Temasek-backed Manipal Health Enterprises files DRHP for IPO with fresh issue of ₹8,000 crore

Manipal Health Enterprises Limited has filed its Draft Red Herring Prospectus with the Securities and Exchange Board of India to raise funds through an initial public offering, the company announced on March 24.

The IPO comprises a fresh issue of ₹8,000 crore and an offer for sale of up to 4,32,27,668 equity shares by existing promoters, Imperius Healthcare Investments Pte. Ltd and Manipal Education and Medical Group India Private Limited. The equity shares carry a face value of ₹2. Investor shareholders participating in the offer for sale include TPG SG Magazine Pte. Ltd, Seventy Second Investment Company LLC, Ammar Sdn Bhd, Novo Holdings Invest Asia A/S, and Phoenix Bear Investments LLC.

The company intends to utilise ₹5,378 crore from the fresh issue proceeds toward repayment or prepayment of outstanding borrowings of its material subsidiary, Manipal Hospitals Private Limited, and ₹574 crore toward acquisition of a minority stake in its stepdown subsidiary, Sahyadri Hospitals Private Limited. The remainder will be used for general corporate purposes. The company may also consider a pre-IPO placement of up to ₹1,600 crore, which, if completed, would reduce the fresh issue size proportionately.

The offer will be made through the book-building process, with not more than 50% allocated to qualified institutional buyers, at least 15% to non-institutional bidders, and at least 35% to retail individual bidders.

As of September 30, 2025, Manipal Health Enterprises operated 38 hospitals on a standalone basis and 48 hospitals on a pro forma basis, with 10,761 licensed beds across 14 states and union territories. The company is the largest pan-India multispecialty hospital network by bed capacity and the second largest by number of hospitals, according to a CRISIL report. Following its acquisition of Sahyadri Hospitals in October 2025, the network expanded to over 12,600 licensed beds as of December 2025.

The company reported revenue from operations of ₹4,713 crore and a net profit of ₹571.8 crore for the six months ended September 30, 2025. For FY25, revenue from operations stood at ₹8,242.2 crore, with a net profit of ₹1,081.6 crore, compared to revenue of ₹4,839.6 crore and a net profit of ₹414.2 crore in FY23.

Kotak Mahindra Capital Company, Axis Capital, Goldman Sachs (India) Securities, Jefferies India, J.P. Morgan India, UBS Securities India, and DBS Bank India are the book-running lead managers for the offering. KFin Technologies is the registrar. The equity shares are proposed to be listed on BSE and NSE.