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Manipal Health Enterprises IPO
6.24xsubscribed

Manipal Health Enterprises IPO

Hospital & Healthcare Services
listed
₹14,000Min. investment

Manipal Health Enterprises Limited IPO Details

SectorHospital & Healthcare Services
Price range₹560 – ₹590
IPO type
Regular
Lot size25 shares
Issue size₹9,275Cr
Red Herring Prospectus
Read
Market cap
₹77,605CrHigher than sector avg
RevenueApr 2025 - Mar 2026
₹10,335CrHigher than sector avg
Growth rate3Y CAGR
29.41%

Manipal Health Enterprises IPO Subscription Status

Date
QIB
NII
Retail
Total
29-Jul-26
0.13 times (X)
0.2 times (X)
0.21 times (X)
0.15 times (X)
30-Jul-26
0.57X
0.37X
0.37X
0.51X
31-Jul-26
4.37X
3.0X
0.94X
6.24X

As on 29-Jul-26, 5:30 PM

Manipal Health Enterprises IPO Timeline

  1. Pre-apply
    27 Jul 2026
  2. Bid start
    29 Jul 2026
  3. Bid end
    31 Jul 2026
  4. Allotment
    3 Aug 2026
  5. Release of funds
    4 Aug 2026
  6. Demat transfer
    4 Aug 2026
  7. Listing
    5 Aug 2026

About Manipal Health Enterprises Limited

Manipal Health Enterprises is one of the leading private hospital chains of India, with a pan-India network of multi-speciality hospitals. The company provides a wide range of healthcare services, starting from outpatient consultations to complex tertiary and quaternary treatments.
The company operated 49 hospitals with 13,037 licensed beds across 14 states and union territories, as of March 2026, which gives it the widest geographic presence among private hospital chains in India. It is the largest pan-India multispecialty hospital network in India by bed capacity and the second largest by the number of hospitals.
Manipal Health Enterprises' three main regions are Karnataka, Maharashtra and Goa, along with the eastern cluster comprising West Bengal, Odisha, Jharkhand and Sikkim. As of March 31, 2026, it had 6,404 licensed beds in Karnataka, 2,188 licensed beds in Maharashtra and Goa, and 2,887 licensed beds in the eastern cluster, and maintained the largest position among private hospital chains in each of these regions. The company is also the only private hospital chain in India to lead in three metro markets at the same time, i.e. Bengaluru, Kolkata and Pune, with a combined bed capacity of 5,376 beds. Its network is also well balanced between metro and non-metro markets, with 46.78% of its licensed beds located in metros and 53.22% in non-metro markets.
In FY26, the company's network served 76.3 lakhs patients, including patients from O&M hospitals. It had 11,064 doctors available across its hospitals, supported by 11,048 nurses and 6,362 paramedics. As of March 31, 2026, 41 of its 49 hospitals were accredited by NABH, while 24 hospital laboratories were accredited by NABL. Its flagship Manipal Hospital Old Airport Road in Bengaluru was ranked the number one hospital in the city for 20 consecutive years, from 2005 to 2025.
The company has a strong focus on six high-acuity specialities, which it refers to as "CONGO-R", that is cardiac sciences, oncology, neurosciences, gastro sciences, orthopaedics and renal sciences. These specialities contributed 64.30% of gross inpatient revenue in FY26, up from 61.55% in FY24. Inpatient volumes increased from 3.3 lakhs in FY24 to 5.3 lakhs in FY26, representing a 26.26% CAGR. At the same time, the average length of stay declined from 2.93 days to 2.78 days.
Average Revenue per Occupied Bed (ARPOB) improved from ₹61,741.68 per day in FY24 to ₹68,937 per day in FY25. However, it moderated to ₹66,144 on a pro forma basis in FY26, mainly due to the inclusion of newly acquired hospitals that had lower yields. The mix for cash patients was 30.3% in FY26, TPA/insurance 49.6%, government schemes 13.8% and other sources 6.1%.
The company has grown through a combination of organic growth and acquisitions. Its network expanded from 33 hospitals with 9,520 licensed beds as of March 31, 2024 to 49 hospitals with 13,037 licensed beds as of March 31, 2026. In the last three fiscal years, it has made major acquisitions such as AMRI Hospital in September 2023, Medica Synergie in July 2024 and Sahyadri Group in October 2025. Digital adoption is also becoming an important part of the company’s business. In FY26, patients sourced digitally contributed 21.5% to the consolidated revenue from operations.
The Indian healthcare delivery market was valued at ~₹7.0 lakh crore in FY25 and is projected to grow to ₹11.2 to 12.2 lakh crore by FY30. The growth has been propelled by higher demand for routine treatments, elective surgeries and OPD services. In FY26, IPD contributed to 71 to 72% of the healthcare delivery market by value, and OPD contributed to the remaining. OPD has a higher volume of patient visits, while IPD generates more hospital revenue because inpatient treatments are usually of higher complexity and cost.
The private health care providers continue to dominate in India. Their share of treatments in value terms is expected to increase from 64% in FY20 to around 69% in FY30. Cardiac sciences had the largest share of 17% in the healthcare delivery market in FY26, followed by oncology at 12% among the various medical specialities.
Lifestyle-related risk factors, pollution and an increasing life expectancy are contributing to the rise of heart disease and cancer, boosting demand for these treatments. Metro cities contributed just 20 to 25% of the healthcare market by value in FY26. The remaining 75 to 80% were in non-metropolitan cities. In terms of region, South India was the largest healthcare market, contributing 33.5 to 35.5% of the total market in FY26. With well-established healthcare infrastructure and reputed medical institutions, it is expected to continue to be the leading region with a share of 32-35% by FY30.
Manipal Hospitals' presence across both metro and non-metro markets gives the company exposure to a wider healthcare opportunity. It plans to add approximately 483 licensed beds going forward through brownfield expansion and approximately 1,943 licensed beds through greenfield projects by 2030, with most of these additions planned in its top three markets. Manipal's acquisition-led growth strategy also fits well with the broader consolidation taking place in the healthcare sector. Its acquisitions of Columbia Asia, Vikram Hospital, AMRI, Medica Synergie and Sahyadri Hospitals have helped strengthen its presence across the South, East and West. Now, Manipal Health Enterprises is launching its initial public offering (IPO), which consists of a fresh issue of ₹8,000 crore only and an offer for sale of ₹1,275 crore. The total issue size of the IPO is ₹9,275 crore. Its shares will be listed on the NSE and BSE.

How to pre-apply for Manipal Health Enterprises IPO?

You can pre-apply for Manipal Health Enterprises IPO on Upstox. The pre-application for this IPO, which means the pre-apply open date, usually begins a day before the IPO opens for subscription.
Follow these steps to pre-apply for the IPO:
  • Login to your Upstox account, using your six-digit PIN
  • After successfully logging in, click on ‘Discover’
  • On the Discover tab, you will find the ‘Invest in IPO’ section
  • Under the Invest in IPO section, look for the ‘Manipal Health Enterprises IPO’ tab and click on it
  • Now fill in all the required information, like ‘bid price’ and ‘lot size’
  • Confirm and click on ‘Pre-Apply’
  • Accept the mandate on your UPI app

How to apply for Manipal Health Enterprises IPO?

If you are interested in this investment opportunity but unsure how to apply for Manipal Health Enterprises IPO, here are the steps that you need to follow.
When the public issue opens for subscription, one can follow this step-by-step guide on how to apply for Manipal Health Enterprises IPO on Upstox:
  • Log in to your Upstox account, using your six-digit PIN
  • After logging in, click on ‘Discover’
  • On the ‘Discover’ tab, you will find the ‘Invest in IPO’ section
  • Under the Invest in IPO section, look for the ‘Manipal Health Enterprises IPO’ tab and click on it
  • Now fill in all the required information, like ‘bid price’ and ‘lot size’
  • Confirm and click on ‘Apply’
  • Accept the mandate on your UPI app

**How to check the Manipal Health Enterprises IPO allotment status? **

When the allotment process is completed, you can check the status of your application on the Upstox app. Share allotment is generally completed on the next working day after an IPO closes.
Here’s a step-by-step guide on how to check the Manipal Health Enterprises IPO allotment status:
  • Login to your Upstox account, using your six-digit PIN
  • After logging in, click on ‘Discover’
  • On the ‘Discover’ page, you will find the ‘Invest in IPO’ section
  • Under the Invest in IPO section, you will find the ‘View all’ option
  • Once you click on ‘View all’, you will be directed to the ‘IPO’ tab
  • In the ‘IPO’ tab, click on ‘My applications’
  • In ‘My applications’, under the History section, your Manipal Health Enterprises IPO allotment status will be mentioned.

Manipal Health Enterprises Limited IPO Analysis

IPO REVIEW

Manipal Health Enterprises IPO | Analysis Video

Should you apply?

Watch our analysts break down the Manipal Health Enterprises Limited IPO — business model, financials, valuation and key risks — to help you decide whether to apply. The video covers the IPO price band, important dates, and what the subscription numbers mean for retail investors.

Checklist

Quality analysis
Revenue growth
Company valuation
Earnings expansion
The investment checklist helps you understand a company's financial health at a glance and identify quality investment opportunities easily

Strength and Weakness

India’s largest multispecialty hospital group

As of March 31, 2026, Manipal Health Enterprises was India’s largest multi-speciality hospital network across the country by licensed bed capacity at 13,037 beds. It is also the second largest hospital chain in India in terms of number of hospitals. It is the private hospital chain with the widest geographical presence in the country with a network of hospitals across 14 states and union territories.

Leadership across three metro markets

Manipal Health Enterprises is the only private hospital chain in India to have multiple presence simultaneously in three metro markets - Bengaluru, Kolkata and Pune. As of March 31, 2026, these markets comprised a total of 5,376 beds. At the same time, the company has a strong presence outside the major metros with 53.22% of its licensed beds located in non-metro cities.

Strong brand with a wide network

Manipal Hospitals brand has built up strong brand equity with the patients and the medical fraternity. On a pro forma basis, the brand served 63 lakh patients in FY26 compared to 41.4 lakh patients in FY24. The company has 11,064 doctors, 11,048 nurses and 6,362 paramedics as on March 31, 2026.

Strong medical infrastructure

The company has advanced medical infrastructure and equipment to support its clinical capabilities. As of March 31, 2026, the company had 18 soft tissue robots, 19 linear accelerators, 44 MRI scanners, 23 orthopaedic and spine surgical robots and 58 cath labs.

Track record of successful acquisition and integration

Between March 31, 2021 and March 31, 2026, the enterprise added 5,548 beds through acquisitions, the highest among private hospital chains in India during this period. Its acquisition track record includes Columbia Asia, Vikram Hospitals, AMRI, Medica Synergie and the Sahyadri Group.

Objectives of Manipal Health Enterprises Limited IPO

Repayment of debts
69.40%
₹5,552.76 crore to repay borrowings of its material subsidiary.
General corporate purposes
23.40%
Part of the IPO proceeds will be used for general corporate purposes and issue expenses.
Investment in subsidiary
7.10%
₹574 crore to fund minority stake acquisition in Sahyadri Hospitals Pvt. Ltd.

Compare

CompanyRevenue*3Y growthPATMarket capP/E ratio
This IPO₹10,335Cr29.41%₹916Cr₹77,605Cr76.52
This sector (avg.)₹810.55Cr---₹87.66Cr₹10,075.9Cr55.14
₹21,794Cr---₹1,472.1Cr₹1,00,081.3Cr59.86
₹7,028.46Cr---₹1,075.88Cr₹93,096.78Cr68.94
₹7,782.75Cr---₹809.39Cr₹64,284.69Cr63.43

*Revenue for financial year 2025-26. Lower P/E and D/E ratios are generally preferred.

Manipal Health Enterprises IPO Contact Details

Company NameManipal Health Enterprises Limited

How to apply for Manipal Health Enterprises IPO?

  1. Step 1

    Log in to your Upstox account to access IPO investments. Next, select the current IPO section.

  2. Step 2

    Specify IPO details. Enter the number of lots and the price you wish to apply for.

  3. Step 3

    Enter UPI ID. After entering your UPI ID, click submit. This will place your bid with the exchange.

  4. Step 4

    Mandate Notification. Your UPI app will receive a mandate notification to block funds.

  5. Step 5

    Approve Request. Your funds will be blocked once you approve the mandate request on your UPI.

Manipal Health Enterprises Limited IPO FAQs

Investors can apply for the Manipal Health Enterprises IPO through their Demat account via the stock exchange or through their broker.
The issue size of the Manipal Health Enterprises IPO is 9275 Cr.
Pre-applying for an IPO allows you to submit your application before the official subscription period begins.
The IPO shares will typically list on major stock exchanges such as the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE), as specified in the IPO prospectus.
Manipal Health Enterprises IPO will be open between 2026-07-29 and 2026-07-31.
Manipal Health Enterprises IPO allotment date is 2026-08-04. For Manipal Health Enterprises IPO allotment status check, you can visit the website of the registrar of the IPO.
For Manipal Health Enterprises IPO, the IPO registrar is KFin Technologies Limited. You can check Manipal Health Enterprises IPO allotment status on the website of the registrar.
The shares are proposed to be listed on the BSE and NSE.
The Manipal Health Enterprises IPO shares will typically be credited to your demat account one working day before the IPO's listing date, provided your application is successfully allotted.
The Manipal Health Enterprises IPO lot size is 25 and minimum order quantity is 25.
Manipal Health Enterprises IPO has set the price band for its IPO at 590 per equity share with a face value of 2.