Manipal Health raises ₹4,167 crore from anchor investors ahead of ₹9,275-crore IPO

Manipal Health Enterprises Ltd on Tuesday raised ₹4,167 crore from anchor investors ahead of its ₹9,275 crore initial public offering (IPO) on July 29.

The book has attracted a number of global investors, including the Abu Dhabi Investment Authority (ADIA), Allianz Global Investors Fund, Morgan Stanley Asia, Natixis International Fund, Societe Generale and Goldman Sachs Bank Europe, according to a release on the BSE.

Additionally, ICICI Prudential Mutual Fund (MF), Kotak MF, Aditya Birla Sun Life MF, UTI MF and HSBC MF also participated in the anchor round.

According to sources, the company has allotted over 7.06 crore shares to sponsor investors at ₹590 per share, at the high end of the IPO price band.

The price band for the IPO has been fixed at ₹560-590 per share, valuing the company at a little over ₹77,600 crore at the top end. The company’s three-day public issue will end on July 31.

The Bengaluru-based company’s IPO proposal includes a fresh issue of equity shares worth up to ₹8,000 crore and an offer for sale (OFS) of up to 2.16 crore equity shares by existing shareholders.

Promoter – Imperius Healthcare Investments Pte. Ltd. and Manipal Education and Medical Group India Pvt. Ltd. — along with shareholders TPG SG Magazine Pte. Ltd., Seventy Second Investment Company LLC, Ammar Sdn Bhd, Novo Holdings Invest Asia and Phoenix Bear Investments, LLC, will hold their shares through OFS.

The company proposes to use ₹5,378 crore from the fresh issue towards repayment or prepayment of loans of its subsidiary, Manipal Hospitals Pvt. Ltd. It has targeted ₹574 crore for acquiring a minority stake in subsidiary Sahyadri Hospitals Pvt. Ltd., while the remaining money will be used for general purposes of the company.

At the upper end of the price band, the issue size is estimated at around ₹9,275 crore, while at the lower end it is pegged at around ₹9,210 crore.

Manipal Health operates a multidisciplinary network of hospitals in India that provide services ranging from outpatient care to tertiary and quaternary interventions.

As of September 30, 2025, the company operates 38 hospitals, or 48 on a promotional basis, with 10,761 licensed beds, or 12,367 model beds, across 14 states and union territories.

In November 2025, the company commenced operations at its 49th hospital in Bengaluru, taking the authorized bed capacity to 12,631 beds as on 31 December 2025.

For the six months ended September 30, 2025, the company reported revenue from operations of ₹4,713 crore and net profit of ₹571.8 crore.

According to the allocation structure, qualified institutional buyers (QIBs) will receive up to 75% of the offer, non-institutional investors (NIIs) 15%, and retail investors 10%. Shares worth up to ₹15 crore have been reserved for eligible employees, who will get a discount of ₹56 per share.

Investors can bid for at least 25 shares and more.

The company’s shares are proposed to be listed on BSE and NSE on or around August 5.

Axis Capital, Kotak Mahindra Capital Company, Goldman Sachs (India) Securities, Jefferies India, JP Morgan India, UBS Securities India and DBS Bank India are the book-running managers for the issue, while KFin Technologies is the registrar.