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Manipal Health IPO: Price Band Set at INR 560-590, Targets Debt Repayment

By ThePip DeskManipal Health IPO: Price Band Set at INR 560-590, Targets Debt Repayment

Manipal Health Enterprises sets IPO price band at INR 560-590, aiming to raise INR 9,275 Cr for debt repayment. Issue opens July 29.

Manipal Health Enterprises has set the price band for its Initial Public Offering (IPO) at INR 560 to INR 590 per equity share, targeting a total raise of INR 9,275 Cr. The public issue is scheduled to open on July 29.

The IPO includes a fresh issue of equity shares worth INR 8,000 Cr and an Offer For Sale (OFS) of 2.16 Cr equity shares valued at INR 1,275.21 Cr.

Key IPO Details

  • Total IPO Size: INR 9,275 Cr
  • Price Band: INR 560 to INR 590 per share
  • Fresh Issue Component: INR 8,000 Cr
  • Offer For Sale (OFS) Component: INR 1,275.21 Cr from 2.16 Cr shares

The OFS component has been reduced by half compared to the initial draft red herring prospectus, with promoters and existing investors diluting part of their holdings. The Securities and Exchange Board of India (SEBI) had previously cleared the company’s IPO proposal.

Fund Utilisation

  • Repay INR 5,378 Cr of borrowings and accrued interest for its material subsidiary, Manipal Hospitals.
  • Acquire a minority stake in its step-down subsidiary, Sahyadri Hospitals, for INR 574 Cr.
  • Remaining funds allocated for general corporate purposes.

Investor Allocation & Timeline

The IPO has a lot size of 25 equity shares, with specific reservations for different investor categories.

  • Qualified Institutional Buyers: Up to 75%
  • Non-Institutional Investors: At least 15%
  • Retail Investors: Minimum 10%
  • Employees: Shares worth INR 15 Cr at a discount of INR 56 per share

The allocation for anchor investors is set for July 28. The basis of allotment is expected to be finalized on August 3.

  • Issue Opens: July 29
  • Issue Closes: July 31
  • Anchor Investor Allocation: July 28
  • Allotment Finalization: August 3
  • Refunds and Credit of Shares: August 4
  • Listing on BSE and NSE: August 5

Manipal Health Enterprises, backed by Temasek and led by Dr. Ranjan Pai, operates 49 hospitals with over 13,000 licensed beds. This network spans 14 states and union territories as of March 2026, established through organic growth and acquisitions.

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