Manipal Health Enterprises files DRHP with SEBI for a major healthcare IPO, aiming to raise funds for debt reduction, Sahyadri Hospitals stake and expansion.
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Temasek-backed Manipal Health Enterprises has filed its Draft Red Herring Prospectus (DRHP) with SEBI, kicking off what could be one of the biggest healthcare IPOs this year.
The issue comprises a fresh issue of ₹8,000 crore and an offer for sale (OFS) of up to 4.32 crore shares by promoters like Imperius Healthcare Investments and Manipal Education and Medical Group, as well as existing investors, including TPG and Novo Holdings.
The company may also raise up to ₹1,600 crore via a pre-IPO placement, which would reduce the size of the fresh issue.
Proceeds from the primary raise will largely go towards debt repayment, with ₹5,378 crore earmarked to pare borrowings of its subsidiary Manipal Hospitals, and ₹574 crore allocated for acquiring a minority stake in Sahyadri Hospitals. The remaining funds will be used for general corporate purposes.
Manipal Health, India’s second-largest hospital chain by scale, operates a network of 38 hospitals (48 on a pro forma basis) with over 12,300 beds across 14 states and union territories, as of September 2025.
The listing adds to the growing pipeline of healthcare IPOs, as hospital chains look to deleverage balance sheets and tap public markets for expansion capital.
Kotak Mahindra Capital, Axis Capital, Goldman Sachs, Jefferies, J.P. Morgan, UBS, and DBS Bank are the book-running lead managers
On the financial front, the company reported a net profit of ₹571.8 crore for the six months ending September 30, FY26, against operating revenue of ₹4713 crore in the same period.
First Published: Mar 24, 2026 5:33 PM IST
