Manipal Health Enterprises IPO

The Manipal Health Enterprises mainboard IPO runs from 29 Jul 2026 to 31 Jul 2026, offered at a price band of ₹560–590 per share, and is set to list on NSE and BSE. The company is looking to raise ₹9,273.64 crore through the offer. Retail investors bid in lots of 25 shares, a minimum application of ₹14,750.

Issue structure

The offer combines a fresh issue of ₹8,000 crore with an offer for sale (OFS) of ₹1,275.22 crore by existing shareholders. Money raised through the fresh issue goes to the company for its stated objects, while OFS proceeds go to the selling shareholders rather than the business.

Objects of the issue

Per the offer document, the company intends to deploy the net proceeds primarily toward repayment/ prepayment, in full or in part, of certain outstanding borrowings and accrued interest thereon availed by one of the material subsidiaries, manipal hospitals private limited (₹5,552.76 crore), alongside acquisition of minority stake in the stepdown subsidiary, sahyadri hospitals private limited (₹574 crore). In all, 3 objects are disclosed — the full break-up is in the table above.

Financials

In FY2026, Manipal Health Enterprises reported revenue of ₹10,520.52 crore and a net profit of ₹916.52 crore. Revenue grew from ₹6,265.17 crore in FY2024 to ₹10,520.52 crore in FY2026 (+68.0%). Net worth stood at ₹8,440.92 crore at the end of FY2026. At the upper band, that puts the issue at roughly 75.9× FY2026 earnings (P/E), a figure worth comparing against listed peers in the sector.

Valuation

At the upper band, the issue is priced at 84.65× post-issue earnings and 8.13× book value, against a return on net worth of 10.57%. These ratios come from the offer document and are for comparison, not a recommendation.

Peer comparison

The offer document names listed peers including Apollo Hospitals Enterprise Ltd and Fortis Healthcare Ltd, with a median peer P/E of about 70.2×. The issue's own post-issue P/E works out to 84.65×.

Promoters

The promoters of the company are <p>Ranjan Ramdas Pai, Manipal Global Health Services, Memg International Ltd., Kangto Investments Pte.Ltd., Imperius Healthcare Investments Pte.Ltd., Kabru Investments Pte.Ltd.</p>. Promoter holding is 81.43% before the issue.

Grey market premium (GMP)

In the unofficial grey market, Manipal Health Enterprises shares are quoted at a premium of ₹30 implying an expected listing around ₹620, about +5.1% over the upper band. Grey market premium is a sentiment indicator set by private dealers, not the company or the exchange — it moves quickly and is not a reliable predictor of the actual listing price.

What to weigh

When evaluating the Manipal Health Enterprises IPO, the data points most investors look at are the fresh-issue-versus-OFS split, the revenue and profitability trend and the grey market premium. Grey market premium and subscription figures reflect short-term sentiment rather than long-term fundamentals; the figures on this page are for information only and are not investment advice.

About Manipal Health Enterprises

Manipal Health Enterprises Limited is a healthcare service providers, operating a large network of multi-specialty hospitals, clinics, and diagnostic centres across the country. It is part of the Manipal Group, founded by T. M. A. Pai. The company offers a wide range of healthcare services including tertiary and quaternary care, organ transplants, oncology, cardiology, neurology, orthopaedics, and preventive healthcare. Its hospitals are equipped with advanced medical technology and are staffed by experienced medical professionals. Manipal Health focuses on delivering quality, patient-centric care and expanding access to healthcare through strategic acquisitions, partnerships, and continuous investment in medical infrastructure and digital health initiatives. As of September 30, 2025, the company operated 38 hospitals (48 hospitals on a pro forma basis) with 10,761 licensed beds (12,367 licensed beds on a pro forma basis). They are operating 17 clinics as of September 30, 2025. Competitive Strengths: India&rsquo;s largest multispecialty hospital group by bed capacity with pan-India presence and leadership in our three key region. We are the only private hospital chain network in India with leadership in three metros (Bengaluru, Kolkata and Pune) with a balanced and diversified presence across metros and non-metros. Widely recognized brand and network of choice for patients, doctors and healthcare professionals Advanced infrastructure and medical equipment, with a strong focus on clinical excellence Track record of delivering industry leading growth with strong profitability and efficiency metric