Manipal Health Raises Rs 4,167 Cr In Pre-IPO Round; Morgan Stanley, Goldman Sachs Among Anchor Investors

Manipal Health Enterprises raised Rs 4,167.09 crore from anchor investors on Tuesday ahead of its initial public offering.

The company allotted 7.06 crore shares at Rs 590 apiece to 133 anchor investors. Nomura India Investment Fund Mother Fund got the highest allocation of 3.83%. Kotak Midcap Fund, Kotak Flexicap Fund got the second highest allotment of 2.64% and Abu Dhabi Investment Authority- Monsoon, DSP Healthcare Fund, Polar Capital Fund PLC- Healthcare Opportunities Fund, Prazim Trading and Investment Co. Pvt. and SBI Life Insurance got 2.63% stake in the company.

Twenty-one domestic mutual funds have applied through 55 schemes and collectively netted 40.01% of the anchor portion. ICICI Prudential, HDFC, Mirae, Kotak Funds and Aditya Birla Sun Life were the major fund houses in this category, the security depositor said in an exchange filing.

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Kotak Mahindra Capital Co. Ltd. is the book running lead manager and Kfin Technologies Ltd. is the registrar of the issue.

Manipal Health IPO comprises a fresh issue of 13.56 crore shares aggregating to Rs 8,000 crore and offer-for-sale (OFS) of 2.16 crore shares.

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Manipal Health Enterprises IPO has fixed the price band at Rs 560 to Rs 590 per share.

Retail investors can bid for a minimum of one lot comprising 25 shares, amounting to Rs 14,750 (based on upper price). The issue will open for subscription on July 29 and close on July 31. The allotment for the Manipal Hospitals IPO is expected to be finalised on Aug. 3 and the shares will tentatively list on Aug. 5 on NSE and BSE.

Incorporated in 2010, Manipal Health Enterprises Ltd., is a healthcare service provider, operating a large network of multi-specialty hospitals, clinics, and diagnostic centres across the country.

While revenue and EBITDA recorded healthy double-digit growth during FY26, profit after tax declined due to higher expenses and other costs, a factor investors may closely evaluate before subscribing.

The company reported a 26% year-on-year increase in total income to Rs 10,520.52 crore for the financial year ended March 31, 2026, compared with Rs 8,362.79 crore in FY25. EBITDA also rose to Rs 2,795.94 crore, up from Rs 2,247.07 crore a year earlier. Profit after tax (PAT) declined to Rs 916.52 crore from Rs 1,081.67 crore in the previous financial year.

The company plans to utilise the IPO proceeds primarily to repay outstanding borrowings of its subsidiary, Manipal Hospitals Private Ltd., acquire a minority stake in Sahyadri Hospitals Private and meet general corporate purposes.

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