Temasek-backed Manipal Health to line up $1-billion IPO

Synopsis

Manipal Health Enterprises plans a billion-dollar initial public offering this month. The company will announce its price band on July twenty-fourth. The offering includes a fresh issue of shares and an offer for sale. Proceeds will primarily be used to reduce debt and acquire a minority stake. This follows SBI Funds Management's successful large IPO earlier this year.

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Kotak Mahindra Capital, Axis Capital, DBS Bank India, Goldman Sachs India Securities, Jefferies India, JP Morgan India and UBS Securities India are the book-running lead managers to the Manipal issue.

Mumbai: Temasek-backed Manipal Health Enterprises is set to launch its billion-dollar initial public offering (IPO) later this month on the heels of SBI Funds Management's successful issue mid-July, said people familiar with the matter.

The company will announce the price band on July 24, with the issue expected to be open for subscription between July 29 and July 31. An email sent to Manipal Health Enterprises seeking comment remained unanswered.

The offering, which will be among the largest IPOs by an Indian healthcare services provider, comprises a fresh issue of shares worth up to ₹8,000 crore and an offer for sale (OFS) of up to 4.32 crore shares by promoters and existing investors.

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Promoter entities Imperius Healthcare Investments and Manipal Education and Medical Group India will pare their holdings through the OFS. Existing investors TPG SG Magazine, Seventy Second Investment Company, Novo Holdings Invest Asia and Phoenix Bear Investments are also expected to sell shares. The company plans to use most of the proceeds from the fresh issue to reduce debt. Around ₹5,378 crore has been earmarked to repay or prepay borrowings at subsidiary Manipal Hospitals, while about ₹574 crore will be used to acquire a minority stake in step-down arm Sahyadri Hospitals.

This will be the second billion-dollar IPO in 2026 after SBI Funds raised ₹9,813 crore through the IPO, the largest in 2026 so far. The issue was subscribed 41.66 times.

Kotak Mahindra Capital, Axis Capital, DBS Bank India, Goldman Sachs India Securities, Jefferies India, JP Morgan India and UBS Securities India are the book-running lead managers to the Manipal issue.

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