Manipal Health Enterprises IPO: Hospital chain files DRHP with SEBI to raise funds via public issue

Manipal Health Enterprises IPO: Hospital chain Manipal Health Enterprises has filed a draft red herring prospectus (DRHP) with market regulator Securities and Exchange Board of India (SEBI) to raise funds via an initial public offering.

The proposed initial share sale is a mix of fresh issuance of ₹8,000 crore and an offer for sale (OFS) of 43,227,668 shares, according to the preliminary papers.

Under the OFS, promoters Imperius Healthcare Investments Pte Ltd and Manipal Education and Medical Group India Private Limited, along with investors TPG SG Magazine Pte Ltd, Seventy Second Investment Company LLC, Novo Holdings Invest Asia A/S, Ammar Sdn Bhd and Phoenix Bear Investments LLC, will offload their stake.

The fresh issue proceeds will be used to repay certain outstanding borrowing and accrued interest thereon availed by the company's material subsidiary Manipal Hospitals Private Limited, acquisition of minority stake in stepdown unit Sahyadri Hospitals Private Limited and general corporate purposes.

"Our company expects to receive the benefits of listing of the equity shares on the stock exchanges, including the enhancement of our brand image among our existing and potential customers and creation of a public market for the equity shares in India," according to the DRHP.

Manipal Health Services operates a pan‑India network of multispecialty hospitals, providing a comprehensive range of care services from outpatient services to complex tertiary and quaternary interventions. As of September 2025, it operated 38 hospitals (48 hospitals on a pro forma basis) with nearly 11,000 licensed beds (12,367 licensed beds on a pro forma basis).

It offers clinical services across several specialities, with a key focus on tertiary and quaternary care, especially in cardiac sciences, oncology, neurosciences, gastrosciences, orthopaedics, and renal sciences (CONGO‑R).

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

The company's shares will be listed on the NSE and the BSE.