Manipal Health raises ₹4,167 crore from anchor investors ahead of ₹9,275-crore IPO

Manipal Health Enterprises Ltd on Tuesday raised ₹4,167 crore from anchor investors ahead of the launch of its ₹9,275-crore initial public offering (IPO) on July 29.

The anchor book attracted several global investors, including Abu Dhabi Investment Authority (ADIA), Allianz Global Investors Fund, Morgan Stanley Asia, Natixis Fund, Societe Generale and Goldman Sachs Bank Europe, according to a circular uploaded on the BSE.

Additionally, ICICI Prudential Mutual Fund (MF), Kotak MF, Aditya Birla Sun Life MF, UTI MF and HSBC MF also participated in the anchor round.

According to the circular, the company allotted over 7.06 crore equity shares to anchor investors at ₹590 per share, the upper end of the IPO price band.

The price band for the IPO has been fixed at ₹560-590 per share, valuing the company at a little over ₹77,600 crore at the upper end. The company’s three-day public issue will conclude on July 31.

The Bengaluru-based company’s proposed IPO comprises a fresh issue of equity shares worth up to ₹8,000 crore and an offer for sale (OFS) of up to 2.16 crore equity shares by existing shareholders.

Promoters — Imperius Healthcare Investments Pte. Ltd. and Manipal Education and Medical Group India Pvt. Ltd. — along with shareholders TPG SG Magazine Pte. Ltd., Seventy Second Investment Company LLC, Ammar Sdn Bhd, Novo Holdings Invest Asia and Phoenix Bear Investments, LLC, will pare their stakes through the OFS.

The company proposes to utilise ₹5,378 crore from the fresh issue towards repayment or prepayment of borrowings of its subsidiary, Manipal Hospitals Pvt. Ltd. It has earmarked ₹574 crore for acquiring the minority stake in step-down subsidiary Sahyadri Hospitals Pvt. Ltd., while the remaining funds will be used for general corporate purposes.

At the upper end of the price band, the issue size is estimated at around ₹9,275 crore, while at the lower end it is pegged at about ₹9,210 crore.

Manipal Health operates a pan-India network of multispecialty hospitals offering services ranging from outpatient care to tertiary and quaternary interventions.

As of September 30, 2025, the company operated 38 hospitals, or 48 on a pro forma basis, with 10,761 licensed beds, or 12,367 on a pro forma basis, across 14 states and Union Territories.

In November 2025, the company commenced operations at its 49th hospital in Bengaluru, taking its licensed bed capacity to 12,631 as of December 31, 2025.

For the six months ended September 30, 2025, the company reported revenue from operations of ₹4,713 crore and a net profit of ₹571.8 crore.

As per the allocation structure, qualified institutional buyers (QIBs) will receive up to 75% of the offer, non-institutional investors (NIIs) 15%, and retail investors 10%. Equity shares worth up to ₹15 crore have been reserved for eligible employees, who will receive a discount of ₹56 per share.

Investors can bid for a minimum of 25 equity shares and in multiples thereof.

The company’s shares are proposed to be listed on the BSE and NSE on or about August 5.

Axis Capital, Kotak Mahindra Capital Company, 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 is the registrar.