Manipal Health IPO: Muted Day 1, GMP Dips

Manipal Health Enterprises’ IPO recorded a 0.14 times subscription rate on its opening day, July 29, indicating a muted initial response. The public issue, aiming to raise Rs 9,275.22 crore, closes on July 31.

Key IPO Figures

• Day 1 Subscription: 0.14 times
• Total IPO Target: Rs 9,275.22 crore
• Anchor Investor Raise: Rs 4,167.10 crore
• Shares per Lot: 25 shares
• Minimum Retail Investment: Rs 14,750

Retail investors drove most of the initial participation, while qualified institutional buyers (QIBs) and non-institutional investors (NIIs) showed less interest. This muted activity coincides with a steady decline in the Grey Market Premium (GMP), suggesting weakened expectations for a strong listing.

Issue Breakdown & Allocation

• Fresh Issue: 135.59 million shares valued at Rs 8,000 crore.
• Offer for Sale (OFS): 21.61 million shares worth Rs 1,275.22 crore.
• Proceeds for Debt Reduction: Rs 5,552.76 crore for subsidiary Manipal Hospitals Private Limited.
• Proceeds for Acquisition: Rs 574 crore to acquire a minority stake in Sahyadri Hospitals Private Limited.

The company had secured Rs 4,167.10 crore from anchor investors on July 28, allocating shares at Rs 590 each, the upper end of its price band. Manipal Health Enterprises operates one of India’s largest multi-speciality hospital networks.

Financial Snapshot

• FY26 Revenue: Rs 10,520.52 crore (up from Rs 6,265.17 crore in FY24).
• FY26 Profit After Tax: Rs 916.52 crore (down from Rs 1,081.67 crore in FY25).
• Operations (as of March 31, 2026): 49 hospitals, 13,037 licensed beds, 21 clinics.

The current subscription trends and declining GMP indicate a challenging path for the IPO’s listing performance.