Temasek-backed Manipal Health Enterprises has received approval from the Securities and Exchange Board of India for its proposed initial public offering and is targeting a stock market listing by the end of July, according to people familiar with the matter.
The hospital operator is expected to file an updated draft red herring prospectus shortly, the people said. The proposed IPO is expected to be close to $1 billion, although the final issue size could change depending on market conditions and ongoing discussions, they added.
The listing would mark a key step for one of India's largest private hospital operators and could become one of the country's biggest healthcare IPOs. It also comes as equity capital market activity shows signs of recovering after a relatively slow start to 2026.
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IPO Structure, Valuation
People familiar with the matter said Manipal Hospitals is targeting a valuation of $10 billion to $13 billion, although the final valuation has not yet been decided.
They said the IPO will comprise a fresh issue of shares and an offer for sale by existing investors.
Manipal Health Enterprises, which operates one of India's largest private hospital networks, filed its draft papers with the Securities and Exchange Board of India earlier this year.
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Lead Managers
According to the draft red herring prospectus, the book-running lead managers for the issue are Kotak Mahindra Capital, Axis Capital, Goldman Sachs, Jefferies, JPMorgan, UBS and DBS Bank.
If completed as planned, the offering would be among the largest healthcare IPOs in India and could become the country's first billion-dollar public issue of the year, according to the people familiar with the matter.
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