Manipal Health Enterprises Files DRHP for ₹8,000 Crore IPO, Plans Debt Reduction and Stake Acquisition
New Delhi, March 24: Temasek-backed Manipal Health Enterprises has filed its draft papers with the Securities and Exchange Board of India (Sebi) to raise funds through an initial public offering (IPO), marking a significant step in its capital market journey.IPO Structure and Key Details
The proposed IPO comprises a fresh issue of equity shares worth ₹8,000 crore, along with an offer-for-sale (OFS) of 43,227,668 equity shares by existing promoters and investors.The OFS includes shares from promoters such as Imperius Healthcare Investments Pte. Ltd and Manipal Education and Medical Group India, along with investors including TPG SG Magazine Pte Ltd, Seventy Second Investment Company LLC, Ammar Sdn Bhd, Novo Holdings Invest Asia A/S, and Phoenix Bear Investments, LLC, according to the Draft Red Herring Prospectus filed on Monday.
Use of IPO Proceeds
Out of the fresh issue proceeds, the company plans to allocate:- ₹5,378 crore towards repayment of loans availed by its subsidiary, Manipal Hospitals
- ₹574 crore for acquiring a minority stake in its subsidiary Sahyadri Hospitals
- The remaining funds for general corporate purposes
Business Operations and Network
Manipal Health Enterprises operates a pan-India network of multispecialty hospitals, offering services across key medical disciplines such as cardiology, oncology, neurosurgery, gastrointestinal sciences, orthopedics, liver transplantation, and kidney transplant.As of September 30, 2025, the company had 38 hospitals with 10,761 licensed beds spread across 14 states and union territories.
Patient Footfall and Financial Performance
The hospital chain served 3.94 million patients in the six months ended September 30, 2025, while total patient volume stood at 7.19 million in FY2025.On the financial front, the company reported:
- Revenue from operations: ₹8,242.2 crore in FY25
- Net profit: ₹1,081.6 crore in FY25
Lead Managers to the Issue
Manipal Health has appointed multiple book-running lead managers for the offering, including:Kotak Mahindra Capital Company, Axis Capital, Goldman Sachs (India) Securities Private Ltd, Jefferies India, JP Morgan India, UBS Securities India, and DBS Bank India.
The IPO filing comes as healthcare providers continue to tap capital markets to fund expansion, strengthen balance sheets, and scale operations across India.
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