Manipal Health Enterprises Ltd IPO
Healthcare
Price Band
₹560 – ₹590
Lot Size
25
Minimum Bid Quantity
25
Minimum Investment
₹14750
Issue Size
₹9275.22Cr
Opens
2026-07-29
Closes
2026-07-31
Listing
05-08-2026
Subscription Status
Qualified Institutional Buyers
8.25 x
Non-Institutional Investor
1 x
Retail Individual Investor
0.86 x
Employees
2.16 x
Total
4.9 x
IPO Details
Issue Type
EQUITY
Face Value
₹2
Tick Size
1
ISIN
INE459N01021
Pre-Apply Available
No
Daily Bidding Time
10:00:00 - 17:00:00
About the Company
Manipal Health Enterprises operates a pan-India network of multispecialty hospitals that provides healthcare services ranging from outpatient consultations to tertiary and quaternary care. As of March 31, 2026, the company operated 49 hospitals with 13,037 licensed beds across 14 states and Union Territories. Its clinical services cover specialties, including cardiac sciences, oncology, neurosciences, gastro sciences, orthopaedics, renal sciences, and other medical disciplines. During the financial year 2026, the company served 7.63 million patients across its network and had 11,064 doctors associated with its hospitals. The company has a presence in both metro and non-metro locations, with hospitals in cities such as Bengaluru, Kolkata, and Pune, alongside facilities in other parts of India. As of March 31, 2026, 41 of its hospitals were accredited by the National Accreditation Board for Hospitals and Healthcare Providers (NABH), while 24 hospital laboratories were accredited by the National Accreditation Board for Testing and Calibration Laboratories (NABL). Use of proceeds: The IPO consists of both a fresh issue and an offer for sale (OFS). Net proceeds from the OFS will go to the respective selling shareholders, while the net proceeds from the fresh issue will be utilised for the following purposes: Repayment/ prepayment, in full or in part, of certain outstanding borrowings and accrued interest thereon availed by one of its material subsidiaries, Manipal Hospitals Private Limited — Rs 5,552.76 Acquisition of minority stake in its stepdown subsidiary, Sahyadri Hospitals Private Limited — Rs 574 crore General corporate purposes.
Pros
- • The company claims to operate one of India’s largest private multispecialty hospital networks. As of March 31, 2026, it had 49 hospitals with 13,037 licensed beds across 14 states and Union Territories. According to the CRISIL report, it is the largest pan-India multispecialty hospital network by bed capacity and the second-largest private hospital chain by number of hospitals.
- • The company claims to have advanced medical infrastructure and a broad range of specialized clinical capabilities. As of March 31, 2026, its network included 18 soft tissue robots, 23 orthopedic and spine surgical robots, 19 linear accelerators (LINACs), 44 MRI scanners, 58 catheterization labs, and other advanced medical equipment. It also performed approximately 5,980 robotic surgeries and 620 organ transplants during Fiscal 2026.
- • The company has received healthcare quality accreditations across a large part of its network. As of March 31, 2026, 41 of its 49 hospitals were accredited by the National Accreditation Board for Hospitals and Healthcare Providers (NABH), while 24 hospital laboratories were accredited by the National Accreditation Board for Testing and Calibration Laboratories (NABL).
Cons
- • A substantial portion of the company’s revenue is generated from hospitals located in Karnataka. Hospitals in Karnataka contributed Rs 4,795.38 crore (46.40%), Rs 4,248.58 crore (51.55%), and Rs 3,701.84 crore (59.98%) to revenue from operations in FY26, FY25, and FY24, respectively. Any disruption to operations, changes in state government policies, adverse economic or political developments, natural calamities, or lower-than-expected patient volumes in Karnataka could adversely affect the company’s business, financial condition, and profitability.
- • The company’s business is primarily dependent on inpatient care and hospital occupancy levels. It reported inpatient volumes of 527,227, 439,724, and 330,725 patients in FY26, FY25, and FY24, respectively, while occupancy levels stood at 64.47%, 67.09%, and 65.32% during the same period. Any inability to maintain or improve patient admissions and occupancy rates, particularly as it expands its hospital network, could adversely affect the company’s revenue, profitability, and overall financial performance.
- • A significant portion of the company’s inpatient revenue is generated by its cardiac sciences, oncology, neurosciences, gastro sciences, orthopaedics, and renal sciences (CONGO-R) specialities. These specialties contributed Rs 5,030.95 crore (64.30%), Rs 3,915.21 crore (62.56%), and Rs 2,839.65 crore (61.55%) of gross inpatient revenue in FY26, FY25, and FY24, respectively. Any decline in demand for these specialties due to increased competition, changing patient preferences, advancements in alternative treatments, or the unavailability of specialist doctors could adversely affect the company’s revenue and financial performance.
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