Manipal Health Enterprises is seeking a valuation of around ₹80,000 crore for its planned IPO.
The company is looking to raise up to ₹11,000 crore through a mix of fresh shares and an offer for sale.
If launched as planned, the issue could become India's biggest IPO of 2026 so far.
Manipal Health Eyes India's Biggest IPO of 2026 at ₹80,000-Cr Valuation
The hospital operator is reportedly looking to raise up to ₹11,000 crore through a public issue that could launch in the week beginning 27 July
Summary
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Manipal Health Enterprises is seeking a valuation of around ₹80,000 crore for its planned initial public offering (IPO), lower than earlier expectations, according to a Bloomberg report.
The operator of Manipal Hospitals, backed by Singapore's Temasek Holdings, is looking to raise as much as ₹11,000 crore through the public issue, which is likely to open in the week beginning 27 July, according to the report.
The proposed valuation is below the $10 billion-$12 billion range that was discussed earlier this year. The report said that the lower target reflects cautious investor sentiment toward large public offerings amid heightened global market volatility following recent tensions in the West Asia.
If the listing goes ahead as planned, it is expected to become India's largest IPO of 2026 so far, overtaking SBI Funds Management's nearly $1 billion public issue.
Bloomberg, however, noted that discussions are still ongoing and the valuation, issue size and launch timeline could change before the IPO is launched.
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Issue Structure
According to the company's draft prospectus, the IPO will comprise a fresh issue of shares worth about ₹8,000 crore and an offer for sale (OFS) of up to 43.23 million shares by existing shareholders, including private equity firm TPG Inc.
The proceeds from the fresh issue will be used to repay debt, fund capital expenditure and support the company's expansion plans. Manipal Health has not publicly announced the final size or pricing of the issue.
Merchant Bankers on Board
The company has appointed a consortium of investment banks to manage the proposed offering.
The book-running lead managers include Kotak Mahindra Capital, Axis Capital, and the Indian units of Goldman Sachs, JPMorgan, Jefferies, UBS and DBS Bank.
The IPO is expected to be closely watched by investors as India's primary market continues to see a steady pipeline of large public issues, although recent global uncertainty has prompted companies to adopt a more measured approach to pricing.
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