Sebi gives green signal to Manipal Health, Rentomojo IPOs

India's primary market pipeline continues to gain momentum, with more companies moving closer to their stock market debut as the Securities and Exchange Board of India (Sebi) clears another batch of proposed initial public offerings (IPOs).

In the latest development, healthcare major Manipal Health Enterprises and furniture rental platform Rentomojo have received Sebi's observations for their proposed IPOs.

Manipal Health IPO

Bengaluru-based Manipal Health had filed its draft red herring prospectus (DRHP) with SEBI on March 25, 2026. Its IPO comprises a fresh issue of equity shares worth up to ₹8,000 crore and an offer for sale (OFS) of up to 43.23 million equity shares by promoters Imperius Healthcare Investments Pte. Ltd. and Manipal Education and Medical Group India Pvt. Ltd.

Other selling shareholders include TPG SG Magazine Pte. Ltd., Seventy Second Investment Company LLC, Ammar Sdn Bhd, Novo Holdings Invest Asia A/S and Phoenix Bear Investments, LLC.

The Temasek-backed company plans to use ₹5,378 crore from the fresh issue to repay borrowings of its material subsidiary, Manipal Hospitals Pvt. Ltd., ₹574 crore for acquiring a minority stake in step-down subsidiary Sahyadri Hospitals Pvt. Ltd., with the remaining proceeds earmarked for general corporate purposes.

The company may also undertake a pre-IPO placement of up to ₹1,600 crore, which would reduce the size of the fresh issue if completed.

Manipal Health operates a pan-India network of multispecialty hospitals. As of September 30, 2025, it operated 38 hospitals (48 on a pro forma basis) with 10,761 licensed beds (12,367 on a pro forma basis) across 14 states and Union Territories. Following the commencement of operations at its 49th hospital in Bengaluru in November 2025, its licensed bed capacity increased to 12,631 as of December 31, 2025.

For the six months ended September 30, 2025, the company reported revenue from operations of ₹4,713 crore and a net profit of ₹571.8 crore.

Rentomojo IPO

Meanwhile, Rentomojo Ltd, India's largest online rental and subscription platform for home furniture and appliances, has also received Sebi observations for its proposed IPO.

The issue comprises a fresh issue of shares worth up to ₹150 crore and an offer for sale (OFS) of up to 28.40 million equity shares. Geetansh Bamania is the promoter of the company.

According to the company's DRHP, Rentomojo is the largest online rental and subscription platform in its segment, with an estimated 42%-47% market share in the organised home furniture and appliance rental market (excluding water purifiers) based on subscription revenue in FY25, citing a Redseer report.

As of September 30, 2025, the company had 227,511 live subscribers across 22 cities, supported by 21 warehouses and 67 experience stores. It offered 728,773 live products through its omni-channel platform.

Rentomojo reported revenue from operations of ₹176.61 crore for the six months ended September 30, 2025, and ₹265.96 crore for FY25. Its restated profit after tax stood at ₹61.38 crore during the six-month period and ₹43.11 crore for FY25.

The company intends to utilise the IPO proceeds for repayment or prepayment of borrowings, payment of lease rentals and licence fees for warehouses and experience stores, and general corporate purposes.

Motilal Oswal Investment Advisors, Axis Capital and IIFL Capital Services are the book-running lead managers to the Rentomojo issue.

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