Manipal Health raises ₹4,167 crore from anchor investors; ₹9,275-crore IPO opens today
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Manipal Health Enterprises has raised ₹4,167 crore from anchor investors ahead of the opening of its ₹9,275-crore initial public offering (IPO) today.
According to a stock exchange filing, the hospital chain operator allotted 7.06 crore equity shares to 133 anchor investors at ₹590 apiece, the upper end of the IPO price band of ₹560-590.
The anchor book saw participation from a diverse set of global and domestic institutional investors, including sovereign wealth funds, global asset managers, domestic mutual funds, insurance companies, and alternative investment platforms.
Some of the marquee global investors include Abu Dhabi Investment Authority (Stable), Government Pension Fund Global, Templeton Emerging Markets Fund, Allianz Global Investors Fund – Allianz India Equity, Fullerton Alpha – Asia Focus Equities Fund, and Fidelity Blue Chip Growth K6 Fund.
Domestic mutual funds also participated strongly in the anchor round. The company allocated 2.83 crore shares to 21 mutual funds through 55 schemes. Among the participating fund houses were ICICI Prudential Mutual Fund, Kotak Large Cap Fund, Aditya Birla Sun Life Pharma & Healthcare Fund, and UTI MNC Fund.
The IPO, which closes on July 31, comprises a fresh issue of equity shares worth ₹8,000 crore and an offer for sale (OFS) of up to 2.16 crore equity shares by existing shareholders.
Promoters Imperius Healthcare Investments Pte. Ltd. and Manipal Education and Medical Group India Pvt. Ltd. are among the selling shareholders. Other investors offloading shares 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 company plans to utilise ₹5,552.7 crore from the fresh issue proceeds to repay or prepay borrowings of its subsidiary, Manipal Hospitals Private Limited. Another ₹574 crore will be used to acquire the minority stake in Sahyadri Hospitals Private Limited, while the remaining funds will be deployed for general corporate purposes.
Investors can bid for a minimum of 25 equity shares and in multiples of 25 shares thereafter.
Manipal Health is India's largest pan-India multispecialty hospital network by bed capacity and the second-largest hospital chain by number of hospitals as of March 31, 2026, according to a CRISIL report. The company operates 49 hospitals with 13,037 licensed beds across 14 states and Union Territories.
For FY26, the company reported revenue from operations of ₹10,329.8 crore, or ₹10,933.6 crore on a pro forma basis, making it the second-highest revenue-generating private hospital chain in India, according to the CRISIL report.
Kotak Mahindra Capital Company, Axis Capital, Goldman Sachs (India) Securities, Jefferies India, J.P. Morgan India, UBS Securities India, and DBS Bank India are the book-running lead managers to the issue, while KFin Technologies is the registrar. The company's shares are proposed to be listed on the BSE and NSE.