Manipal Health Eyes Massive ₹9,275 Crore IPO as 9 Mega Listings Flood Dalal Street Next Week

Manipal Health Eyes Massive ₹9,275 Crore IPO as 9 Mega Listings Flood Dalal Street Next Week​

The Indian capital markets are set for a high-volume period starting next week, with nine major maiden public issues (IPOs) scheduled to debut. These offerings span across corporate and SME segments, collectively targeting a massive fundraising of ₹11,707 crore through initial public offerings. This influx promises significant activity on Dalal Street as investors brace for market debuts spanning multiple days.

The Anchor IPO: Manipal Health Sets Record Benchmark​

The most anticipated listing is from Manipal Health Enterprises, a multispecialty hospital chain backed by TPG and Temasek. The IPO aims to raise an enormous ₹9,275.22 crore. This offering includes fresh shares worth ₹8,000 crore and an offer-for-sale component of 2.16 crore shares valued at ₹1,275.22 crore by promoters and investors.

Manipal Health, which operates 49 hospitals across 14 states and union territories with 13,037 licensed beds, plans to utilize a substantial part of the net fresh issue proceeds for debt repayment. The company intends to allocate ₹5,552.8 crore towards this purpose, while also dedicating funds toward the acquisition of a minority stake in Sahyadri Hospitals.

Corporate Giants and Strategic Capital Raise​

Two other significant corporate IPOs are slated for the near future. Juniper Green Energy, an independent power producer focused on renewable energy, has approached the capital markets to raise ₹1,800 crore via a wholly fresh issue. Of these proceeds, ₹1,411.9 crore will be utilized immediately for debt repayment.

MV Electrosystems, a manufacturer of electrical and power electronics equipment used in railway rolling stock, is set to mobilize ₹290 crore through a fresh issue. The funds from MV Electrosystems are designated for long-term working capital requirements and investment in research and development activities.

SME Segment Debuts Rolling Out Across the Week​

The market will see a steady stream of specialized offerings in the Small and Medium Enterprise (SME) segment starting July 27. Propshop Events & Exhibitions, specializing in exhibition solutions, is raising ₹28.57 crore via its IPO, priced at the upper end of the band set between ₹65-₹69 per share.

Two other SME offerings debut on July 27: Advance Technoforge and Poojaa Precision Engg are among them. Advanced Technoforge, an industrial and auto components manufacturer from Gujarat, aims to mobilize ₹24.03 crore through a fresh issue of 25.29 lakh shares at a fixed price of ₹95 per share.

The SME schedule continues with HR Hygiene Products opening on July 29. This Rajkot-based sanitary napkin manufacturer is raising up to ₹53.95 crore from investors and promoters. Dhaval Packaging, the plastic packaging solutions provider, will open its IPO on July 30, targeting ₹36.36 crore.

New Listings and Exchange Debuts​

In addition to the SME listings, seven new companies are scheduled to be available for trading next week, including three mainboard firms: Indo-MIM, Lohia Corp, and Xtranet Technologies. All three offerings will close their subscription period on July 27 and list on the exchanges on July 30.

The initial buzz around these listings is positive. Precision engineering components maker Indo-MIM's IPO saw a subscription of 3.07 times over two recent sessions. Meanwhile, Lohia Corp, which manufactures machinery and equipment for technical textiles, garnered a 59 percent subscription.

Meanwhile, the SME segment will see new debuts from Gulf Lloyds (India) on July 27 and Metalic Technoforge on July 28. Shree Balaji Mala Textiles and Silverstorm Parks & Resorts are expected to be available for trading on consecutive days in July.