By: IPP Bureau
Last updated : August 01, 2026 1:29 am
According to stock exchange data, the IPO received bids for 44.31 crore equity shares against 9.01 crore shares on offer
The Rs. 8,000 crore initial public offering (IPO) of Manipal Health Enterprises Ltd. was subscribed 4.92 times on the final day of bidding, driven by strong demand from qualified institutional buyers (QIBs).
According to stock exchange data, the IPO received bids for 44.31 crore equity shares against 9.01 crore shares on offer.
The QIB portion was subscribed 8.25 times, while the Non-Institutional Investor (NII) category was subscribed 1.02 times. The retail investor segment was subscribed 0.93 times, and the employee reservation portion received 2.19 times subscription.
The IPO comprises a fresh issue of shares worth up to Rs. 8,000 crore and an offer-for-sale (OFS) of up to 2.16 crore equity shares by existing shareholders, including promoters Imperius Healthcare Investments Pte. Ltd. and Manipal Education and Medical Group India Pvt. Ltd.
Other selling shareholders include TPG SG Magazine Pte. Ltd., Seventy Second Investment Company LLC, Ammar Sdn Bhd, Novo Holdings Invest Asia A/S, and Phoenix Bear Investments, LLC.
The company plans to utilise Rs. 5,552.7 crore from the fresh issue to repay or prepay outstanding borrowings of its material subsidiary, Manipal Hospitals Private Limited. Another Rs. 574 crore will be used to acquire the minority stake in its step-down subsidiary, Sahyadri Hospitals Private Limited, while the remaining proceeds will be used for general corporate purposes.
Investors were required to bid for a minimum of 25 equity shares and in multiples of 25 thereafter.
Manipal Health Enterprises operates one of India's largest private hospital networks. As of March 31, 2026, it had 49 multispecialty hospitals with 13,037 licensed beds across 14 states and Union Territories.
According to a CRISIL report cited in the company's prospectus, Manipal Health has the widest geographic footprintamong private hospital chains in India, is the largest pan-India multispecialty hospital network by bed capacity, and the second-largest hospital chain by number of hospitals.
For FY26, the company reported revenue from operations of Rs. 10,329.8 crore, or Rs. 10,933.6 crore on a pro forma basis, making it the second-largest private hospital chain in India by revenue, according to the CRISIL report.
Its strongest presence is in Karnataka with 6,404 licensed beds, followed by West Bengal, Odisha, Jharkhand and Sikkim with 2,887 beds, and Maharashtra and Goa with 2,188 beds.