Manipal Health

Here is the overview of the upcoming Manipal Health Enterprises Limited IPO, covering company fundamentals, issue details, dates, subscription status, and Grey Market Premium (GMP).

1. Company Overview & Business Profile

Manipal Health Enterprises Limited is one of India’s largest multi-specialty healthcare delivery networks and part of the renowned Manipal Group.

  • Operational Scale: Operates 49 hospitals with over 13,000 licensed beds. It maintains leadership positions across key metropolitan clusters including Bengaluru, Kolkata, and Pune.

  • Clinical Capabilities: Offers multi-specialty, tertiary, and quaternary care in fields such as oncology, cardiology, organ transplantation, orthopedics, and neurology.

  • Objects of the Issue: The fresh issue proceeds (~₹8,000 Crore) will be utilized toward the repayment/prepayment of certain outstanding borrowings, funding inorganic growth opportunities through strategic acquisitions, expanding hospital capacity, and general corporate purposes.

2. Company Fundamentals & Financial Overview

Manipal Health Enterprises has maintained strong operational growth in revenue, supported by high occupancy rates and expanding bed capacity.

Financial Metric Details
Revenue from Operations (FY26) ₹8,242.25 Crore
Diluted EPS (FY26) ₹6.97 – ₹9.25 per share
Pre-IPO Market Capitalization ~₹77,605 Crore
P/E Ratio (Post-Issue) ~84.65x (at upper price band)
Peer Comparison P/E Apollo Hospitals (~73x), Max Healthcare (~87x), Fortis (~80x)

Key Strengths & Risks

  • Strengths: Strong brand equity, extensive multi-regional network, backing by institutional global funds, and consistent expansion.

  • Risks: High valuation multiples, intense capital expenditure requirements, regulatory caps on medical treatments/pharmaceutical pricing, and competition from major hospital chains.

3. IPO Key Details & Schedule

  • IPO Open Date: July 29, 2026

  • IPO Close Date: July 31, 2026

  • Basis of Allotment: August 3, 2026

  • Credit of Shares to Demat: August 4, 2026

  • Tentative Listing Date: August 5, 2026 (BSE & NSE Mainboard)

  • Price Band: ₹560 to ₹590 per equity share

  • Total Issue Size: ₹9,275.22 Crore

    • Fresh Issue: ₹8,000.00 Crore (13.56 Cr shares)

    • Offer for Sale (OFS): ₹1,275.22 Crore (2.16 Cr shares)

  • Lot Size & Minimum Application: 25 shares per lot = ₹14,750 (at upper price band)

  • Employee Discount: ₹56 per share

  • Lead Managers: Kotak Mahindra Capital, Axis Capital, Goldman Sachs, Jefferies, JP Morgan, UBS, and DBS

  • Registrar: KFin Technologies Limited

4. Live Subscription Status

  • The Manipal Health Enterprises Limited IPO opened for subscription on July 29, 2026, and will close on July 31, 2026.

      (Day 1 – July 29, 2026)

    Category Bids / Times Subscribed Shares Offered Shares Bid For
    Qualified Institutional Buyers (QIB) 0.15x 4,70,85,844 68,52,625
    Non-Institutional Investors (NII) 0.08x 2,35,42,922 18,37,675
    └ bNII (> ₹10 Lakh) 0.08x 1,56,95,282 11,81,625
    └ sNII (< ₹10 Lakh) 0.08x 78,47,641 6,56,050
    Retail Individual Investors (RII) 0.27x 1,56,95,282 41,89,375
    Employee Reserve 0.95x 2,80,899 2,65,575
    Total (Excluding Anchor) 0.15x 8,66,04,947 1,31,45,250

    • Anchor Allocation: Fully subscribed ahead of the issue opening, raising ₹4,167.10 Crore at ₹590/share across institutional investors including ICICI Prudential, Aditya Birla Sun Life, Fidelity, Abu Dhabi Investment Authority, and Nomura.

5. Grey Market Premium (GMP)

  • Current Live GMP: ₹25 per share

  • Estimated Indicative Listing Price: ₹615 per share (~4.24% premium over upper price band of ₹590)

Note: The current grey market premium indicates modest listing expectations, reflecting the mainboard IPO’s large size (~₹9,275 Cr) and valuation metrics closely aligned with established sector peers.

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