Manipal Health IPO Subscribes 4.92x, GMP Falls to Zero

Manipal Health Enterprises’ ₹9,275-crore initial public offering closed July 31, 2026, with a 4.92 times overall subscription. This strong demand from qualified institutional buyers offset weak retail interest.

Subscription levels across investor categories included:

• Qualified Institutional Buyers (QIBs): 8.25 times
• Non-Institutional Investors (NIIs): 1.02 times
• Retail Individual Investors (RIIs): 0.93 times
• Employee quota: 2.19 times

Despite the robust overall subscription, the grey market premium (GMP) for Manipal Health’s IPO fell to zero by the final day. This indicates an estimated listing price of ₹590, matching the issue price without a premium.

Pre-IPO Funding & Offer Structure

Before the IPO, Manipal Health secured ₹4,167 crore from 133 anchor investors. Notable participants included Abu Dhabi Investment Authority, Fidelity, and Allianz Global Investors.

The IPO consisted of a fresh issue of equity shares worth ₹8,000 crore and an offer for sale (OFS) of up to 2.16 crore equity shares. Funds from the fresh issue are earmarked for specific purposes.

Proceeds from the fresh issue are planned for:

• Repaying borrowings of its subsidiary, Manipal Hospitals Private Limited: ₹5,552.7 crore
• Acquiring a minority stake in Sahyadri Hospitals Private Limited: ₹574 crore

Company Footprint & Financials

Manipal Health operates as India’s largest pan-India multispecialty hospital network by bed capacity. It is also the second-largest hospital chain by number of hospitals.

As of March 31, 2026, the company managed 49 hospitals with 13,037 licensed beds across 14 states and Union Territories. For fiscal year 2026, revenue from operations reached ₹10,329.8 crore, rising to ₹10,933.6 crore on a pro forma basis.

The shares are scheduled for listing on the BSE and NSE on August 5, 2026. The zero GMP suggests investors anticipate no immediate post-listing gains.