Manipal Health's IPO closed with 4.89 times subscription, driven by strong QIB demand of 8.25 times.
The grey market premium of ₹5 indicates a modest listing gain of around 1%.
The ₹9,275-crore issue is set for allotment on August 3 and listing on August 5.
Manipal Health IPO Closes With 4.89x Subscription; GMP Signals 1% Listing Gain
The ₹9,275-crore issue witnessed strong institutional demand on the final day, while the grey market continued to indicate a modest listing premium
Manipal Health IPO Closes With 4.89x Subscription; GMP Signals 1% Listing Gain
Summary
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The ₹9,275-crore initial public offering (IPO) of Manipal Health Enterprises closed with an overall subscription of 4.89 times on the final day of bidding, driven primarily by strong demand from qualified institutional buyers (QIBs), according to data available on the National Stock Exchange (NSE).
The public issue received bids for 37.30 crore shares against 9.01 crore shares on offer.
The QIB portion was subscribed 8.25 times, while the Retail Individual Investor (RII) category was subscribed 0.80 times. The Non-Institutional Investor (NII) segment was booked 0.99 times.
GMP Signals Limited Listing Gains
The IPO's grey market premium (GMP) remained subdued on the final day of bidding.
According to market tracking platforms InvestorGain and IPO Watch, the shares were commanding a GMP of ₹5 over the upper end of the price band on Friday morning.
Based on the upper price band of ₹590 per share, the grey market indicates a likely listing price of around ₹595, implying a potential listing gain of about 1%.
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However, investors should note that the grey market premium is an unofficial indicator based on market sentiment and should not be treated as a reliable predictor of listing performance or the company's fundamentals.
Issue Structure And Key Dates
The IPO was priced in the range of ₹560-590 per share and comprised a fresh issue of 13.56 crore equity shares worth ₹8,000 crore along with an offer for sale (OFS) of 2.16 crore equity shares by existing shareholders, including promoter group entities, TPG and Novo Holdings.
The OFS was reduced from 4.32 crore shares proposed in the draft red herring prospectus (DRHP) filed in March 2026.
Retail investors could apply for a minimum of one lot comprising 25 shares, requiring an investment of ₹14,750 at the upper price band.
The IPO opened for subscription on July 29 and closed on July 31. The basis of allotment is expected to be finalised on August 3, while the shares are scheduled to list on the BSE and NSE on August 5.
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For the financial year ended March 31, 2026, Manipal Health Enterprises reported revenue from operations of ₹10,335.75 crore, compared with ₹8,242.25 crore in the previous financial year. The company reported a net profit of ₹892.32 crore in FY26.