Corporate Finance

Manipal Health Enterprises has secured ₹4,167 crore from anchor investors ahead of the launch of its ₹9,275-crore initial public offering (IPO), which opened for public subscription on Wednesday. The IPO witnessed an initial subscription of 6% by 1:30 pm, according to data from the National Stock Exchange (NSE). The anchor investor round attracted several prominent global institutions, including the Abu Dhabi Investment Authority (ADIA), Allianz Global Investors Fund, Morgan Stanley Asia, Natixis International Fund, Societe Generale, and Goldman Sachs Bank Europe. Domestic institutional investors such as ICICI Prudential Mutual Fund, Kotak Mutual Fund, Aditya Birla Sun Life Mutual Fund, UTI Mutual Fund, and HSBC Mutual Fund also participated. As per a BSE filing, the company allotted over 7.06 crore equity shares to anchor investors at ₹590 per share, the upper end of the IPO’s price band. The public issue is priced between ₹560 and ₹590 per share, valuing the Bengaluru-headquartered healthcare provider at over ₹77,600 crore at the upper end. The IPO will remain open for subscription until July 31. The offering consists of a fresh issue of equity shares worth ₹8,000 crore and an offer for sale (OFS) of up to 2.16 crore shares by existing shareholders. Promoters Imperius Healthcare Investments Pte. Ltd. and Manipal Education and Medical Group India Pvt. Ltd., along with investors including TPG SG Magazine Pte. Ltd., Seventy Second Investment Company LLC, Ammar Sdn Bhd, Novo Holdings Invest Asia, and Phoenix Bear Investments LLC, are participating in the OFS. Manipal Health plans to utilise ₹5,378 crore from the fresh issue to repay or prepay borrowings of its subsidiary, Manipal Hospitals Pvt. Ltd. Another ₹574 crore has been earmarked to acquire the minority stake in Sahyadri Hospitals Pvt. Ltd., with the remaining proceeds allocated for general corporate purposes. At the upper price band, the IPO size is estimated at ₹9,275 crore, while at the lower end it stands at approximately ₹9,210 crore. One of India’s leading hospital networks, Manipal Health operates 49 multispecialty hospitals across the country with 13,037 licensed beds as of March 31, 2026. For the financial year 2025–26, the company reported revenue from operations of ₹10,336 crore and a net profit of ₹916.52 crore. The company’s equity shares are expected to be listed on the BSE and NSE on or around August 5. Source: PTI