Manipal Health Enterprises Files Draft Prospectus for Rs 8,000-Crore Initial Public Offering

Manipal Health Enterprises Ltd Files Draft Papers for Rs 8,000 Crore IPO

Key Highlights

• Manipal Health Enterprises Ltd has filed draft papers with the Securities and Exchange Board of India (SEBI) to raise funds via an initial public offering (IPO).
• The IPO comprises a fresh issue of Rs 8,000 crore and an offer for sale (OFS) of up to 43.23 million shares by promoters and existing shareholders.

Offer for Sale

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• Imperius Healthcare Investments plans to sell 21.62 million shares.
• Manipal Education and Medical Group plans to sell 13.58 million shares.
• TPG SG Magazine plans to sell 4.66 million shares.
• Seventy Second Investment plans to sell 1.58 million shares, among others.

Fresh Issue

• The proceeds from the fresh issue will be used primarily for:
  • Repayment of debt worth Rs 5,378 crore.
  • Acquisition of a minority stake worth Rs 574 crore in its step-down subsidiary, Sahyadri Hospitals.

Debt Repayment

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• As of January 31, 2026, the company had total consolidated outstanding borrowings of Rs 10,612.79 crore.

Book-Running Lead Managers

• Kotak Mahindra Capital, Axis Capital, Goldman Sachs India, Jefferies India, JP Morgan India, UBS Securities India, and DBS Bank India are the book-running lead managers to the issue.

Company Overview

• Manipal Health operates a pan-India network of multi-specialty hospitals offering a comprehensive range of healthcare services.
• As of September 30, 2025, the company operated 38 hospitals (48 on a pro forma basis) with 10,761 licensed beds (12,367 on a pro forma basis) across 14 states and union territories.

Financial Performance

• For FY25, the company reported revenue from operations of Rs 9,263.56 crore on a pro forma basis, compared to Rs 6,171.63 crore in the previous year.
• Net profit stood at Rs 534.7 crore, compared to Rs 533.2 crore.