Manipal Health gets Sebi nod for $1 billion IPO

Temasek-backed Manipal Health Enterprises Ltd has got the Securities and Exchange Board of India’s approval for its planned $1.1 billion initial public offering (IPO), according to a regulatory notification on Monday. The company had filed its draft red herring prospectus on 23 March 2026.

The Bengaluru-based company plans to raise up to ₹8,000 crore in primary capital, with its investors set to sell over 43.2 million shares. The IPO is likely to value the Ranjan Pai-founded firm at $8.0-8.5 billion, people aware of the matter told Mint.

This means that the IPO of Manipal Health, which competes with Apollo Hospitals and Aster Care, could be one of the biggest share sales in India’s healthcare sector.

Mint had reported on 26 May that the company had started meeting institutional investors for its IPO. “The company has decided to go ahead with its IPO plans notwithstanding the market conditions. Initial discussions with the investors suggest there is a lot of demand for asset-backed companies with steady cash flows,” a person in the know had told Mint.

Last year, Manipal Health’s acquired the Sahyadri Hospitals chain for around ₹6,400 crore, using a line of credit from KKR’s insurance business. A large part of the fresh capital that Manipal raises in the IPO is expected to be used to repay that debt.

Founded in 2010, Manipal Health focuses on areas including cardiology, oncology, transplants, neurosciences, orthopaedics, emergency, and critical care.

Its expansion accelerated with the 2021 buyouts of Columbia Asia’s India operations for ₹2,100 crore and Vikram Hospital for ₹350 crore. Next, it picked up controlling stakes in AMRI Hospitals for around ₹2,300 crore in 2023, Medica Synergie for up to ₹1,400 crore in 2024, and acquired Sahyadri Hospitals from the Ontario Teachers’ Pension Plan in July 2025 for around ₹6,400 crore.

In April 2023, Temasek acquired 41% stake in the company for over $2 billion, valuing it at nearly $4.8 billion or ₹40,000 crore. It acquired stake from Manipal’s founder Ranjan Pai and other investors such as NIIF and TPG, which took its shareholding to around 59%. Manipal Education and Medical Group Pvt. Ltd retain around 31% of stake, with TPG holding around 10-11%.

Manipal’s network of hospitals extends across cities such as Bengaluru, Mangaluru, Mysore, Vijayawada, Salem, Dwarka, Palamvihar, Goa, Jaipur, Ghaziabad, Patiala, Pune and Kolkata. At the end of 2025, it operated 49 multi-specialty hospitals with nearly 12,600 operating beds (owned and managed) across India.

As per an India Ratings report of December 2025, Manipal’s consolidated revenue grew 34% year-on-year to ₹8,242 crore in FY25 and ₹4,721 crore in the first half of FY26. Its earnings before interest, tax, depreciation and amortization, or Ebitda, grew to ₹2,127 crore as against ₹1,683 crore in FY24 and ₹1,251 crore in the first half of FY26.

Apart from Manipal Health, the markets regulator also approved the IPOs of furniture rental platform Rentomojo Ltd and fintech firm Moneyview Ltd.