Manipal Health Enterprises IPO
- Issue price
- ₹590
- Listing price
- ₹652
- +10.51%
- Current price
- ₹696
- +17.97%
- Subscribed
- 4.92x
- Issue size
- ₹9,275.22 Cr
- Listed on
- 5 Aug 2026
IPO timeline
- Opens29 JulWed
- Closes31 JulFri
- Allotment3 AugMon
- Refunds4 AugTue
- Demat credit4 AugTue
- Listing5 AugWed
Issue details
- Price band
- ₹560 – ₹590 per share
- Issue size
- ₹9,275.22 Cr
- Fresh issue
- Not available
- Offer for sale
- Not available
- Issue type
- Fresh capital cum OFS
- Face value
- ₹2 per share
- Lot size
- 25 shares
- Minimum investment
- ₹14,750
- Listing on
- BSE, NSE
- Exchange code
- MANIPALHOS · 7850
This issue combines a fresh issue and an offer for sale. The amounts for each part are not available in our data; see the offer document for the split.
Lot size and investment
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 25 | ₹14,750 |
| Retail (Max) | 13 | 325 | ₹1,91,750 |
| S-HNI (Min) | 14 | 350 | ₹2,06,500 |
| B-HNI (Min) | 68 | 1,700 | ₹10,03,000 |
Reservation
- QIB
- 11,77,14,614 shares (75.00% of the Offer)
- NII
- 2,35,42,922 shares (15.00% of the Offer)
- Retail
- 1,56,95,281 shares (10.00% of the Offer)
- Employee
- 2,80,898 shares (0.18% of the Offer)
Allotment status
The allotment for this IPO is final. Check whether you received shares on the registrar's website using your PAN, application number or demat account (DP / Client ID).
Check allotment on KFin Technologies- 1Open the registrar's allotment page and select this IPO from the list.
- 2Enter your PAN, application number or DP / Client ID.
- 3Submit to see the number of shares allotted, if any.
- Basis of allotment
- 3 Aug 2026
- Refunds initiated
- 4 Aug 2026
- Shares credited to demat
- 4 Aug 2026
- Listing
- 5 Aug 2026
Grey market premium (GMP)
- Current GMP
- ₹3
- +0.51%
- Estimated listing price
- ₹593
- Issue price ₹590
- Highest
- ₹35
- 24 Jul
- Lowest
- ₹-15
- 31 Jul
GMP by day (₹ per share)
Day-wise GMP table
| Date | GMP | Premium | Est. listing |
|---|---|---|---|
| 5 Aug 2026 | ₹3 | +0.51% | ₹593 |
| 4 Aug 2026 | ₹3 | +0.51% | ₹593 |
| 3 Aug 2026 | ₹-6 | -1.02% | ₹584 |
| 1 Aug 2026 | ₹-15 | -2.50% | ₹575 |
| 31 Jul 2026 | ₹-15 | -2.50% | ₹575 |
| 30 Jul 2026 | ₹6 | +1.00% | ₹596 |
| 29 Jul 2026 | ₹9 | +1.50% | ₹599 |
| 28 Jul 2026 | ₹9.5 | +1.60% | ₹599.5 |
| 27 Jul 2026 | ₹13 | +2.20% | ₹603 |
| 26 Jul 2026 | ₹25 | +4.20% | ₹615 |
| 25 Jul 2026 | ₹25 | +4.20% | ₹615 |
| 24 Jul 2026 | ₹35 | +5.90% | ₹625 |
GMP is an unofficial indicator from an unregulated market. It is shown for information only and is not a prediction of the listing price or a recommendation to apply.
Subscription status
- QIB8.25x
- NII (HNI)1.02x
- Retail0.93x
- Employee2.19x
| Category | Shares offered | Shares bid for | Subscribed |
|---|---|---|---|
| Qualified Institutional Buyers (QIB) | 4,87,39,889 | 40,21,59,425 | 8.25x |
| Non-Institutional Investors (NII) | 2,46,30,467 | 2,50,39,675 | 1.02x |
| bNII — bids above ₹10 Lakh | 1,64,20,312 | 1,76,78,100 | 1.08x |
| sNII — bids ₹2 Lakh to ₹10 Lakh | 82,10,155 | 73,61,575 | 0.9x |
| Retail Individual Investors (RII) | 1,64,20,311 | 1,52,23,450 | 0.93x |
| Employee | 2,97,619 | 6,50,450 | 2.19x |
| Total | 9,00,88,286 | 44,30,73,000 | 4.92x |
Financials
- P/E Ratio
- 84.65
- EPS (₹)
- 6.97
- RoCE
- 21.88%
- RoNW
- 10.57%
- PAT Margin
- 8.87%
- EBITDA Margin
- 27.05%
- NAV (₹)
- 72.55
Separate pre- and post-issue P/E are not available for this IPO; the P/E shown is as disclosed for the issue.
| Period ended | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Assets | 24,864.50 | 14,072.08 | 10,818.83 |
| Total Income | 10,520.52 | 8,362.79 | 6,265.17 |
| Profit After Tax | 916.52 | 1,081.67 | 533.20 |
| EBITDA | 2,795.94 | 2,247.07 | 1,776.60 |
| NET Worth | 8,440.92 | 5,865.66 | 4,029.22 |
| Reserves and Surplus | 8,204.96 | 5,788.60 | 3,953.59 |
| Total Borrowing | 10,553.43 | 4,766.83 | 3,943.98 |
Peer comparison
| Company | Issue size | P/E | RoNW | PAT margin | Subscribed | Listing gain |
|---|---|---|---|---|---|---|
| Manipal Health Enterprises This IPO | ₹9,275.22 Cr | 84.65 | 10.57% | 8.87% | 4.92x | +10.51% |
| Symbiotec Pharmalab Mainboard · listed 1 Sep 2026 | ₹1,757 Cr | 56.81 | 9.48% | 12.60% | 71.26x | 0.00% |
| Rubicon Research Mainboard · listed 16 Oct 2025 | ₹1,378 Cr | 46.13 | 29.02% | 10.37% | — | +27.84% |
| Molbio Diagnostics Mainboard · listed 17 Aug 2026 | ₹939.7 Cr | 56.67 | 14.55% | 11.28% | 70.26x | +21.44% |
| Park Medi World Mainboard · listed 17 Dec 2025 | ₹920 Cr | 63.52 | 13.19% | 8.88% | 8.1x | -1.98% |
| Sudeep Pharma Mainboard · listed 28 Nov 2025 | ₹895 Cr | 53.55 | 27.88% | 27.63% | 93.72x | +23.10% |
| Nephrocare Health Services Mainboard · listed 17 Dec 2025 | ₹871.05 Cr | 162.19 | 13.19% | 8.88% | 13.96x | +6.52% |
Peers are other recent IPOs from the same industry, closest in issue size. Ratios are as disclosed at the time of each issue. This is not the listed-peer table from the offer document.
About Manipal Health Enterprises
Incorporated in 2010, Manipal Health Enterprises Limited is a healthcare service provider operating a large network of multi-specialty hospitals, clinics and diagnostic centres across the country. It is part of the Manipal Group, founded by T. M. A. Pai. The company offers a wide range of healthcare services including tertiary and quaternary care, organ transplants, oncology, cardiology, neurology, orthopaedics and preventive healthcare. Its hospitals are equipped with advanced medical technology and are staffed by experienced medical professionals. Manipal Health focuses on delivering quality, patient-centric care and expanding access to healthcare through strategic acquisitions, partnerships and continuous investment in medical infrastructure and digital health initiatives. As of March 31, 2026, the company operated 49 hospitals with 13,037 licensed beds across 14 states and union territories, along with 21 clinics. As of March 31, 2026, the company had 24,240 full-time employees across its hospitals and corporate functions, comprising 11,048 nurses, 6,362 paramedics and 6,830 administrative employees.
Strengths
- India's largest multi-specialty hospital group by bed capacity, with a pan-India presence and leadership in its three key regions.
- The only private hospital chain network in India with leadership in three metros (Bengaluru, Kolkata and Pune), with a balanced and diversified presence across metros and non-metros.
- Widely recognised brand and network of choice for patients, doctors and healthcare professionals.
- Advanced infrastructure and medical equipment, with a strong focus on clinical excellence.
- Track record of industry-leading growth with strong profitability and efficiency metrics, with FY26 ROCE of 21.88% and EBITDA margin of 27.05%.
Risks
- Valuation is rich - the issue is priced at about 85 times post-issue FY26 earnings, against a listed peer average of about 70 times.
- Profit after tax fell about 15% in FY26 to Rs 916.52 crore even as revenue grew about 25%, on higher employee, finance and depreciation costs.
- Total borrowings more than doubled to Rs 10,553.43 crore in FY26 and net debt to adjusted EBITDA rose to 3.74x from 2.00x.
- Around Rs 1,275.22 crore of the issue is an Offer for Sale, and those proceeds go to the selling shareholders, not to the company.
- Growth has relied on acquisitions such as Sahyadri Hospitals, carrying integration, goodwill and execution risk.
- Healthcare is a highly regulated sector, subject to clinical, accreditation and price-regulation risks.
Objects of the issue
- Repayment/ prepayment, in full or in part, of certain outstanding borrowings and accrued interest thereon availed by one of the Material Subsidiaries, Manipal Hospitals Private Limited₹5,552.76 Cr
- Acquisition of minority stake in the stepdown Subsidiary, Sahyadri Hospitals Private Limited₹574 Cr
- General corporate purposes
Promoters and shareholding
Ranjan Ramdas Pai, Manipal Global Health Services, Memg International Ltd., Kangto Investments Pte.Ltd., Imperius Healthcare Investments Pte.Ltd., Kabru Investments Pte.Ltd.
- Promoter holding, pre-issue
- 69.86%
- Promoter holding, post-issue
- 61.84%
Anchor investors
Registrar, lead managers and documents
Lead managers
Company contact
The Annexe, #98/2, Rustom Bagh, HAL Airport Road, Bengaluru, Karnataka - 560017
+91 80 4936 0300
legalcs@manipalhospitals.comManipal Health Enterprises IPO: common questions
When does the Manipal Health Enterprises IPO open and close?
The Manipal Health Enterprises IPO opens on 29 Jul 2026 and closes on 31 Jul 2026.
What is the price band of the Manipal Health Enterprises IPO?
The price band is ₹560 – ₹590 per share, with a lot size of 25 shares and a minimum investment of ₹14,750.
What is the size of the Manipal Health Enterprises IPO?
The issue size is ₹9,275.22 Cr (Fresh capital cum OFS).
What is the GMP of the Manipal Health Enterprises IPO?
The last reported grey market premium is ₹3 per share as of 05 Aug 2026, 08:24 AM IST. GMP is unofficial and changes frequently.
When is the Manipal Health Enterprises IPO allotment?
The basis of allotment is expected on 3 Aug 2026. Allotment status can be checked with the registrar, KFin Technologies Limited.
When will the Manipal Health Enterprises IPO list?
The shares listed on 5 Aug 2026 on BSE, NSE.
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