Manipal Health Enterprises IPO Day 1: Check subscription status, price band, lot size and key dates

The initial public offering of hospital chain Manipal Health Enterprises Ltd opened for subscription on Wednesday, July 29. The issue, which has set a price band of ₹560 to ₹590 per equity share, will conclude on July 31.

The initial share sale is a combination of fresh issuance of 13.56 crore shares totalling ₹8,000 crore and an offer for sale (OFS) of 2.16 crore shares valued at ₹1,275.22 crore by existing shareholders.

The company intends to use ₹5,378 crore from the fresh issue towards debt clearance of its subsidiary, Manipal Hospitals Pvt. Ltd. It has kept aside ₹574 crore for acquiring the minority stake in step-down subsidiary Sahyadri Hospitals, while the remaining funds will be utilised for corporate general purposes.

Manipal Health Enterprises IPO Day 1: Subscription status

The issue has been subscribed 3% so far, with bids for 24,61,050 shares as against 9,00,88,286 shares on offer, according to the NSE data until 10:50 am.

Before the IPO, the company had raised ₹4,167 crore from anchor investors, including Abu Dhabi Investment Authority (ADIA), Morgan Stanley Asia, Natixis International Fund, Allianz Global Investors Fund, Societe Generale, Goldman Sachs Bank Europe, ICICI Prudential Mutual Fund (MF), Aditya Birla Sun Life MF, UTI MF, Kotak MF and HSBC MF.

Manipal Hospitals IPO: Lot size

An application consists of 25 shares and multiples thereafter. According to the allocation structure, qualified institutional buyers, or QIBs, will receive up to 75% of the offer, non-institutional investors (NIIs) 15%, and retail individual investors (RIIs) 10%. Equity shares worth up to ₹15 crore have been set aside for eligible employees, who will get a discount of ₹56 per share.

Manipal Health IPO: Allotment and listing date

• Subscription period: June 29 to June 31
• Finalisation of basis of allotment: August 3
• Credit of equity shares to Demat account: August 4
• Listing of equity shares: August 5

Manipal Health Enterprises operates a pan-India network of multispecialty hospitals with services ranging from outpatient care to tertiary and quaternary interventions.