Manipal Hospitals, a leading multi-speciality healthcare provider and Temasek-backed, has submitted its Draft Red Prospectus to the market regulator SEBI to launch its Mega IPO, if launched, this might be the biggest IPO in the healthcare industry.
This IPO will include both a fresh issue of ₹8,000 crore and an Offer-for-Sale of up to 43.23 million shares by promoters.
Under the OFS component, the promoters
- Imperius Healthcare Investments plans to sell 21.62 million shares
- Manipal Education and Medical Group plans to sell 13.58 million shares
- TPG SG Magazine plans to sell 4.66 million shares
- Seventy Second Investment plans to sell 1.58 million shares
Manipal Hospitals is also planning to raise ₹1,600 crore via pre-IPO placement. If the pre-IPO round happens, the fund of ₹1,600 crore will be reduced from the fresh issue.
As per the sources, we can expect the company to launch its IPO by the end of 2026.
Object to the issue
- ₹5,378 crore: Repayment/prepayment of certain outstanding borrowings and accrued interest of the company’s material subsidiary, Manipal Hospitals Private Limited
- ₹574 crore: Acquisition of minority stake in the company’s step-down subsidiary, Sahyadri Hospitals Private Limited
- Remaining amount: General corporate purposes
Manipal Hospital appointed Kotak Mahindra Capital, Axis Capital, Goldman Sachs, Jefferies, JP Morgan, UBS Securities, and DBS Bank as the book-running lead managers to the issue. While KFinTech is the registrar of the issue.
About Manipal Hospital
Incorporated in 1991, Manipal Hospital is the second-largest hospital in India, with 49 hospitals spread across 24 cities with over 12,600 beds. It is a multi-speciality hospital that serves both national and international patients.
The firm offers end-to-end healthcare services, from outpatient treatment and diagnostics to advanced treatments and home care support. The company not only serves patients in India but also globally in the Middle East, Africa, and Southeast Asia.
Financially, in FY25, the firm reported a revenue of ₹9,263.56 crore, a 50.1% increase in revenue compared to ₹6,171.63 crore in the previous year. The PAT also slightly grew by ₹534.7 crore in FY25, compared to ₹533.2 crore.
Moreover, in the six-month period ending September 30, 2025, Manipal Health treated 3.94 million patients, and 7.19 million patients in FY25, with the assistance of 11,058 doctors. For more such updates and IPO-related queries, follow IPO Watch.
Manipal Hospitals IPO Prospectus:
| DRHP Draft Prospectus: | Click Here |
| RHP Draft Prospectus: | To be Updated Soon |
Manipal Hospitals Company Financial Report
Amount ₹ in Crores
| Period Ended | Revenue | Expense | Profit After Tax |
| 2025 | ₹9,409.12 | ₹8,664.15 | ₹534.80 |
| Sep 2025 | ₹5,436.31 | ₹4,867.55 | ₹319.47 |
Manipal Hospitals IPO Valuation – FY2025
Manipal Hospitals IPO valuations detail like Earning Per Share (EPS), Price/Earning P/E Ratio, Return on Net Worth (RoNW), and Net Asset Value (NAV) details.
| Earning Per Share (EPS): | ₹9.25 (Basic) |
| Price/Earning P/E Ratio: | N/A |
| Return on Net Worth (RoNW): | 18.16% |
| Net Asset Value (NAV): | ₹50.91 |
Peer Group Comparison
| Company | EPS | PE Ratio | RoNW % | NAV | Income |
| Apollo Hospitals Enterprise Ltd | 100.56 | 73.23 | 17.61 | 571.15 | 21,794.00 Cr. |
| Fortis Healthcare Ltd | 10.26 | 80.12 | 8.68 | 118.11 | 7,782.75 Cr. |
| Max Healthcare Institute Ltd | 11.07 | 87.63 | 11.47 | 96.50 | 8,667.00 Cr. |
IPO Lead Managers aka Merchant Bankers
- Kotak Mahindra Capital Company Limited
- Axis Capital Limited
- Goldman Sachs (India) Securities Private Limited
- Jefferies India Private Limited
- J.P. Morgan India Private Limited
- UBS Securities India Private Limited
- DBS Bank India Limited
