Manipal Health Enterprises Ltd, the Bengaluru-based hospital chain backed by Singapore’s Temasek and other investors, is taking a big step toward going public. The company has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to launch an IPO worth ₹8,000 crore.
The funds raised through the IPO will primarily be used to reduce debt at its major subsidiary, Manipal Hospitals Pvt Ltd, and to acquire a minority stake in its step-down unit, Sahyadri Hospitals Pvt Ltd. Remaining funds will support general corporate purposes, giving the company more flexibility to grow its operations.
Alongside the fresh issue, promoters and existing investors — including Imperius Healthcare Investments, TPG SG Magazine, and Novo Holdings Invest Asia, plan to sell about 43.2 million existing shares through an offer-for-sale. A pre-IPO placement of up to ₹1,600 crore may also take place, which could slightly reduce the fresh issue size.
The IPO will be listed on both the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE). Shares will be allocated with 50% for institutional investors, 35% for retail investors, and 15% for non-institutional buyers. Leading investment banks, including Kotak Mahindra Capital, Axis Capital, and Goldman Sachs, will manage the process, with KFin Technologies acting as the registrar.
Manipal Health operates a network of multi-specialty hospitals across India. As of late 2025, it had 38 hospitals with over 10,700 beds, expanding on a pro-forma basis to 48 hospitals and more than 12,300 beds across 14 states and Union Territories. The company aims to strengthen its balance sheet and support further expansion to meet growing healthcare demand.
By going public, Manipal Health hopes to attract more investors while accelerating its growth in India’s fast-growing healthcare sector, which is seeing rising demand for quality and accessible medical services.
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