Manipal Health Enterprises
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Subscription
- Qualified institutionalQIB
- 8.25×
- Big non-institutionalbNII · above ₹10 lakh
- 1.08×
- Small non-institutionalsNII · ₹2–10 lakh
- 0.85×
- Retail individualRII · up to ₹2 lakh
- 0.86×
- Employeesreserved quota
- 2.16×
Grey market premium
Unofficial and indicative — not a forecast
Day-wise premium · 8 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 05 Aug 2026 | ₹7 | — | ₹100 | — | ₹175 |
| 04 Aug 2026 | ₹3 | — | ₹100 | — | ₹75 |
| 03 Aug 2026 | -₹6 | — | ₹0 | — | ₹-150 |
| 02 Aug 2026 | -₹6 | — | ₹0 | — | ₹-150 |
| 01 Aug 2026 | -₹9 | — | ₹0 | — | ₹-225 |
| 31 Jul 2026 | -₹15 | — | ₹0 | — | ₹-375 |
| 30 Jul 2026 | ₹6 | — | ₹100 | — | ₹150 |
| 29 Jul 2026 | ₹9 | — | ₹200 | — | ₹225 |
Gain per lot assumes the premium holds to listing and that the application is allotted — allotment in an oversubscribed issue is a lottery, so it is indicative, not expected. Sauda is the rate paid for a submitted application itself.
Issue details
- IPO date
- 29 Jul 2026 – 31 Jul 2026
- Listing date
- 05 Aug 2026
- Face value
- ₹2 per share
- Price band
- ₹560 – ₹590
- Issue price
- ₹590 per share
- Lot size
- 25 shares
- Sale type
- Fresh capital cum OFS
- Issue type
- Book Building issue
- Listing at
- BSE
- Total issue size
- ₹9,275 Cr
- Fresh issue
- ₹8,000 Cr 13,56,19,881 shares
- Offer for sale
- ₹1,275 Cr 2,16,13,834 shares
- Market cap at offer price
- ₹77,606 Cr
- Promoter holding
- 81.86% → 72.08% pre-issue → post-issue
- ISIN
- INE459N01021
- CIN
- U85110KA2010PLC052540
- Registrar
- Kfin Technologies Ltd.
- Lead managers
- Kotak Mahindra Capital Co.Ltd.
- Registered office
- The Annexe, #98/2, Rustom Bagh, HAL Airport Road, Bengaluru 560 017, Karnataka, India
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| QIB | 4,87,39,889 | 54.28% | 54.10% |
| Anchor investor · within QIB | 7,06,28,768 | — | 78.40% |
| NII (HNI) | 2,46,30,467 | 27.43% | 27.34% |
| bNII > ₹10L · within NII | 1,64,20,312 | — | 18.23% |
| sNII < ₹10L · within NII | 82,10,155 | — | 9.11% |
| Retail (RII) | 1,64,20,311 | 18.29% | 18.23% |
| Employee | 2,97,619 | — | 0.33% |
| Market maker | 0 | — | 0.00% |
| Total issue | 9,00,88,286 | — | 100.00% |
Net offer to the public of 8,97,90,667 shares, out of a total issue of 9,00,88,286. Indented rows sit inside the category above them and are not added to it.
Application size
Minimum 25 shares per lot, in multiples, at ₹590
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 25 | ₹14,750 |
| Retail (max) | 13 | 325 | ₹1,91,750 |
| S-HNI (min) | 14 | 350 | ₹2,06,500 |
| S-HNI (max) | 67 | 1,675 | ₹9,88,250 |
| B-HNI (min) | 68 | 1,700 | ₹10,03,000 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Valuation and performance
Valuation at offer price
₹590 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 7.77 | 6.97 |
| P/E (×) | 75.93 | 84.65 |
| Price to book (×) | 8.13 | — |
| Market cap | — | ₹77,606 Cr |
Key performance indicators
Latest reported period, consolidated
- Return on net worth
- 10.57%
- ROCE
- 12.00%
- PAT margin
- 8.87%
- EBITDA margin
- 27.05%
- NAV per share
- ₹72.55
- Price to book
- 8.13
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
Company financials
Consolidated ·₹ crore unless a row shows % or ×, as reported in the offer document
| Period ended | FY26 | FY25 | FY24 |
|---|---|---|---|
| Profit and loss | |||
| Total income | 10,520.52 | 8,362.79 | 6,265.17 |
| Revenue from operations | 10,335.75 | 8,242.25 | 6,171.63 |
| Other income | 184.77 | 120.54 | 93.54 |
| Total expenses | 9,268.42 | 7,134.43 | 5,340.51 |
| Operating profit | 1,252.1 | 1,228.36 | 924.66 |
| Operating margin | 11.90% | 14.69% | 14.76% |
| Profit before tax | 1,178.03 | 1,242.31 | 745.04 |
| Profit after tax | 916.52 | 1,081.67 | 533.2 |
| PAT margin | 8.71% | 12.93% | 8.51% |
| Balance sheet | |||
| Total assets | 24,864.5 | 14,072.08 | 10,818.83 |
| Current assets | 4,102.5 | 2,848.12 | 2,051.45 |
| Current liabilities | 3,362.37 | 1,794.8 | 1,656.74 |
| Total liabilities | 16,065.74 | 8,071.9 | 6,731.32 |
| Net worth | 8,798.76 | 6,000.18 | 4,087.51 |
| Current ratio | 1.22× | 1.59× | 1.24× |
| Return on equity | 10.42% | 18.03% | 13.04% |
| Cash flow | |||
| Operating cash flow | 2,078.4 | 1,569.83 | 1,388.65 |
| Investing cash flow | -7,036.74 | -2,658.34 | -870.5 |
| Financing cash flow | 4,954.44 | 904.08 | -250.21 |
| Net cash flow | -3.9 | -184.43 | 267.94 |
Objects of the issue
Stated use of the net proceeds— open a row for the issuer's full explanation
1 Repayment/prepayment of certain outstanding borrowings and accrued interest thereon availed by Manipal Hospitals Private Limited ₹5,553 Cr
The company proposes to utilize the Net Proceeds towards redemption of outstanding MHPL NCDs, payment of prepayment/early redemption penalties and accrued interest obligations. This will help reduce outstanding indebtedness and interest outflow, resulting in savings of interest costs.
2 Acquisition of minority stake in stepdown Subsidiary, Sahyadri Hospitals Private Limited ₹574 Cr
The company proposes to utilize the Net Proceeds towards payment of the Base Purchase Consideration for acquisition of Tranche III of SHPL. This will enable the company to hold in aggregate 99.86% of SHPL, thereby consolidating and increasing ownership.
3 General corporate purposes —
The general corporate purposes include strengthening marketing capabilities and brand building exercises, funding working capital requirements, meeting ongoing general corporate purposes or contingencies, and any other purpose as may be approved by the Board.
1 of 3 objects carry no stated amount — typically general corporate purposes, funded from whatever remains — so the total above is the quantified portion only, not the whole issue.
Selling shareholders
Existing holders selling into the offer — these proceeds go to the seller, not to the company
| Seller | Capacity | Shares offered | Avg. cost |
|---|---|---|---|
| Imperius Healthcare Investments Pte. Ltd. | Promoter Selling Shareholder | 1,08,08,861 | ₹68.73 |
| Manipal Education and Medical Group India Private Limited | Promoter Group Selling Shareholder | 67,92,002 | ₹102.56 |
| TPG SG Magazine Pte. Ltd. | Investor Selling Shareholder | 23,29,667 | ₹265.23 |
| Seventy Second Investment Company LLC | Investor Selling Shareholder | 7,92,494 | ₹351.81 |
| Ammar Sdn Bhd | Investor Selling Shareholder | 4,05,791 | ₹355.66 |
| Novo Holdings Invest Asia A/S | Investor Selling Shareholder | 2,64,556 | ₹355.53 |
| Phoenix Bear Investments, LLC | Investor Selling Shareholder | 2,20,463 | ₹355.53 |
7 sellers offering 2,16,13,834 shares.
About Manipal Health Enterprises
Manipal Health Enterprises Limited is a private healthcare provider in India that was incorporated on February 15, 2010. As of March 31, 2026, the company operates a network of 49 hospitals across India with 13,037 licensed beds, including hospitals acquired in recent years such as Columbia Asia Hospitals (now Manipal Hospitals Private Limited), AMRI Hospitals (now Manipal Hospitals (East) India Private Limited), and Sahyadri Hospitals. The company derives approximately 46.40%, 51.55%, and 59.98% of its revenue from operations from hospitals in Karnataka for Fiscals 2026, 2025, and 2024, respectively. The company primarily generates revenue by providing inpatient care at its hospitals, with 64.30% of gross inpatient revenue in Fiscal 2026 coming from CONGO-R specialties (cardiac sciences, oncology, neurosciences, gastroenterology, orthopedics, and renal sciences). The company derived 49.68%, 49.18%, and 49.45% of its gross inpatient revenue from insurance and third-party administrators in Fiscals 2026, 2025, and 2024, respectively.
Management
Dr. Hebri Sudarshan Ballal
Chairman
Dilip Jose Puthiyidathu
MD
Dr. Ranjan Ramdas Pai
Director
Strengths
As stated in the offer document
India’s largest multispecialty hospital group by bed capacity with pan-India presence and leadership in its three key regions
The company is positioned as India’s largest pan-India multispecialty hospital network by bed capacity, with 13,037 beds across 14 states and union territories. It is also the second-largest hospital chain by number of hospitals and reported Fiscal 2026 revenue from operations of ₹103,357.51 million.
Only private hospital chain network in India with leadership in three metros and a balanced and diversified presence across metros and non-metros
The company is the only private hospital chain network leading in Bengaluru, Kolkata and Pune by bed capacity, with 5,376 beds as of March 31, 2026. A balanced network is maintained, with 53.22% of licensed beds located outside metro cities.
Widely recognized brand and network of choice for patients, doctors and healthcare professionals
The company’s brand is supported by 6.30 million patients served in Fiscal 2026 on a pro forma basis and multiple awards and recognitions. As of March 31, 2026, 11,064 doctors, 11,048 nurses and 6,362 paramedics were practicing across its hospitals.
Advanced infrastructure and medical equipment, with a strong focus on clinical excellence
The company is supported by advanced infrastructure and medical technology, including 18 soft tissue robots, 19 LINACs, 44 MRI scanners and 23 orthopedic and spine surgical robots. In Fiscal 2026, 620 transplants and 5,980 robotic surgeries were performed.
Track record of delivering industry leading growth with strong profitability and efficiency metrics
The company’s revenue from operations grew at a CAGR of 29.41% from ₹61,716.32 million in Fiscal 2024 to ₹103,357.51 million in Fiscal 2026, while profit grew at a CAGR of 31.11%. A negative working capital cycle of 13 days was achieved in Fiscal 2026.
Repeatable playbook for integrating and scaling transformative acquisitions to improve access to quality healthcare
The company was the leading consolidator of hospitals among private hospital chains in India from March 31, 2021 to March 31, 2026, with 5,548 beds acquired. A standardized integration approach is used to improve clinical quality, operational efficiency and financial performance.
Experienced leadership team with marquee institutional shareholder support
The company is led by a qualified and experienced management team with industry expertise and is supported by global institutional investors. The shareholder base includes indirect wholly owned subsidiaries of Temasek Holdings, TPG SG Magazine and Novo Holdings.
Risk factors
As stated in the offer document
Geographic Concentration Risk - Karnataka Operations
The company derived 46.40%, 51.55%, and 59.98% of revenue from operations in Fiscals 2026, 2025 and 2024 respectively from hospitals in Karnataka. Any loss of business, disruption in operations, or geopolitical/policy changes in Karnataka could materially affect business performance and financial condition.
Dependence on Inpatient Care and Hospital Occupancy Rates
The company primarily generates revenue through inpatient care services. Any inability to maintain or improve admissions and hospital occupancy rates could adversely affect business operations. Current occupancy rates are 64.45% (Fiscal 2026) and 64.47% (Fiscal 2025).
Revenue Concentration in CONGO-R Specialties
The company derived 64.30%, 62.56% and 61.55% of gross inpatient revenue from cardiac sciences, oncology, neurosciences, gastro sciences, orthopaedics, and renal sciences in Fiscals 2026, 2025 and 2024 respectively. Negative changes in demand for these specialties could adversely impact business performance.
High Indebtedness and Financial Covenant Risks
As of May 31, 2026, the company had aggregate outstanding borrowings of ₹111,850.24 million. The company is subject to restrictive covenants and 45.25% of borrowings are subject to variable interest rates, exposing it to interest rate fluctuation risks.
Dependence on Insurance and Third-Party Administrator Payments
The company derived 49.68%, 49.18% and 49.45% of gross inpatient revenue from insurance and third-party administrators in Fiscals 2026, 2025 and 2024 respectively. Termination, non-renewal, or payment delays from these contracts could materially impact business operations.
Medical Negligence and Legal Claims Exposure
The company faces legal claims and regulatory actions arising from healthcare service provision, including alleged medical negligence by doctors and healthcare professionals. Such claims could result in substantial damages, reputational harm, and operational disruptions.
Regulatory Compliance and Licensing Requirements
The company must obtain, renew and maintain numerous statutory permits, licenses and accreditations. As of the Red Herring Prospectus date, 39 material approvals are applied for and pending. Failure to obtain or renew necessary approvals could lead to operational restrictions or closures.
Acquisition Integration and Goodwill Impairment Risks
The company has made significant acquisitions and may face integration challenges, unforeseen liabilities, and goodwill impairment. Previous impairments include ₹1,140.65 million for HealthMap Diagnostics Private Limited in Fiscal 2024 and ₹222.32 million for Medica TS Hospital Private Limited in Fiscal 2025.
Leased Land and Property Title Risks
As of March 31, 2026, 31 of the company's hospitals are fully or partially located on leased land from governmental authorities, private parties, and related parties. Failure to renew lease agreements or title defects could disrupt operations and require significant relocation costs.
Healthcare Professional Retention and Cost Pressures
The company faces high costs for doctors' professional fees (22.72% of revenue in Fiscal 2026) and employee benefits (14.42% of revenue in Fiscal 2026). Attrition rates for nurses were 19.56% in Fiscal 2026, and failure to retain qualified professionals could impact service quality and operational efficiency.
Company Analysis
from DRHPManipal Health Enterprises Limited operates a network of secondary and tertiary healthcare facilities across India, providing specialized hospital services, outpatient care, and diagnostic services primarily through inpatient care in cardiac sciences, oncology, neurosciences, gastroenterology, orthopedics, and renal specialties.
Manipal Health Enterprises Limited is a private healthcare provider in India that was incorporated on February 15, 2010. As of March 31, 2026, the company operates a network of 49 hospitals across India with 13,037 licensed beds, including hospitals acquired in recent years such as Columbia Asia Hospitals (now Manipal Hospitals Private Limited), AMRI Hospitals (now Manipal Hospitals (East) India Private Limited), and Sahyadri Hospitals. The company derives approximately 46.40%, 51.55%, and 59.98% of its revenue from operations from hospitals in Karnataka for Fiscals 2026, 2025, and 2024, respectively. The company primarily generates revenue by providing inpatient care at its hospitals, with 64.30% of gross inpatient revenue in Fiscal 2026 coming from CONGO-R specialties (cardiac sciences, oncology, neurosciences, gastroenterology, orthopedics, and renal sciences). The company derived 49.68%, 49.18%, and 49.45% of its gross inpatient revenue from insurance and third-party administrators in Fiscals 2026, 2025, and 2024, respectively.
Objects of the Issue
- Repayment or prepayment of certain outstanding Non-Convertible Debentures issued by Manipal Hospitals Private Limited to DBS Bank Ltd., which is the parent company of DBS Bank India Limited 55,527.59 million (with 25,201.79 million specifically for MHPL NCDs subscribed by DBS Bank Ltd.) p.42
- Acquisition of 9.84% of the total issued and paid-up share capital of Sahyadri Hospitals Private Limited (minority shareholding) 5,740.00 million p.64
- General corporate purposes Balance Net Proceeds (not exceeding 25% of Gross Proceeds) p.64
Issue Structure
- Total Issue
- ₹92,752.16 million (157,233,715 Equity Shares of face value ₹2 each at ₹590.00 per Equity Share)
- Fresh Issue
- ₹80,000.00 million (135,619,881 Equity Shares of face value ₹2 each aggregating to ₹80,000.00 million)
- Offer for Sale
- ₹12,752.16 million (21,613,834 Equity Shares of face value ₹2 each aggregating to ₹12,752.16 million)
- Price Band
- ₹560.00 (Floor Price) to ₹590.00 (Cap Price) per Equity Share
- Lot Size
- 25 Equity Shares and in multiples of 25 Equity Shares thereafter (Bid Lot)
- Face Value
- ₹2 each
Business Model
The company primarily generates revenue through provision of inpatient healthcare services at its hospitals, complemented by outpatient services and diagnostic services. It operates both directly owned hospitals and manages hospitals under operation and management agreements with third parties. The company derives revenue from multiple sources including direct cash payments from patients, insurance companies and third-party administrators, government healthcare schemes, and corporate payors. As of March 31, 2026, the company derives revenue from a diversified portfolio of healthcare services with focus on high-acuity specialty services.
Business Segments
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Dr. Ranjan Ramdas Pai | Promoter | — | — |
| Manipal Global Health Services | Promoter | — | — |
| MEMG International Ltd | Promoter | — | — |
| Kangto Investments Pte. Ltd. | Promoter | — | — |
| Imperius Healthcare Investments Pte. Ltd. | Promoter Selling Shareholder | — | — |
| Kabru Investments Pte. Ltd. | Promoter | — | — |
Leadership
Auto-extracted from the company's DRHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official DRHP before relying on it.