Manipal Health Enterprises Limited has fixed the price band at Rs. 560–590 per equity share for its initial public offering (IPO), which will open for subscription on July 29 and close on July 31, 2026.

The IPO comprises a fresh issue of equity shares worth up to Rs. 8,000 crore and an offer-for-sale (OFS) of up to 21.61 million equity shares by promoters Imperius Healthcare Investments Pte. Ltd. and Manipal Education and Medical Group India Private Limited, along with existing investors including TPG SG Magazine Pte. Ltd., Seventy Second Investment Company LLC, Ammar Sdn Bhd, Novo Holdings Invest Asia A/S, and Phoenix Bear Investments, LLC.

At the upper end of the price band, the total issue size is estimated at approximately Rs. 9,275.22 crore, while at the lower end it stands at Rs. 9,210.38 crore. Investors can bid for a minimum of 25 equity shares and in multiples of 25 thereafter.

The company plans to utilise Rs. 5,552.8 crore from the fresh issue to repay or prepay borrowings of its material subsidiary, Manipal Hospitals Private Limited, Rs. 574 crore to acquire the minority stake in Sahyadri Hospitals Private Limited, with the remaining proceeds earmarked for general corporate purposes.

As of March 31, 2026, Manipal Health operated 49 multispecialty 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, according to a CRISIL report.

The company is the market leader by bed capacity in Karnataka, Maharashtra and Goa, and West Bengal, Odisha, Jharkhand and Sikkim, and is the only private hospital chain to lead in Bengaluru, Kolkata and Pune.

During FY26, Manipal Health reported revenue from operations of Rs. 10,335.8 crore, compared with Rs. 6,171.6 crore in FY24, while net profit increased to Rs. 916.5 crore from Rs. 533.2 crore over the same period.

The hospital network served 7.63 million patients during FY26 and had 11,064 doctors associated with its hospitals. Its clinical focus spans tertiary and quaternary care specialties, including cardiac sciences, oncology, neurosciences, gastro sciences, orthopaedics and renal sciences.

Kotak Mahindra Capital Company, Axis Capital, Goldman Sachs (India) Securities, Jefferies India, J.P. Morgan India, UBS Securities India, and DBS Bank India are the book-running lead managers to the issue, while KFin Technologies Limited is the registrar. The company's equity shares are proposed to be listed on both the BSEand NSE.