- SEBI approved Temasek-backed Manipal Health Enterprises' IPO for a market debut by July end
- The IPO is expected to be close to $1 billion, with size subject to market conditions
- Manipal targets a valuation between $10 billion and $13 billion for the IPO
Temasek-backed Manipal Health Enterprises has received approval from the Securities and Exchange Board of India (SEBI) for its proposed initial public offering (IPO), confirming NDTV Profit's newsbreak reported on Friday.
As first reported by NDTV Profit, the hospital operator is targeting a stock market debut by the end of July. People familiar with the matter had earlier said the company would receive SEBI's approval before filing an updated draft red herring prospectus (DRHP).
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, according to people familiar with the matter.
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The listing would mark a significant milestone for one of India's largest private hospital operators and could emerge as one of the country's biggest healthcare IPOs. It also comes at a time when equity capital market activity is showing signs of picking up after a relatively subdued start to 2026.
People familiar with the matter had told NDTV Profit that Manipal Hospitals is targeting a valuation of $10 billion to $13 billion, though the final valuation is yet to be decided.
The IPO will comprise a fresh issue of shares and an offer for sale by existing investors, the people said.
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Manipal Health Enterprises had filed its draft IPO papers with SEBI earlier this year. 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 rank among India's largest healthcare IPOs 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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