Raised ₹4,167 Crore from Anchor Investors for ₹9,275-Crore Issue

Manipal Health Corporation has raised ₹4,167 crore from anchor investors ahead of its ₹9,275 crore initial public offering (IPO) today.

According to a stock exchange filing, the hospital chain operator has allotted 7.06 crore shares to 133 anchor investors at ₹590 apiece, the upper end of the IPO price band of ₹560-590.

The anchor book saw participation from global and domestic institutional investors, including sovereign wealth funds, global asset managers, domestic mutual funds, insurance companies, and alternative investment platforms.

Some global investors include Abu Dhabi Investment Authority (Stable), Global Government Pension Fund, Templeton Emerging Markets Fund, Allianz Global Investors Fund – Allianz India Equity, Fullerton Alpha – Asia Focus Equities Fund, and Fidelity Blue Chip Growth K6 Fund.

Domestic mutual funds also participated strongly in the anchor round. The company has allotted 2.83 crore shares to 21 mutual funds through 55 schemes. Among the participating funds are ICICI Prudential Mutual Fund, Kotak Large Cap Fund, Aditya Birla Sun Life Pharma & Healthcare Fund, and UTI MNC Fund.

The IPO, which closed on July 31, included new shares worth ₹8,000 crore and an offer for sale (OFS) of up to 2.16 crore shares by existing shareholders.

Promoter Imperius Healthcare Investments Pte. Ltd. and Manipal Education and Medical Group India Pvt. Ltd. are among the shareholders who sell. Other investors who took out shares 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 plans to use ₹5,552.7 crore from the fresh issue to repay or advance the loan of its subsidiary, Manipal Hospitals Private Limited. Another ₹574 crore will be used to acquire a minority stake in Sahyadri Hospitals Private Limited, while the remaining funds will be used for general corporate purposes.

Investors can bid for a minimum of 25 shares and a maximum of 25 shares thereafter.

Manipal Health is the largest specialty hospital network in India by bed capacity and the second largest hospital chain by number of hospitals as of March 31, 2026, according to a CRISIL report. The company operates 49 hospitals with 13,037 licensed beds across 14 states and union territories.

For FY26, the company reported an operating income of ₹10,329.8 crore, or ₹10,933.6 crore on a proforma basis, making it the second highest-grossing private hospital chain in India, according to CRISIL.

Kotak Mahindra Capital, Axis Capital, Goldman Sachs (India) Securities, Jefferies India, JP Morgan India, UBS Securities India, and DBS Bank India are bookrunners in the issue, while KFin Technologies is the underwriter. The shares of the company are offered on BSE and NSE.