Manipal Health Enterprises IPO: India's Biggest Hospital Listing, Reviewed
Manipal Health Enterprises' ₹9,275.22 crore IPO opens on 29 July 2026. Here's a look at the price band, lot size, financials, reservation, and listing schedule.
Manipal Health Enterprises IPO: The ₹9,275.22 crore issue, a ₹8,000 crore fresh issue plus a ₹1,275.22 crore offer for sale, was open from 29 to 31 July 2026 at ₹560 to ₹590 per share. Allotment was finalised on 3 August, and the shares listed on the NSE at ₹652 on 5 August 2026, a 10.50% premium to the upper band.
Manipal Health Enterprises IPO: Incorporated in 2010, Manipal Health Enterprises is one of India's leading healthcare service providers. The company operates a large network of multi-specialty hospitals, clinics, and diagnostic centres across the country.
Through this IPO, the company aims to raise ₹9,275.22 crore via a combination of a fresh issue and an Offer for Sale (OFS). Here are the key details investors should know before applying.
Manipal Health Enterprises IPO Details
Here are the key dates and issue details.
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Manipal Health Enterprises IPO is worth ₹9,275.22 crore and consists of a fresh issue of ₹8,000 crore and an Offer for Sale (OFS) of ₹1,275.22 crore.
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The IPO opened for subscription on 29 July 2026 and closed on 31 July 2026. The price band was fixed between ₹560 and ₹590 per share.
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Allotment was finalised on 3 August 2026, and the shares listed on the BSE and NSE on 5 August 2026.
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The promoters held 81.43% before the IPO, reducing to 72.08% after it.
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Kfin Technologies Ltd. is the registrar, while Kotak Mahindra Capital Co. Ltd. is the book-running lead manager.
|
Parameter |
Detail |
|---|---|
|
IPO Open Date |
29 July 2026 |
|
IPO Close Date |
31 July 2026 |
|
Allotment Date |
3 August 2026 |
|
Listing Date |
5 August 2026 (BSE & NSE) |
|
Price Band |
₹560 - ₹590 per share |
|
Lot Size |
25 shares |
|
Minimum Investment |
₹14,750 |
|
Fresh Issue |
₹8,000 crore |
|
Offer for Sale (OFS) |
₹1,275.22 crore |
|
Total Issue Size |
₹9,275.22 crore |
Manipal Health Enterprises IPO Listing Performance
Manipal Health Enterprises shares debuted on the NSE at ₹652 on 5 August 2026, a 10.50% premium to the upper price band of ₹590, giving the company a market capitalisation of around ₹78,881 crore at listing. The grey market premium ahead of listing had been under 1%, so the debut was far stronger than grey market chatter had implied.
About Manipal Health Enterprises IPO
Manipal Health Enterprises Limited was incorporated in 2010 and is one of India's largest healthcare service providers. The company is part of the Manipal Group, founded by Dr. T. M. A. Pai, and operates an extensive network of multi-specialty hospitals, clinics, and diagnostic centres across the country.
The company provides tertiary and quaternary healthcare services across several specialities, including organ transplantation, oncology, cardiology, neurology, orthopaedics, preventive healthcare, and critical care. It combines advanced medical infrastructure with experienced healthcare professionals to deliver patient-centric care.
Manipal Health has expanded its presence through strategic acquisitions, partnerships, and continuous investments in medical infrastructure and digital healthcare. As of 31 March 2026, the company operated 49 hospitals with 13,037 licensed beds and 21 clinics across India.
The company employed 24,240 full-time employees as of 31 March 2026, including 11,048 nurses, 6,362 paramedics, and 6,830 administrative staff, supporting its nationwide healthcare operations.
Strengths (from DRHP)
- India's largest multi-specialty hospital chain by bed capacity — 49 hospitals, 13,037 licensed beds across 14 states/UTs
- High-acuity specialty focus — "CONGO-R" specialties contributed 64.3% of gross inpatient revenue in FY26
- Advanced clinical infrastructure — 58 cath labs, 44 MRI scanners, 19 LINACs, robotic surgical systems
- Strong revenue growth — Rs 6,171.63 cr (FY24) to Rs 10,335.75 cr (FY26)
Risk Factors (from DRHP)
- Significant borrowings from recent acquisitions; integration of hospital systems and staff is complex and may take years
- Expected premium valuation vs. listed hospital peers
- Heavy dependence on healthcare regulation (licensing, quality, pricing, patient safety)
- High capital expenditure requirements for infrastructure, equipment and technology
Manipal Health Enterprises IPO Reservation
For the Manipal Health Enterprises IPO, the allocation was divided among Qualified Institutional Buyers (QIBs), Non-Institutional Investors (NIIs), and Retail Individual Investors (RIIs).
|
Investor Category |
Shares Offered |
|---|---|
|
QIB Investors |
Not less than 75% |
|
Retail Investors |
Not more than 10% |
|
NII (HNI) Investors |
Not more than 15% |
Manipal Health Enterprises IPO Lot Size
Retail investors could apply for a minimum of 1 lot, comprising 25 shares, requiring an investment of ₹14,750. The maximum retail application was 13 lots.
|
Application |
Lots |
Shares |
Amount (₹) |
|---|---|---|---|
|
Retail (Min) |
1 |
25 |
14,750 |
|
Retail (Max) |
13 |
325 |
1,91,750 |
|
S-HNI (Min) |
14 |
350 |
2,06,500 |
|
S-HNI (Max) |
67 |
1,675 |
9,88,250 |
|
B-HNI (Min) |
68 |
1,700 |
10,03,000 |
Manipal Health Enterprises IPO Financial Performance
Manipal Health Enterprises reported strong revenue growth during FY26. The company recorded ₹10,520.52 crore in total income compared to ₹8,362.79 crore in FY25. However, Profit After Tax (PAT) declined during the year, while EBITDA continued to improve.
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Period Ended |
31 Mar 2026 |
31 Mar 2025 |
31 Mar 2024 |
|---|---|---|---|
|
Total Income (₹ Cr) |
10,520.52 |
8,362.79 |
6,265.17 |
|
EBITDA (₹ Cr) |
2,795.94 |
2,247.07 |
1,776.60 |
|
EBITDA Margin (%) |
27.05 |
27.26 |
28.79 |
|
PAT (₹ Cr) |
916.52 |
1,081.67 |
533.20 |
|
PAT Margin (%) |
8.87 |
13.12 |
8.64 |
|
ROCE (%) |
21.88 |
26.98 |
NA |
|
Total Borrowing (₹ Cr) |
10,553.43 |
4,766.83 |
3,943.98 |
Source: Manipal Health Enterprises IPO RHP
Manipal Health IPO Peers Comparison
Among its peers, Manipal Health has the lowest EPS; higher EPS is always considered good.
|
Company |
EPS (Diluted) |
P/E (x) |
|---|---|---|
|
Manipal Health Enterprises |
7.67 |
— |
|
Apollo Hospitals Enterprise |
134.94 |
66.15 |
|
Fortis Healthcare |
13.80 |
70.22 |
|
Max Healthcare Institute |
14.76 |
74.55 |
Conclusion
Manipal Health Enterprises IPO was one of the largest healthcare IPOs India has seen, at ₹9,275.22 crore. The company runs a nationwide network of multi-specialty hospitals, clinics and diagnostic centres, has grown consistently through expansion and acquisitions, and earmarked the proceeds mainly for debt reduction and a minority stake in Sahyadri Hospitals. The shares listed at a 10.50% premium on 5 August 2026. Bed additions, occupancy and the pace of deleveraging are what will drive the stock from here.
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