Manipal Health IPO Launching Soon; Temasek Largest Seller
By Business Desk
Manipal Health Enterprises gears up for its IPO launch next week, aiming for a $1 billion issue size. Temasek to be the largest seller in the Offer For Sale.
Manipal Health Enterprises is set to launch its Initial Public Offering (IPO) early next week, targeting a total issue size around $1 billion. This development follows regulatory approval from the Securities and Exchange Board of India (SEBI).
Key details of the upcoming public issue include:
- Fresh Issue: approximately Rs 8,000 crore
- Offer For Sale (OFS): 20-25 million equity shares
- Total Issue Size: around $1 billion
Temasek is anticipated to be the largest seller within the OFS component. Other existing shareholders, including the Manipal Group, TPG, Seventy Second Investment, Novo Holdings, and Phoenix Bear Investments, are also expected to reduce their holdings.
Funding Allocation and Company Strategy
Proceeds from the fresh issue are primarily allocated to two strategic areas. These include repaying outstanding borrowings and funding the acquisition of a minority stake in its subsidiary, Sahyadri Hospitals. This aims to bolster Manipal Health’s balance sheet and increase its ownership.
Manipal Health has not commented on the proposed listing. The company had initially aimed for a market debut by the end of July, receiving SEBI approval prior to filing an updated draft red herring prospectus (DRHP).
This IPO is poised to be one of India’s most significant healthcare listings in recent years, solidifying Manipal Health’s position as a major private hospital operator.