All IPOs 
Manipal Health Enterprises
Mainboard · BSE listed
+10.51%
Listing gain
Price Band
₹560 – ₹590
Issue Size
₹9,275 Cr
1 lot at upper band
₹14,750
Lot Size
25
Open
29 Jul 2026
Close
31 Jul 2026
Allotment
—
Listing
05 Aug 2026
Scheduled dates
- Open29 Jul 2026
- Close31 Jul 2026
- Refund04 Aug 2026
- Demat credit04 Aug 2026
- Listing05 Aug 2026
Listing Performance
Listing Price
₹652
Listing Gain
+10.51%
Day Close
—
Current (LTP)
— (—)
GMP Trend*
Daily grey market premium (₹). Unofficial.
Latest GMP: ₹7 8 sessions
Subscription (times)
Latest per-category subscription · as of 31 Jul, 06:55 pm IST.
QIB 8.54x
NII 1.06x
BHNI 1.13x
SHNI 0.94x
RII 0.98x
Employee 2.16x
Total 5.12x
About Manipal Health Enterprises
The company operates a pan-India network of multispecialty hospitals delivering comprehensive care services from outpatient services to complex tertiary and quaternary interventions. As of March 31, 2026, the company operated 49 hospitals with 13,037 licensed beds across 14 states and union territories, making it the largest pan-India multispecialty hospital network by bed capacity and the second largest hospital chain by number of hospitals in India. The company focuses on six complex specialties (CONGO-R): cardiac sciences, oncology, neurosciences, gastro sciences, orthopedics, and renal sciences, which accounted for 64.30% of gross inpatient revenue in Fiscal 2026.
www.manipalhospitals.com ↗Strengths
- India’s largest multispecialty hospital group by bed capacity with pan-India presence and leadership in its three key regionsThe company is positioned as India’s largest pan-India multispecialty hospital network by bed capacity, with 13,037 beds across 14 states and union territories. It is also the second-largest hospital chain by number of hospitals and reported Fiscal 2026 revenue from operations of ₹103,357.51 million.
- Only private hospital chain network in India with leadership in three metros and a balanced and diversified presence across metros and non-metrosThe company is the only private hospital chain network leading in Bengaluru, Kolkata and Pune by bed capacity, with 5,376 beds as of March 31, 2026. A balanced network is maintained, with 53.22% of licensed beds located outside metro cities.
- Widely recognized brand and network of choice for patients, doctors and healthcare professionalsThe company’s brand is supported by 6.30 million patients served in Fiscal 2026 on a pro forma basis and multiple awards and recognitions. As of March 31, 2026, 11,064 doctors, 11,048 nurses and 6,362 paramedics were practicing across its hospitals.
- Advanced infrastructure and medical equipment, with a strong focus on clinical excellenceThe company is supported by advanced infrastructure and medical technology, including 18 soft tissue robots, 19 LINACs, 44 MRI scanners and 23 orthopedic and spine surgical robots. In Fiscal 2026, 620 transplants and 5,980 robotic surgeries were performed.
- Track record of delivering industry leading growth with strong profitability and efficiency metricsThe company’s revenue from operations grew at a CAGR of 29.41% from ₹61,716.32 million in Fiscal 2024 to ₹103,357.51 million in Fiscal 2026, while profit grew at a CAGR of 31.11%. A negative working capital cycle of 13 days was achieved in Fiscal 2026.
- Repeatable playbook for integrating and scaling transformative acquisitions to improve access to quality healthcareThe company was the leading consolidator of hospitals among private hospital chains in India from March 31, 2021 to March 31, 2026, with 5,548 beds acquired. A standardized integration approach is used to improve clinical quality, operational efficiency and financial performance.
- Experienced leadership team with marquee institutional shareholder supportThe company is led by a qualified and experienced management team with industry expertise and is supported by global institutional investors. The shareholder base includes indirect wholly owned subsidiaries of Temasek Holdings, TPG SG Magazine and Novo Holdings.
Risk Factors
- Geographic Concentration Risk - Karnataka OperationsThe company derived 46.40%, 51.55%, and 59.98% of revenue from operations in Fiscals 2026, 2025 and 2024 respectively from hospitals in Karnataka. Any loss of business, disruption in operations, or geopolitical/policy changes in Karnataka could materially affect business performance and financial condition.
- Dependence on Inpatient Care and Hospital Occupancy RatesThe company primarily generates revenue through inpatient care services. Any inability to maintain or improve admissions and hospital occupancy rates could adversely affect business operations. Current occupancy rates are 64.45% (Fiscal 2026) and 64.47% (Fiscal 2025).
- Revenue Concentration in CONGO-R SpecialtiesThe company derived 64.30%, 62.56% and 61.55% of gross inpatient revenue from cardiac sciences, oncology, neurosciences, gastro sciences, orthopaedics, and renal sciences in Fiscals 2026, 2025 and 2024 respectively. Negative changes in demand for these specialties could adversely impact business performance.
- High Indebtedness and Financial Covenant RisksAs of May 31, 2026, the company had aggregate outstanding borrowings of ₹111,850.24 million. The company is subject to restrictive covenants and 45.25% of borrowings are subject to variable interest rates, exposing it to interest rate fluctuation risks.
- Dependence on Insurance and Third-Party Administrator PaymentsThe company derived 49.68%, 49.18% and 49.45% of gross inpatient revenue from insurance and third-party administrators in Fiscals 2026, 2025 and 2024 respectively. Termination, non-renewal, or payment delays from these contracts could materially impact business operations.
- Medical Negligence and Legal Claims ExposureThe company faces legal claims and regulatory actions arising from healthcare service provision, including alleged medical negligence by doctors and healthcare professionals. Such claims could result in substantial damages, reputational harm, and operational disruptions.
- Regulatory Compliance and Licensing RequirementsThe company must obtain, renew and maintain numerous statutory permits, licenses and accreditations. As of the Red Herring Prospectus date, 39 material approvals are applied for and pending. Failure to obtain or renew necessary approvals could lead to operational restrictions or closures.
- Acquisition Integration and Goodwill Impairment RisksThe company has made significant acquisitions and may face integration challenges, unforeseen liabilities, and goodwill impairment. Previous impairments include ₹1,140.65 million for HealthMap Diagnostics Private Limited in Fiscal 2024 and ₹222.32 million for Medica TS Hospital Private Limited in Fiscal 2025.
- Leased Land and Property Title RisksAs of March 31, 2026, 31 of the company's hospitals are fully or partially located on leased land from governmental authorities, private parties, and related parties. Failure to renew lease agreements or title defects could disrupt operations and require significant relocation costs.
- Healthcare Professional Retention and Cost PressuresThe company faces high costs for doctors' professional fees (22.72% of revenue in Fiscal 2026) and employee benefits (14.42% of revenue in Fiscal 2026). Attrition rates for nurses were 19.56% in Fiscal 2026, and failure to retain qualified professionals could impact service quality and operational efficiency.
Objects of the Issue
- Repayment/prepayment of certain outstanding borrowings and accrued interest thereon availed by Manipal Hospitals Private LimitedThe company proposes to utilize the Net Proceeds towards redemption of outstanding MHPL NCDs, payment of prepayment/early redemption penalties and accrued interest obligations. This will help reduce outstanding indebtedness and interest outflow, resulting in savings of interest costs.5552.76 crores
- Acquisition of minority stake in stepdown Subsidiary, Sahyadri Hospitals Private LimitedThe company proposes to utilize the Net Proceeds towards payment of the Base Purchase Consideration for acquisition of Tranche III of SHPL. This will enable the company to hold in aggregate 99.86% of SHPL, thereby consolidating and increasing ownership.574.00 crores
- General corporate purposesThe general corporate purposes include strengthening marketing capabilities and brand building exercises, funding working capital requirements, meeting ongoing general corporate purposes or contingencies, and any other purpose as may be approved by the Board.
Financial Snapshot
Annual values as reported in the offer document.
| Year end | Revenue | Rev. growth | Profit | Profit growth | Assets | Equity | Operating cash flow |
|---|---|---|---|---|---|---|---|
| 31/03/2026 | 10520.52 | +25.8% | 916.52 | -15.3% | 24864.50 | 8798.76 | 2078.40 |
| 31/03/2025 | 8362.79 | +33.5% | 1081.67 | +102.9% | 14072.08 | 6000.18 | 1569.83 |
| 31/03/2024 | 6265.17 | — | 533.20 | — | 10818.83 | 4087.51 | 1388.65 |
Units: crores
Issue Details
- Face Value
- ₹2
- P/E
- 87.10
- ROCE
- 12.00%
- Shares / Lot
- 25
- Minimum Bid
- 25 shares
- Refund
- 04 Aug 2026
- Credit to Demat
- 04 Aug 2026
- ISIN
- INE459N01021
- CIN
- U85110KA2010PLC052540
- Registrar
- Kfin Technologies Ltd.
- Lead Managers
- Kotak Mahindra Capital Co.Ltd.
- Registered Office
- The Annexe, #98/2, Rustom Bagh, HAL Airport Road, Bengaluru 560 017, Karnataka, India
Management
Dr. Hebri Sudarshan BallalChairman
Dilip Jose PuthiyidathuMD
Dr. Ranjan Ramdas PaiDirector
* Grey Market Premium is unofficial, indicative data from unregulated grey-market dealers. It is not published by NSE, BSE, SEBI or the issuer, and is not a forecast of the listing price.