Manipal Health IPO Opens For Subscription; Retail Investors Lead Early Demand

The initial public offering (IPO) of Manipal Health Enterprises opened for subscription on Tuesday, receiving bids for 14.47 lakh shares against 9.01 crore shares on offer in early trade, with retail investors leading demand even as grey market signals pointed to a muted stock market debut.

The ₹9,275-crore public issue was subscribed 2% at the time of reporting. The Retail Individual Investors (RIIs) portion was subscribed 7%, while the Non-Institutional Investors (NIIs) category saw 2% subscription.

In the grey market, sentiment remained subdued. According to Investorgain and IPO Watch, the grey market premium (GMP) stood at ₹10 per share on the morning of July 29. Against the upper price band of ₹590, the GMP indicates an estimated listing price of around ₹600, implying a potential listing gain of about 1.7%.

Issue Details

Manipal Health has fixed the IPO price band at ₹560-590 per equity share. The issue comprises a fresh issue of 13.56 crore shares aggregating ₹8,000 crore and an offer for sale (OFS) of 2.16 crore shares by existing promoter group entities and investors, including TPG and Novo Holdings.

The OFS has been reduced from 4.32 crore shares proposed in the draft red herring prospectus (DRHP) filed in March 2026.

Retail investors can bid for a minimum of 25 shares, requiring an investment of ₹14,750 at the upper end of the price band.

The issue will remain open for subscription until July 31. Share allotment is expected on August 3, while the stock is tentatively scheduled to list on the BSE and NSE on August 5.

About The Company

Manipal Health operates India's largest pan-India multi-specialty hospital network by bed capacity, with 13,037 beds across 49 hospitals as of March 2026.

The hospital chain has a strong presence in Karnataka, Maharashtra and Goa, while also operating hospitals in West Bengal, Odisha, Jharkhand and Sikkim.

Financially, the company has reported steady growth, with revenue increasing to ₹10,336 crore in FY26 from ₹6,172 crore in FY24. Net profit rose to ₹917 crore from ₹533 crore over the same period, although EBITDA margin moderated to 25.3% from 27.3%.

Analysts Recommend Long-Term View

Prasenjit Paul, Fund Manager at 129 Wealth and Head of Research at Paul Asset, said Manipal Health is well positioned to benefit from India's growing demand for quality healthcare, supported by rising health insurance penetration, increasing disposable incomes and expansion into smaller cities.

However, he expects a muted listing given the size of the issue and current valuations.

"Investors looking for quick short-term gains may be disappointed. Instead, the IPO appears better suited for investors with a 2-3 year investment horizon who want to participate in India's long-term private healthcare growth story," Paul said.

Master Capital Services also maintained a positive long-term view, citing favourable industry fundamentals.

The brokerage noted that India's healthcare delivery market, estimated at ₹7.6-7.8 trillion in FY26, is expected to grow at a 10-12% CAGR through FY30, driven by rising demand for inpatient care, government healthcare initiatives and increasing private sector participation.

It said Manipal Health is well placed to capitalise on this opportunity through its nationwide hospital network, focus on tertiary and quaternary care, strategic acquisitions and plans to add around 2,426 licensed beds by 2030.