Temasek-backed Manipal Health Enterprises files DRHP for IPO, to raise Rs 8,000 cr via fresh issue

Temasek-backed Manipal Health Enterprises Limited has filed its Draft Red Herring Prospectus (DRHP) with the capital markets regulator - Securities and Exchange Board of India (Sebi) to launch its Initial Public Offering (IPO).

The company plans to raise Rs 8,000 crore from the issuance of fresh equity, while up to 43,227,668 shares will be offloaded by promoters via an offer-for-sale (OFS)

The company’s promoters, who will sell partial stakes, include Imperius Healthcare Investments Pte. Ltd and Manipal Education and Medical Group India Private Limited.


The company is backed by marquee private equity investors like TPG SG Magazine Pte. Ltd. The other investors include Seventy Second Investment Company LLC, Ammar Sdn Bhd, Novo Holdings Invest Asia A/S, Phoenix Bear Investments, LLC.

The company, in consultation with the book-running lead managers, may consider a pre-IPO Placement for up to Rs 1,600 crore. If the pre-IPO placement is completed, the fresh issue size will be reduced.

The offer is being made through the book-building process, wherein not more than 50% of the net offer is allocated to qualified institutional buyers, and not less than 15% and 35% of the net offer is assigned to non-institutional bidders and retail individual bidders, respectively.

About Manipal Health Enterprises

Manipal Health Enterprises operates a pan‑India network of multispecialty hospitals delivering a comprehensive range of care services—from outpatient services to complex tertiary and quaternary interventions. 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) across 14 states and union territories.

In November 2025, the company commenced operations at its 49th hospital in Bengaluru (Karnataka), which increased its licensed bed capacity to 12,631 licensed beds as of December 31, 2025.

Manipal Health IPO proceeds

The company intends to utilise Rs 5,378 crore of the total proceeds from fresh issue for repayment/ prepayment of outstanding borrowings and accrued interest availed by one of the company's material subsidiaries, Manipal Hospitals Private Limited. It will also use Rs 574 crore for acquisition of minority stake in the company's stepdown subsidiary, Sahyadri Hospitals Private Limited, and for general corporate purposes.

Company financials

The company’s revenue from operations was Rs 4,713 crore during the six-months ended September 30, 2025, and net profit was Rs 571.8 crore. Its revenue from operations was Rs 8,242.2 crore during FY25 as against Rs 4,839.6 crore during FY23. The net profit in FY25 stood at 1,081.6 crore as against Rs 414.2 crore in FY23.

Manipal Health served 3.94 million patients and 7.19 million patients across the company's network (including their O&M hospitals) in the six months ended September 30, 2025 (on a pro forma basis) and in Fiscal 2025 (on a pro forma basis), respectively, with 11,058 doctors available to provide their services in the company's hospitals as of September 30, 2025. (on a pro forma basis).

IPO lead managers

Kotak Mahindra Capital Company Limited, Axis Capital Limited, Goldman Sachs (India) Securities Private Limited, Jefferies India Private Limited, J.P. Morgan India Private Limited, UBS Securities India Private Limited, and DBS Bank India Limited are the book-running lead managers, and KFin Technologies Limited is the registrar of the offer.

The equity shares are proposed to be listed on BSE and NSE.

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