Temasek-Backed Manipal Health Files Draft Red Herring Prospectus with Sebi for ₹800-Crore IPO

Manipal Health IPO Filing: Key Highlights

Company Overview

Manipal Health, a hospital chain backed by Temasek, has filed its draft red herring prospectus (RHP) with Sebi to raise funds via an initial public offering (IPO). The company operates the widest network of private hospitals in India, with a pan-India presence of 38 hospitals, 10,761 licensed beds, and operations across 14 states and union territories.

IPO Details

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• Fresh Issue Size: ₹800 crore (approximately $100 million)
• Offer for Sale: Existing investors and promoters plan to sell 43.2 million shares
• Pre-IPO Placement: ₹1600 crore (approximately $200 million)
• Targeted Valuation: Up to $13 billion
• IPO Size: As much as $1 billion

IPO Allocation

• Qualified Institutional Buyers (QIBs): 50% of the offer
• Non-Institutional Investors (NIIs): 15% of the offer
• Retail Investors: 35% of the offer

Use of Proceeds

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• Repayment of Borrowings: ₹537.80 crore
• Acquisition of Minority Stake: ₹57.40 crore
• General Corporate Purposes: Remaining proceeds

Financial Performance

• Revenue Growth (FY25): 33.55% year-on-year to ₹8242.25 crore
• Profit Growth (FY25): 13.12% year-on-year to ₹1,081.67 crore

Market Outlook

The Indian healthcare delivery market is expected to grow at a compound annual growth rate (CAGR) of 10-12% between fiscals 2025 and 2030 to ₹11.2-12.2 trillion. Manipal Health is well-positioned to benefit from this growth, driven by long-term structural factors, renewed impetus from Pradhan Mantri Jan Arogya Yojana, and government focus on the healthcare sector.