Manipal Hospitals Launches Initial Public Offering Roadshows Amid Broader Market Sentiment Challenges

Temasek-Backed Manipal Health Enterprises Ltd Prepares for $1.1 Billion IPO Amid India's Sluggish IPO Market

Temasek-backed Manipal Health Enterprises Ltd has begun meeting institutional investors for its planned $1.1 billion initial public offering (IPO), according to three people aware of the matter. The company is expected to receive regulatory approval in the coming weeks, paving the way for a share sale between June-end and mid-July.

This development is significant, given India's IPO market has been largely dormant for several months due to the West Asia crisis, which has drained liquidity from emerging markets. A successful IPO for Manipal Health could potentially set the stage for other large IPOs in the market.

As one of the biggest share sales in India's healthcare sector, Manipal Health's IPO plans to raise up to ₹8,000 crore in primary capital, while its investors sell over 43.2 million shares. The Bengaluru-based company filed its draft red herring prospectus on 23 March.

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Manipal Health, founded by Ranjan Pai in 2010, focuses on key areas such as cardiology, oncology, transplants, neurosciences, orthopaedics, emergency, and critical care. The company's expansion accelerated with the acquisition of Columbia Asia's India operations for ₹2,100 crore in 2021 and Vikram Hospital for ₹350 crore in 2021. Manipal Health also 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 a 41% stake in the company for more than $2 billion, valuing it at nearly $4.8 billion or ₹40,000 crore. 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 Health'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.

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According to an India Ratings credit rating report in December 2025, 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 (Ebitda) grew to ₹2,127 crore as against ₹1,683 crore in FY24 and ₹1,251 crore in 1HFY2026.