Manipal Health IPO: INR92.75 Billion Raised on BSE, NSE Debut
By ThePip Desk
Manipal Health Enterprises debuts on BSE & NSE, successfully raising INR92.75 billion in its landmark IPO. India’s largest multispecialty hospital network expands.
Manipal Health Enterprises successfully launched its Initial Public Offering (IPO) in India, raising INR92.75 billion (USD973.1 million) through listings on the BSE and National Stock Exchange.
IPO Breakdown
- Total funds raised: INR92.75 billion (USD973.1 million)
- New shares issued: INR80 billion
- Existing stock sold: INR12.75 billion
The IPO proceeds indicate a significant market entry for the healthcare group.
Company’s Market Standing
Manipal Health Enterprises is recognized as India’s largest multispecialty hospital network by bed capacity. It also holds the position of the second largest hospital chain based on the total number of hospitals. A recent acquisition of Sahyadri Hospitals solidified its leading bed capacity.
Extensive Legal Advisory
The transaction involved multiple prominent legal firms. Cyril Amarchand Mangaldas (CAM) served as Indian legal counsel for Manipal Health itself. Shardul Amarchand Mangaldas & Co (SAM) advised the selling shareholder, Seventy Second Investment Company, an affiliate of UAE-based Mubadala Investment Company.
Latham & Watkins provided international legal counsel for both the issuer and the Mubadala selling shareholder. Khaitan & Co advised the bookrunning lead managers, a group including Kotak Mahindra Capital and Goldman Sachs (India) Securities. White & Case also acted as international counsel for the lead managers.
- Indian Legal Counsel (Manipal Health): Cyril Amarchand Mangaldas (CAM)
- Indian Legal Counsel (Selling Shareholder): Shardul Amarchand Mangaldas & Co (SAM)
- International Legal Counsel (Issuer & Selling Shareholder): Latham & Watkins
- Indian Legal Counsel (Bookrunning Lead Managers): Khaitan & Co
- International Legal Counsel (Bookrunning Lead Managers): White & Case