Manipal Health IPO: Slow Start, 15% Subscribed on Day 1

Manipal Health Enterprises’ Initial Public Offering (IPO) saw a sluggish start on its opening day, achieving a subscription rate of only 0.15 times. The retail investor portion was booked 0.27 times, indicating limited initial demand.

Subscription Breakdown

The IPO’s various segments recorded differing subscription levels:

Retail investor portion: 0.27 times

Employee quota: 0.95 times

Non-institutional investors: 0.08 times

Qualified institutional buyers: 0.15 times

Before the public offering, Manipal Health Enterprises secured ₹4,167 crore from anchor investors. Major participants included the Abu Dhabi Investment Authority and Allianz Global Investors Fund.

IPO Structure and Funding

Manipal Health aims to raise a total of ₹9,275 crore through this IPO, structured with a fresh issue and an Offer For Sale (OFS).

Fresh issue of equity shares: ₹8,000 crore

Offer For Sale (OFS): 2.16 crore equity shares, valued at ₹1,275.2 crore

Price band per equity share: ₹560 to ₹590

Face value: ₹2 per share

The OFS component was reduced from the 4.32 crore equity shares initially proposed in the draft red herring prospectus (DRHP) filed in March 2026.

Proceeds Allocation

The net proceeds from the fresh issue are designated for several key purposes:

Repaying borrowings: ₹5,378 crore

Acquiring a minority stake in Sahyadri Hospitals: ₹574 crore

Remaining funds: General corporate activities

Listing Outlook

The grey market premium (GMP) for Manipal Health shares currently stands at ₹10 per share. This suggests a potential listing at a 1.7% premium over the upper end of the price band.

Key dates for the IPO include:

Allotment of shares: Tentatively August 3

Refunds commence: August 4

Shares credited to demat accounts: August 4

Listing on BSE and NSE: Slated for August 5