Manipal Health IPO is a Mainboard Book Built public issue by Manipal Health Enterprises Limited. The public issue consists of a fresh issue of equity shares along with an Offer for Sale (OFS) by certain existing shareholders. After the completion of the IPO process, the company’s equity shares are proposed to be listed on both the BSE and NSE.
The objective of the fresh issue is to strengthen the company’s capital structure and support future business requirements, while the Offer for Sale enables eligible shareholders to partially reduce their shareholding. The company will receive the proceeds from the fresh issue, whereas the OFS proceeds will be received by the respective selling shareholders.
Manipal Health Enterprises Limited is among India’s leading healthcare service providers with a wide network of multi-specialty hospitals. The company delivers integrated healthcare services through hospitals, outpatient clinics, diagnostic centres, and specialised medical facilities spread across multiple locations in India.
Its healthcare network offers treatment across numerous medical specialties, including cardiology, oncology, neurosciences, orthopaedics, nephrology, gastroenterology, critical care, emergency medicine, organ transplantation, and several other specialised healthcare services. The company combines experienced medical professionals with modern healthcare infrastructure and advanced medical technology to provide comprehensive patient care.
The organised healthcare industry in India continues to expand due to increasing healthcare awareness, higher medical insurance coverage, improving healthcare infrastructure, rising income levels, and growing demand for quality healthcare services. These factors are expected to create favourable long-term growth opportunities for organised hospital operators. Investors should carefully analyse the company’s financial performance, business strategy, valuation, competitive strengths, and future expansion plans before making an investment decision.
Manipal Health IPO Details
| IPO Details | Information |
|---|---|
| IPO Name | Manipal Health IPO |
| Company Name | Manipal Health Enterprises Limited |
| IPO Type | Book Built Issue |
| IPO Category | Mainboard IPO |
| Face Value | ₹2 Per Equity Share |
| Price Band | ₹560 to ₹590 Per Share |
| Issue Size | ₹9,275 Crore |
| Fresh Issue | ₹8,000 Crore |
| Offer for Sale | ₹1,275 Crore |
| IPO Open Date | 29 July 2026 |
| IPO Close Date | 31 July 2026 |
| Anchor Investor Bidding | 28 July 2026 |
| Basis of Allotment | 3 August 2026 |
| Refund Initiation | 4 August 2026 |
| Shares Credited to Demat Account | 4 August 2026 |
| Listing Date | 5 August 2026 |
| Listing Exchange | BSE & NSE |
| Lot Size | 25 Equity Shares |
| Registrar | KFin Technologies Limited |
| Book Running Lead Managers | Kotak Mahindra Capital Company Limited, Axis Capital Limited, DBS Bank India Limited, Goldman Sachs (India) Securities Private Limited, Jefferies India Private Limited, J.P. Morgan India Private Limited and UBS Securities India Private Limited |
The company plans to utilise the net proceeds from the fresh issue primarily for repayment or prepayment of certain borrowings, investment in one of its subsidiaries, and general corporate purposes. The proceeds generated from the Offer for Sale will be received by the respective selling shareholders.
Manipal Health IPO Dates
| IPO Event | Date |
|---|---|
| Anchor Investor Bidding | 28 July 2026 |
| IPO Opening Date | 29 July 2026 |
| IPO Closing Date | 31 July 2026 |
| Basis of Allotment | 3 August 2026 |
| Refund Initiation | 4 August 2026 |
| Shares Credited to Demat Account | 4 August 2026 |
| Listing Date | 5 August 2026 |
After the allotment process is completed, successful applicants will receive the allotted shares in their demat accounts before the company’s shares begin trading on the stock exchanges.
Manipal Health IPO Reservation
| Investor Category | Reservation |
|---|---|
| Qualified Institutional Buyers (QIB) | Not Less Than 75% |
| Non-Institutional Investors (NII) | Not More Than 15% |
| Retail Individual Investors (RII) | Not More Than 10% |
The final allocation under each investor category will depend on the number of valid applications received during the IPO subscription period.
Manipal Health IPO Lot Size
| Application | Shares | Amount |
|---|---|---|
| Retail Minimum | 1 Lot (25 Shares) | ₹14,750 |
| Retail Maximum | 13 Lots (325 Shares) | ₹1,91,750 |
| S-HNI Minimum | 14 Lots (350 Shares) | ₹2,06,500 |
The application values shown above are calculated using the upper price band of ₹590 per equity share.ent amount will be updated after the company announces the price band and lot size.
About Manipal Health Enterprises Limited
Manipal Health Enterprises Limited is one of India’s leading healthcare providers, operating a network of multi-specialty hospitals across several states. The company offers comprehensive healthcare services ranging from primary care to advanced tertiary and quaternary treatment through its hospitals, day-care centres, diagnostic facilities, and specialised medical units.
The company provides healthcare services across a broad range of medical specialties and super-specialties while focusing on quality patient care, advanced medical technology, clinical excellence, and integrated healthcare delivery. Its hospital network serves both domestic and international patients through experienced medical professionals, modern healthcare infrastructure, and technology-enabled healthcare solutions.
Over the years, Manipal Health has expanded its presence through capacity additions, acquisitions, and investments in healthcare infrastructure, enabling it to strengthen its position in India’s organised hospital sector.
Business Operations
Manipal Health Enterprises Limited operates one of India’s integrated healthcare networks offering diversified medical services.
- Multi-Specialty Hospitals – The company operates hospitals providing primary, secondary, tertiary, and quaternary healthcare services.
- Cardiac Care – It offers comprehensive diagnosis, treatment, cardiac surgery, and rehabilitation services for heart-related diseases.
- Cancer Care – The company provides oncology services covering medical oncology, radiation oncology, surgical oncology, and cancer diagnostics.
- Neurosciences – It delivers specialised treatment for neurological disorders, neurosurgery, stroke management, and spine-related conditions.
- Orthopaedics – The hospital network provides joint replacement, trauma care, sports medicine, and advanced orthopaedic procedures.
- Organ Transplant Services – The company performs kidney, liver, heart, lung, and other organ transplant procedures through specialised medical teams.
- Critical Care & Emergency Services – It operates intensive care units, emergency departments, trauma centres, and advanced life-support facilities.
- Diagnostic Services – The company provides pathology, radiology, laboratory testing, imaging, and preventive health screening services.
- Outpatient & Day Care Services – Patients receive consultations, diagnostics, minor procedures, and follow-up treatment through outpatient clinics and day-care centres.
- International Patient Services – The company also provides healthcare services to international patients through dedicated medical tourism and patient support programmes.
Industry Overview
India’s healthcare industry continues to expand due to increasing healthcare awareness, rising life expectancy, growing health insurance coverage, higher healthcare expenditure, urbanisation, and increasing demand for quality medical services. The organised hospital sector is expected to benefit from rising demand for specialised healthcare, advanced medical technology, and expansion of healthcare infrastructure.
Increasing investments in hospital capacity, digital healthcare, preventive healthcare, diagnostics, and specialised treatment facilities continue to create long-term growth opportunities for organised healthcare providers.
Business Strategy
Manipal Health Enterprises Limited focuses on expanding its hospital network, increasing bed capacity, strengthening clinical excellence, and enhancing patient care through continuous investment in healthcare infrastructure and advanced medical technologies.
The company aims to improve operational efficiency, expand into new geographic markets, strengthen specialised healthcare services, invest in digital healthcare solutions, and enhance patient experience. Through capacity expansion, strategic acquisitions, technology adoption, and quality healthcare delivery, the company seeks to achieve sustainable long-term growth in India’s organised healthcare sector.
Manipal Health IPO Financial Information
A company’s financial performance provides valuable insights into its revenue growth, profitability, operational efficiency, and financial stability. Reviewing financial statements over multiple years helps investors understand how the business has expanded and how effectively it has generated earnings from its operations.
Manipal Health Financial Summary
| Particulars | FY2024 | FY2025 | FY2026 |
|---|---|---|---|
| Revenue from Operations | ₹5,577.98 Crore | ₹6,128.41 Crore | ₹6,972.35 Crore |
| Total Income | ₹5,693.62 Crore | ₹6,247.89 Crore | ₹7,105.84 Crore |
| EBITDA | ₹1,127.84 Crore | ₹1,338.62 Crore | ₹1,592.73 Crore |
| Profit Before Tax (PBT) | ₹311.56 Crore | ₹472.81 Crore | ₹691.42 Crore |
| Profit After Tax (PAT) | ₹251.39 Crore | ₹367.84 Crore | ₹523.17 Crore |
| Net Worth | ₹5,462.71 Crore | ₹5,982.46 Crore | ₹6,691.84 Crore |
| Total Borrowings | ₹2,964.85 Crore | ₹2,615.48 Crore | ₹2,248.76 Crore |
The company has reported consistent growth in revenue and profitability during the last three financial years. Revenue from operations increased steadily, supported by higher patient volumes, expansion of hospital capacity, and growth across specialised healthcare services. Profitability also improved due to better operating efficiency and increased utilisation of healthcare infrastructure. The company’s net worth strengthened over the period, while borrowings declined, reflecting an improving financial position. Investors should evaluate these financial results together with the company’s expansion strategy, competitive position, and valuation before making an investment decision.
Manipal Health IPO Key Performance Indicators (KPIs)
Key Performance Indicators help investors assess the company’s profitability, operational efficiency, financial strength, and capital utilisation. These financial ratios provide additional insights into the company’s overall business performance.
| KPI | Value |
|---|---|
| Return on Equity (ROE) | 8.92% |
| Return on Capital Employed (ROCE) | 12.84% |
| Return on Net Worth (RONW) | 7.82% |
| EBITDA Margin | 22.84% |
| PAT Margin | 7.50% |
| Debt-to-Equity Ratio | 0.34 |
| Earnings Per Share (EPS) | ₹12.41 |
| Net Asset Value (NAV) Per Share | ₹145.26 |
| Price to Earnings (P/E) | 47.54x |
The company’s financial ratios indicate improving profitability and healthy operating margins. Return ratios reflect gradual improvement in capital utilisation, while the moderate debt-to-equity ratio highlights a balanced capital structure. Investors should analyse these financial indicators along with the company’s growth strategy, healthcare industry outlook, and IPO valuation before making an investment decision.
Objects of the Manipal Health IPO
The company intends to utilise the net proceeds from the fresh issue for the following purposes:
- Repayment or prepayment of certain outstanding borrowings.
- Funding capital expenditure for expansion and healthcare infrastructure.
- Investment in subsidiaries and strategic growth initiatives.
- General corporate purposes.
The proceeds from the Offer for Sale (OFS) will be received by the respective selling shareholders and will not form part of the company’s funds. The fresh issue proceeds are expected to strengthen the company’s balance sheet and support its long-term expansion plans.
Manipal Health IPO Listing Performance
The listing performance reflects how the company’s shares performed on the stock exchanges after the IPO. While listing gains indicate initial investor sentiment, long-term returns depend on the company’s financial performance, operational execution, expansion strategy, and future growth prospects.
| Particular | Value |
|---|---|
| Listing Exchange | BSE & NSE |
| Listing Date | 5 August 2026 |
| Issue Price | ₹590 Per Share |
| Listing Price | To be updated |
| Listing Gain | To be updated |
| Listing Gain (%) | To be updated |
The listing performance will be available after the company’s shares commence trading on the stock exchanges. Investors should focus on long-term business fundamentals rather than short-term listing movements.
Manipal Health IPO Subscription Status
The subscription figures indicate the level of investor participation received during the IPO bidding period. Strong subscription generally reflects healthy market interest, although investment decisions should also consider valuation, financial performance, and long-term business prospects.
Manipal Health IPO Subscription
| Investor Category | Subscription |
|---|---|
| Qualified Institutional Buyers (QIB) | To be updated |
| Non-Institutional Investors (NII) | To be updated |
| Retail Individual Investors (RII) | To be updated |
| Employee Category | To be updated |
| Total Subscription | To be updated |
The final subscription figures will be available after the IPO closes. They will provide an indication of investor participation across various categories.
Manipal Health IPO Review
Manipal Health Enterprises Limited is one of India’s leading hospital networks, offering comprehensive healthcare services through a large network of multi-specialty hospitals. The company provides medical care across numerous specialties, supported by experienced healthcare professionals, modern medical technology, and advanced clinical infrastructure.
The company has steadily expanded its healthcare network through capacity additions, acquisitions, and investments in medical infrastructure. Its diversified hospital portfolio, broad geographic presence, and focus on quality healthcare services have strengthened its position within India’s organised healthcare sector.
The company has also demonstrated consistent growth in revenue and profitability while continuing to invest in hospital expansion and specialised healthcare services. Rising healthcare awareness, increasing health insurance coverage, growing demand for quality medical services, and expansion of organised healthcare infrastructure are expected to support long-term industry growth.
However, investors should also consider factors such as regulatory changes, rising operating costs, healthcare workforce availability, expansion-related execution risks, and increasing competition in the hospital industry before making an investment decision.
Overall, Manipal Health Enterprises Limited operates in a sector with favourable long-term growth prospects. Investors should carefully evaluate the company’s financial performance, valuation, competitive strengths, and future expansion strategy before investing.
Manipal Health IPO Strengths
- One of India’s leading organised healthcare providers with a diversified hospital network.
- Presence across multiple medical specialties and super-specialties.
- Strong brand recognition in the healthcare sector.
- Consistent growth in revenue and operating performance.
- Experienced medical professionals and advanced healthcare infrastructure.
- Favourable long-term growth outlook for India’s organised healthcare industry.
Manipal Health IPO Risk Factors
- The healthcare business is subject to regulatory and compliance requirements.
- Rising employee and operating costs may impact profitability.
- Expansion projects require significant capital investment and effective execution.
- The company operates in a competitive healthcare market.
- Dependence on skilled medical professionals is critical for service quality.
- Changes in government healthcare policies or reimbursement frameworks may affect business performance.
Manipal Health IPO Promoters
Manipal Health Enterprises Limited has been promoted by experienced healthcare investors and professionals who have contributed to the company’s growth through expansion of hospital infrastructure, strategic acquisitions, and continuous investment in healthcare services. The promoters have played an important role in building one of India’s leading multi-specialty hospital networks.
Manipal Health IPO Promoters Details
| Promoter | Designation |
|---|---|
| Manipal Education and Medical Group (MEMG) | Promoter Group |
| Temasek Holdings (through its investment entities) | Promoter Group |
Manipal Health IPO Management Team
The company is led by an experienced management team with expertise in healthcare administration, hospital operations, finance, strategy, and corporate governance. The leadership team focuses on improving patient care, expanding healthcare infrastructure, operational efficiency, and long-term business growth.
| Name | Designation |
|---|---|
| Dilip Jose | Managing Director & Chief Executive Officer |
| Dr. H. Sudarshan Ballal | Chairman |
| Sandeep Verma | Chief Financial Officer |
| S. Rajagopal | Company Secretary & Compliance Officer |
Manipal Health IPO Registrar Details
The registrar is responsible for processing IPO applications, finalising the basis of allotment, crediting equity shares to successful applicants, initiating refunds, and handling investor-related services.
| Particular | Details |
|---|---|
| Registrar Name | MUFG Intime India Private Limited |
| Website | https://in.mpms.mufg.com |
| IPO Allotment Status | https://in.mpms.mufg.com/Initial_Offer/public-issues.html |
| Email ID | [email protected] |
| Contact Number | +91-22-4161 2000 |
Manipal Health IPO Lead Manager Details
The Book Running Lead Managers are responsible for managing the IPO process, coordinating regulatory compliance, and assisting the company throughout the public issue.
| Particular | Details |
|---|---|
| Lead Managers | Kotak Mahindra Capital Company Limited, Axis Capital Limited, DBS Bank India Limited, Goldman Sachs (India) Securities Private Limited, Jefferies India Private Limited, J.P. Morgan India Private Limited and UBS Securities India Private Limited |
Manipal Health Enterprises Limited Contact Details
| Particular | Details |
|---|---|
| Company Name | Manipal Health Enterprises Limited |
| Registered Office | Bengaluru, Karnataka, India |
| Website | https://www.manipalhospitals.com |
| Email ID | [email protected] |
How to Check Manipal Health IPO Allotment Status
Investors can check the IPO allotment status after the basis of allotment is finalised through the registrar’s website or the BSE IPO portal.
Through MUFG Intime India Private Limited
- Visit the official MUFG Intime IPO allotment portal.
- Select Manipal Health IPO from the IPO list.
- Choose PAN Number, Application Number, or DP/Client ID.
- Enter the required details.
- Click Submit to view the allotment status.
Through BSE
- Visit the official BSE IPO allotment page.
- Select Manipal Health IPO from the list of IPOs.
- Enter your PAN Number or Application Number.
- Complete the verification process if required.
- Click Search to view the allotment result.
Manipal Health IPO Conclusion
Manipal Health IPO provides investors with an opportunity to invest in one of India’s established healthcare service providers with a wide network of multi-specialty hospitals and a diversified portfolio of medical services. The company has strengthened its market position through continuous expansion, experienced healthcare professionals, modern medical infrastructure, and strategic acquisitions.
Its broad geographic presence, comprehensive healthcare offerings, and exposure to the growing demand for quality medical services provide a strong foundation for future growth. However, investors should also consider factors such as regulatory requirements, capital-intensive operations, competition, staffing requirements, and execution risks before making an investment decision.
A detailed assessment of the company’s financial performance, valuation, business strategy, industry outlook, and long-term expansion plans can help investors determine whether the IPO is suitable for their investment objectives.
Manipal Health IPO FAQs
What is Manipal Health IPO?
Manipal Health IPO is the upcoming Mainboard public issue of Manipal Health Enterprises Limited, one of India’s leading multi-specialty hospital chains.
What is the price band of Manipal Health IPO?
The IPO is priced in the range of ₹560 to ₹590 per equity share.
What is the issue size of Manipal Health IPO?
The total issue size is ₹9,275 crore.
When will the Manipal Health IPO open?
The IPO will open for subscription on 29 July 2026.
When will the Manipal Health IPO close?
The IPO will close on 31 July 2026.
On which stock exchanges will Manipal Health shares be listed?
The company’s equity shares are proposed to be listed on BSE and NSE.
Who is the registrar for the Manipal Health IPO?
MUFG Intime India Private Limited is the registrar to the issue.
What is the face value of Manipal Health IPO shares?
The face value of each equity share is ₹2.
What does Manipal Health Enterprises Limited do?
The company operates one of India’s leading networks of multi-specialty hospitals, providing primary, secondary, tertiary, and quaternary healthcare services across multiple medical specialties.
What are the objects of the Manipal Health IPO?
The company intends to utilise the proceeds from the fresh issue for repayment or prepayment of borrowings, capital expenditure, investments in subsidiaries, and general corporate purposes, while the proceeds from the Offer for Sale will be received by the selling shareholders.
