Manipal Health Enterprises IPO: dates, price band and numbers
A Rs 9,275 crore book-built issue opening 29 July. Dates, price band, lot size, financials and key RHP risk factors.
Manipal Health Enterprises Limited opens for public subscription on 29 July 2026 at a price band of Rs 560 to 590 per share. The Rs 9,275.22 crore issue combines fresh equity capital to fund expansion and debt reduction with an offer for sale by existing investor shareholders. Below are the key dates, issue structure, financial metrics and risk factors outlined in the red herring prospectus.
| Detail | Value |
|---|---|
| Issue type | Book built |
| Price band | Rs 560 to 590 |
| Lot size | 25 shares |
| Retail minimum | Rs 14,750 |
| Issue size | Rs 9,275.22 crore |
| Fresh issue | Rs 8,000 crore |
| Offer for sale | Rs 1,275.22 crore |
| Open date | 29 July 2026 |
| Close date | 31 July 2026 |
| Allotment date | 3 August 2026 |
| Listing date | 5 August 2026 |
| Listing at | NSE, BSE |
| GMP (unofficial) | Rs 25 on 27 July |
What Manipal Health Enterprises does
Manipal Health Enterprises Limited is one of India's largest multi-specialty healthcare service providers, operating under its flagship Manipal Hospitals brand. As of March 31, 2026, the company managed a network of 49 hospitals with 13,037 licensed beds across 14 Indian states and Union Territories.
The organisation provides tertiary and quaternary clinical care across advanced medical specialties including organ transplantation, oncology, cardiology, neurosciences, orthopaedics and preventive medicine. Established under the healthcare and education network founded by T. M. A. Pai, the group is led by Dr. Ranjan Ramdas Pai alongside Manipal Global Health Services and global institutional investors such as Temasek, TPG and Mubadala.
The issue structure and objectives
The public offer totals Rs 9,275.22 crore, consisting of a fresh issue of Rs 8,000 crore and an offer for sale of Rs 1,275.22 crore. Equity shares have a face value of Rs 2 each. Bidding opens on 29 July 2026 and closes on 31 July 2026, with listing scheduled on both the National Stock Exchange (NSE) and BSE on 5 August 2026.
Capital raised through the fresh issue is allocated toward three primary objectives set out in the prospectus:
| Objective | Amount (Rs cr) |
|---|---|
| Debt repayment | 5,378 |
| Sahyadri stake | 574 |
| General corporate | 2,048 |
The largest allocation of fresh capital is directed toward prepaying or repaying outstanding debt and interest of subsidiary Manipal Hospitals Private Limited. In addition, the company plans to fund the acquisition of an additional equity stake in step-down subsidiary Sahyadri Hospitals Private Limited, while the remainder supports general corporate operational needs.
Financial performance
The table below summarizes the financial performance of Manipal Health Enterprises Limited across the past three fiscal years, based on audited restated financial statements.
| Metric (Rs cr) | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | 6,265.17 | 9,409.12 | 10,520.52 |
| PAT | 533.20 | 534.80 | 916.52 |
| Net worth | 4,029.22 | 5,865.66 | 8,440.92 |
| Borrowings | 3,943.98 | 4,766.83 | 10,553.43 |
| Total assets | 10,818.83 | 21,443.81 | 24,864.50 |
Revenue from operations grew from Rs 6,265.17 crore in FY24 to Rs 10,520.52 crore in FY26, driven by clinical volume growth and network expansion. Profit after tax rose significantly to Rs 916.52 crore in FY26. Total borrowings increased to Rs 10,553.43 crore in FY26 following strategic hospital acquisitions, which the IPO fresh issue proceeds aim to reduce substantially.
Valuation and peer comparison
At the upper price band of Rs 590 per share, the company commands a post-IPO market capitalization of Rs 77,605.68 crore. The post-IPO price-to-earnings (P/E) ratio stands at 84.65x based on FY26 earnings per share of Rs 6.97, while the return on net worth (RoNW) is 18.16% and return on capital employed (ROCE) is 26.98%.
The red herring prospectus lists listed multi-specialty healthcare providers as comparable industry peers:
| Peer company | P/E ratio | RoNW (%) |
|---|---|---|
| Apollo Hospitals | 73.23x | 17.61% |
| Fortis Healthcare | 80.12x | 8.68% |
| Max Healthcare | 87.63x | 11.47% |
| Manipal Health | 84.65x | 18.16% |
The post-issue valuation sits within the P/E multiple band of established listed peers such as Max Healthcare, Fortis Healthcare and Apollo Hospitals Enterprise.
Key strengths
- Extensive hospital network: A major nationwide footprint of 49 hospitals and over 13,000 beds providing advanced tertiary and quaternary medical treatments.
- Strong brand recognition: Long-standing market presence under the Manipal Hospitals brand across key urban healthcare markets in India.
- Institutional investor backing: Long-term equity partnerships with global investment firms including Temasek, TPG and Mubadala.
- Proven expansion track record: Demonstrated capacity to integrate acquired hospital networks, such as Sahyadri Hospitals, to expand bed capacity and regional coverage.
Key risk factors
- Institutional payor dependency: A significant portion of revenue relies on health insurance companies, corporate payors and third-party administrators, making cash flows sensitive to reimbursement terms.
- Government scheme settlement timelines: Delays in processing claim reimbursements under public healthcare schemes may impact working capital cycles.
- Integration challenges: Merging operational systems and clinical protocols of newly acquired regional hospital chains carries operational and execution risks.
- Capital intensity and debt servicing: Hospital operations require ongoing capital expenditure for medical technology upgrades and facility maintenance, while current debt levels require disciplined repayment.
How to apply for the IPO
- Log into your trading account on your broker app or access the ASBA portal of your Internet banking platform between 29 July and 31 July 2026.
- Select the Manipal Health Enterprises IPO from the mainboard IPO section.
- Specify your bid quantity in multiples of 25 shares. A single retail lot of 25 shares requires Rs 14,750 at the upper price band of Rs 590.
- Enter your UPI id and submit the application.
- Approve the UPI mandate request in your payment app before 5:00 PM on the closing day, 31 July 2026. Funds remain blocked in your bank account until allotment finalization.
Frequently asked questions
When does the Manipal Health Enterprises IPO open and close?
The subscription window opens on 29 July 2026 and closes on 31 July 2026. The UPI mandate approval deadline is 5:00 PM on 31 July 2026.
What is the allotment date for the Manipal Health Enterprises IPO?
Basis of allotment finalization is scheduled for 3 August 2026, with share credits and refund initiations taking place on 4 August 2026.
Where will the equity shares list?
The equity shares will list on both the National Stock Exchange (NSE) and BSE, with trading expected to begin on 5 August 2026.
This article reports public data and figures from official filings for informational purposes only. It is not investment advice and does not recommend subscribing to, purchasing or avoiding any security. Grey market premium figures reported here reflect unofficial market chatter as of 27 July 2026 and do not indicate future listing performance. Evaluate the financial statements, risk factors and your own risk tolerance before placing an IPO bid.