Manipal Health Enterprises IPO is a book-built public issue worth ₹9,275.22 crore, comprising a fresh issue of ₹8,000 crore and an offer for sale (OFS) of ₹1,275.22 crore. The IPO will open for subscription on July 29, 2026, and close on July 31, 2026. The company plans to list its shares on the NSE and BSE, with a tentative listing date of August 5, 2026, while the allotment is expected on August 3, 2026.
The price band has been fixed at ₹560 to ₹590 per share, and investors can apply in lots of 25 shares, requiring a minimum investment of ₹14,750 at the upper price band. Kotak Mahindra Capital Co. Ltd. is the book-running lead manager, while Kfin Technologies Ltd. has been appointed as the registrar. Investors should refer to the Red Herring Prospectus (RHP) for complete details before applying.
Company Overview
Manipal Health Enterprises Limited is one of India’s leading private healthcare providers, operating a pan-India network of 49 multispecialty hospitals with 13,037 licensed beds across 14 states and union territories as of March 31, 2026. The company is the largest multispecialty hospital network in India by bed capacity and the second-largest hospital chain by number of hospitals, according to the CRISIL Report.
It offers a comprehensive range of healthcare services, from outpatient consultations to advanced tertiary and quaternary care across specialties such as cardiac sciences, oncology, neurosciences, gastro sciences, orthopaedics, and renal sciences. During Fiscal 2026, the network served 7.63 million patients and had over 11,000 doctors associated with its hospitals.
The company has strengthened its presence through strategic acquisitions, including AMRI, Medica Synergie, and Sahyadri Group, while continuing to invest in new hospitals, medical technology, and infrastructure. With a balanced presence across metro and non-metro cities, Manipal Health Enterprises aims to improve access to quality healthcare while expanding its footprint and operational capacity across India.
Industry Context
- India’s healthcare delivery market was valued at ₹7.6–7.8 trillion in Fiscal 2026, driven by rising demand for specialised treatments. Cardiac care accounted for the largest share, followed by oncology, reflecting the growing burden of lifestyle-related and chronic diseases.
- Metro cities contributed around 20–25% of the healthcare market in Fiscal 2026, while non-metro regions accounted for the majority. Rising incomes, better healthcare awareness, and increasing private investments are expanding access to quality medical services beyond major cities.
- Structural factors such as an ageing population, higher prevalence of chronic diseases, expanding health insurance coverage, and government initiatives like Ayushman Bharat and the Ayushman Bharat Digital Mission (ABDM) continue to support long-term growth in India’s healthcare sector.
- India is emerging as a preferred destination for medical tourism due to its advanced hospitals, experienced specialists, and comparatively affordable treatments. Demand from international patients is expected to support growth across high-end specialties such as cardiac care, oncology, and organ transplants.
- Despite steady progress, India’s healthcare infrastructure remains underpenetrated, with 16 hospital beds per 10,000 people compared with the global average of 33. This capacity gap presents a significant opportunity for established hospital chains to expand their networks and serve growing healthcare demand.
Business Strengths
- Manipal Health Enterprises is India’s largest multispecialty hospital network by bed capacity, operating 49 hospitals across 14 states and union territories, giving it a strong nationwide presence and diversified patient base.
- The company holds leadership positions in Bengaluru, Kolkata, and Pune while maintaining a balanced presence in metro and non-metro markets, helping improve healthcare accessibility across underserved regions.
- A well-established brand, experienced medical professionals, and multiple industry recognitions have strengthened Manipal Hospitals’ position as a trusted healthcare provider among patients and healthcare professionals.
- Its hospitals are equipped with advanced medical technologies and specialised infrastructure, enabling the delivery of complex tertiary and quaternary care across cardiac sciences, oncology, neurosciences, and other critical specialties.
- The company has consistently delivered strong financial growth, supported by rising revenues, healthy profitability, operational efficiency, and disciplined capital allocation across its expanding healthcare network.
- Manipal Health Enterprises has a proven track record of successfully acquiring and integrating hospitals, supported by an experienced leadership team and renowned institutional investors, enabling sustainable expansion and long-term value creation.
Business Risks
- A significant share of Manipal Health Enterprises Ltd.’s revenue comes from Karnataka hospitals, making the company vulnerable to regional disruptions, policy changes, economic slowdowns, or operational challenges.
- The company’s performance depends heavily on maintaining hospital admissions and occupancy levels. Any decline in patient inflow, competition, pricing pressure, or healthcare demand may impact revenues and profitability.
- A considerable portion of revenue is generated from key specialties such as cardiac sciences, oncology, neurosciences, gastro sciences, orthopaedics, and renal sciences, exposing the company to demand fluctuations in these segments.
- Manipal Health Enterprises Ltd.’s growth strategy includes acquisitions and partnerships. Difficulties in integrating acquired hospitals, managing costs, regulatory compliance, or achieving expected synergies could affect business performance.
- The company may face legal claims, medical negligence allegations, regulatory actions, or operational risks related to healthcare delivery, which could impact its reputation, financial position, and operations.
- Maintaining patient trust and the Manipal Hospitals brand is critical. Negative publicity, service quality issues, medical incidents, or failure to maintain healthcare standards could adversely affect market reputation and growth prospects.
Financial Performance
Manipal Health Enterprises Limited – Financials (₹ in Million)
| Particulars | Fiscal 2026 | Fiscal 2025 | Fiscal 2024 |
|---|---|---|---|
| Revenue from Operations | 103,357.51 | 82,422.50 | 61,716.32 |
| Total Income | 105,205.16 | 83,627.86 | 62,651.71 |
| Borrowings | 6,046.20 | 2,968.45 | 2,438.45 |
| Profit After Tax | 9,165.19 | 10,816.72 | 5,332.03 |
| EBITDA | 27,959.37 | 22,470.70 | 17,766.03 |
| Return on Capital Employed (in %) | 21.88% | 26.98% | 27.74% |
| Basic Earnings per equity share (EPS) | 7.71 | 9.25 | 5.27 |
(Source: RHP)
Key Ratios & Metrics
| KPI | As of March 31, 2026 |
|---|---|
| ROCE | 21.88% |
| RoNW | 10.57% |
| PAT Margin | 8.87% |
| EBITDA Margin | 27.05% |
| Price to Book Value | 8.13 |
(Source: RHP)
IPO Details
| Particulars | Details |
|---|---|
| IPO Date | 29 – 31 July, 2026 |
| Allotment | Monday, August 3, 2026 |
| Listing Date | Wednesday, August 5, 2026 |
| Face Value | ₹2 per share |
| Price Band | ₹560 to ₹590 per share |
| Lot Size | 25 Shares |
| Issue Type | Book Building IPO |
| Sale Type | Fresh capital cum OFS |
| Total Issue Size | 15,72,07,054 shares (agg. up to ₹9,275 crore) |
| Fresh Issue | 13,55,93,220 shares (agg. up to ₹8,000 crore) |
| Offer for Sale (OFS) | 2,16,13,834 shares of ₹2 (agg. up to ₹1,275 crore) |
| Shareholding Pre-Issue | 1,17,97,57,321 shares |
| Shareholding Post-Issue | 1,31,53,50,541 shares |
| Listing Exchange | BSE, NSE |
(Compiled from RHP and market updates)
Objects of the Offer
The company proposes to utilise the net proceeds from the fresh issue towards the following objects:
- The offer for sale proceeds will be entirely received by the selling shareholders, after deducting applicable offer-related expenses and taxes. The Company will not receive any funds from this portion of the offer.
- The net proceeds from the fresh issue will be utilised towards reducing outstanding borrowings and related accrued interest of Manipal Hospitals Private Limited, a material subsidiary of the company.
- A portion of the fresh issue proceeds will be deployed for acquiring a minority stake in Sahyadri Hospitals Private Limited, a stepdown subsidiary of the company.
- The remaining proceeds from the issue will be allocated towards general corporate purposes to support the company’s ongoing operational and strategic requirements.
Conclusion
Manipal Health Enterprises IPO offers investors an opportunity to participate in one of India’s largest private healthcare networks with a strong pan-India presence, established brand value, and exposure to the growing healthcare sector. The company’s extensive hospital network, specialised care capabilities, and expansion strategy provide key growth drivers.
However, investors should also consider risks related to regional concentration, occupancy levels, acquisitions, and regulatory challenges before making investment decisions. Reviewing the Red Herring Prospectus, financial performance, valuation, and business outlook is essential to understand whether the IPO aligns with individual investment goals and risk appetite.
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Disclaimer: Investments in the securities market are subject to market risks. Read all the related documents carefully before investing. This content is purely for informational purposes only and should not be considered as investment advice or a recommendation. Securities quoted are for illustration purposes only and not recommendatory. Investors are requested to do their own due diligence before investing.
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