanced clinical capabilities, strategic acquisitions, and plans to add around 2,426 licensed beds by 2030 as key long-term growth drivers.
Similarly, ICICI Securities maintained a positive outlook, noting that Manipal Health delivered a 29% CAGR in revenue and 27% CAGR in EBITDA during FY23-FY26. At the upper end of the price band, the brokerage said the company is valued at around 35x FY26 EV/EBITDA, broadly in line with other pan-India hospital chains. It believes the valuation leaves room for further upside, supported by the company’s long-term growth prospects and the favourable outlook for the healthcare sector.
In contrast, Swastika Investmart has adopted a more cautious stance. The brokerage noted that a significant portion of the IPO proceeds will be utilised to repay acquisition-related debt, leaving relatively limited capital for future expansion. It also highlighted the company’s high dependence on Karnataka, which contributes 46%-60% of its revenue, and said the IPO is priced at the higher end of peer valuations, offering a limited margin of safety. Swastika advised investors to wait for better entry opportunities after listing or for clearer progress on debt reduction before considering an investment.
Manipal Health Enterprises IPO subscription status
Manipal Health Enterprises IPO subscription status was 45% on day 2. The retail portion is subscribed 45%, and NII portion has been booked 14%, QIBs portion received 60% bids. The employee portion was booked 1.45x.
The company has received bids for 4,05,61,100 shares against 9,00,88,286 shares on offer at 17:00 IST, according to BSE data.
Manipal Health Enterprises IPO details
The 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 existing shareholders TPG SG Magazine Pte. Ltd., Seventy Second Investment Company LLC, Ammar Sdn Bhd, Novo Holdings Invest Asia, and Phoenix Bear Investments, LLC, will partially divest their stakes.
The company intends to utilise ₹5,378 crore from the net proceeds of the fresh issue towards the repayment or prepayment of borrowings of its subsidiary, Manipal Hospitals Pvt. Ltd. It has also earmarked ₹574 crore for the acquisition of the minority stake in its step-down subsidiary, Sahyadri Hospitals Pvt. Ltd., while the remaining funds 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 Manipal Health Enterprises IPO.
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.
