Leading Indian hospital chain Manipal Health Enterprises Limited (MHEL) has filed its draft red herring prospectus (DRHP) with capital markets regulator, securities and exchange Bboard of India (Sebi) to raise funds through initial public offering (IPO).

MHEL operates a pan‑India network of multispecialty hospitals delivering a comprehensive range of care services—from outpatient services to complex tertiary and quaternary interventions. As of September 30, 2025, the company operated 38 hospitals (48 hospitals on a pro forma basis) with 10,761 licensed beds (12,367 licensed beds on a pro forma basis) across 14 states and union territories.

The company’s revenue from operations was ₹4,713 crore during the six-months ended September 30, 2025, and net profit was ₹571.8 crore. Its revenue from operations was ₹8,242.2 crore during FY25 as against ₹4,839.6 crore during FY23. The net profit in FY25 stood at 1,081.6 crore as against ₹414.2 crore in FY23.

The IPO, with a face value of ₹2, with fresh issue of ₹8,000 crore and offer-for-sale of up to 43,227,668 equity shares by promoters - Imperius Healthcare Investments Pte. Ltd, Manipal Education and Medical Group India Private Limited.

The proceeds from its fresh issuance worth ₹5,378 crore will be utilised for repayment/ prepayment, in full or in part, of certain outstanding borrowings and accrued interest thereon availed by one of the company's Material Subsidiaries, Manipal Hospitals Private Limited and ₹574 crore for acquisition of minority stake in the company's stepdown subsidiary, Sahyadri Hospitals Private Limited.

The company, in consultation with the book-running lead managers, may consider a pre-IPO Placement for up to ₹1,600 crore.

In November 2025, the company commenced operations at its 49th hospital in Bengaluru, which increased its licensed bed capacity to 12,631 licensed beds as of December 31, 2025.

The company served 3.94 million patients and 7.19 million patients across the company's network (including their O&M hospitals) in the six months ended September 30, 2025 (on a pro forma basis) and in Fiscal 2025 (on a pro forma basis), respectively, with 11,058 doctors available to provide their services in the company's hospitals as of September 30, 2025. (on a pro forma basis).

Kotak Mahindra Capital Company Limited, Axis Capital Limited, Goldman Sachs (India) Securities Private Limited, Jefferies India Private Limited, J.P. Morgan India Private Limited, UBS Securities India Private Limited, and DBS Bank India Limited are the book-running lead managers, and KFin Technologies Limited is the registrar of the offer.