New Delhi, Manipal Health Enterprises Ltd has received Sebi’s approval to raise funds through an initial public offering (IPO) comprising a fresh issue of shares worth Rs 8,000 crore, an update with the markets regulator showed on Monday.
Along with a fresh issue, there will be an offer for sale (OFS) of up to 4.32 crore equity shares by promoters Imperius Healthcare Investments Pte Ltd and Manipal Education and Medical Group India Pvt Ltd, according to the draft papers filed in March.
Other shareholders participating in the OFS are 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 Bengaluru-based had filed its draft papers with the Securities and Exchange Board of India (Sebi) on March 25. After reviewing the draft papers, Sebi gave its observations on July 3, the update showed.
In Sebi parlance, issuance of observations implies its approval to float the IPO.
According to the draft papers, proceeds from the fresh issue will be used to repay or prepay borrowings of the company’s subsidiary, Manipal Hospitals Pvt Ltd, with Rs 5,378 crore earmarked for the purpose. Another Rs 574 crore will be utilised to acquire the minority stake in step-down subsidiary Sahyadri Hospitals Pvt Ltd, while the remaining funds will be used for general corporate purposes.
The company may also consider a pre-IPO placement of up to Rs 1,600 crore. If such a placement is completed, the size of the fresh issue will be reduced accordingly.
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, it 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 Rs 4,713 crore and a net profit of Rs 571.8 crore.
