Manipal Hospitals files DRHP for largest healthcare IPO in India.
Issue includes ₹8,000 crore fresh equity and OFS by investors like Temasek and TPG.
Proceeds to cut debt and fund stake buy in Sahyadri Hospitals.
Manipal Hospitals Files for ₹8,000 Crore IPO, Eyes End-2026 Launch as Largest Healthcare Listing
According to the draft papers, the proceeds from the fresh issue will be used primarily to repay debt of ₹5,378 crore and to acquire a minority stake of ₹574 crore in its step-down subsidiary, Sahyadri Hospitals
Manipal Hospitals
Summary
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Manipal Hospitals, backed by Singapore sovereign wealth fund Temasek and healthcare entrepreneur Dr Ranjan Pai, has filed draft papers with the Securities and Exchange Board of India (SEBI) for a listing that would rank as the largest initial public offering (IPO) the country's healthcare sector. Bloomberg reported.
The issue comprises a fresh share sale of ₹8,000 crore alongside an offer for sale of up to 43.23 million shares by promoters and existing investors. Under the OFS component, Imperius Healthcare Investments will offload 21.62 million shares, Manipal Education and Medical Group 13.58 million shares, TPG SG Magazine 4.66 million shares and Seventy Second Investment 1.58 million shares, among others. The selling shareholders include Manipal Group, Temasek, TPG, Mubadala and others.
People familiar with the matter told Moneycontrol that Manipal Hospitals is planning to launch its IPO by the end of 2026 which is subject to market condition.
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According to the draft papers, the proceeds from the fresh issue will be used primarily to repay debt of ₹5,378 crore and to acquire a minority stake of ₹574 crore in its step-down subsidiary, Sahyadri Hospitals. As of January 31, 2026, the company had total consolidated outstanding borrowings of ₹10,612.79 crore.
As of 30 September 2025, the company operated 38 hospitals — or 48 on a pro forma basis — with 10,761 licensed beds (12,367 on a pro forma basis) spread across 14 states and union territories.
For FY25, Manipal Hospitals posted revenue from operations of ₹9,263.56 crore on a pro forma basis, up from ₹6,171.63 crore in the previous year. Net profit came in at ₹534.7 crore, marginally ahead of ₹533.2 crore recorded a year earlier.
Max Healthcare Institute is currently India’s most valuable hospital chain, with a market capitalisation of about ₹94,053 crore. Meanwhile, Apollo Hospitals is India’s largest hospital chain, with 73 hospitals and over 8,000 operational beds.
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