Manipal Health IPO Review
Manipal Health Enterprises Limited, one of India’s foremost multi-speciality healthcare providers, plans to raise ₹9,277 crore through an IPO.
[Fresh Issue ₹8,002 Cr + OFS ₹1,275 Cr]
Manipal Health IPO Price: ₹560–₹590 per share.
Manipal Health: History
The Company was originally incorporated in Bengaluru, Karnataka, India, as Manipal Health Enterprises Private Limited as a private limited company under the Companies Act, 1956, on February 15, 2010.
The Company was then converted into a public limited company on November 8, 2025, under a special resolution passed by the shareholders.
Its name was subsequently changed to Manipal Health Enterprises Limited, and the RoC issued a fresh certificate of incorporation on December 24, 2025.
Manipal Health: Business
Manipal Health Enterprises operates a pan‑India network of multispecialty hospitals delivering a comprehensive range of care services, from outpatient services to complex tertiary and quaternary interventions.
The Company offers clinical services across several specialties, with a focus on,
- Tertiary and Quaternary care (particularly in cardiac sciences),
- Gastro sciences,
- Neurosciences,
- Oncology,
- Orthopedics, and
- Renal sciences (CONGO‑R).
Beyond hospitals, the company operates 21 outpatient clinics, the ManipalTRUtest diagnostics business across 18 states, home healthcare, e-pharmacy, telemedicine services, and AI-enabled digital health platforms.
Network
As of March 31, 2026, Manipal_Health_Enterprises is one of India’s largest private healthcare providers, operating a pan-India network of 49 multispecialty hospitals with 13,037 licensed beds across 14 states and union territories.
According to the CRISIL Report, Manipal_Health is the only private hospital chain network in India to lead in three metro markets of Bengaluru (Karnataka), Kolkata (West Bengal) and Pune (Maharashtra) by bed capacity (5,012 on a pro forma basis and 4,030 on an actual basis) as of September 30, 2025.
Strategies Ahead
Capitalizing growth opportunities in existing facilities and organic network expansion
Strategic acquisitions to enter and consolidate market positions and improve access and patient care
Leverage digital, AI, and technology to extend patient reach.
Focus on operational excellence to drive efficiencies.
Continue to attract, develop, and retain medical talent.
Invest in advanced medical infrastructure and clinical innovations.
Company Promoters
- Dr. Ranjan Ramdas Pai,
- Imperius Healthcare Investments Pte.,
- Manipal Global Health Services,
- Memg International,
- Kangto Investments Pte. LTD,
- Kabru Investments Pte.
Refer to Manipal Health DRHP for further details.
IPO Details
ipo date: 29 July – 31 July 2026
Minimum Amount: ₹14,750
Minimum Bid: 25 Shares
Face Value: INR 2 per share
Listing On: NSE, BSE
Financial
Book Running Lead Managers
Axis Capital Limited, DBS Bank India, Goldman Sachs (India), Jefferies India, J.P. Morgan India, Kotak Mahindra Capital, UBS Securities India
CONCLUSION
Considering financial performance and the nature of the business, FinBlab recommends ‘ MAY SUBSCRIBE‘ ratings for the Manipal Health IPO.
Do come back to learn more about “upcoming IPOs”.
Disclaimer: This article is purely for informational purposes.
While much time and effort is made to provide the information, I (Vishal Dalwadi) or (FinBlab) do not guarantee the accuracy, correctness, completeness or reliability of any information or data displayed herein and shall not be held responsible.
