Manipal Health Enterprises has secured regulatory approval from the Securities and Exchange Board of India (SEBI) to proceed with its initial public offering, according to sources familiar with the development. The hospital operator is targeting a market debut in late July or early August, subject to prevailing market conditions. The company had filed IPO papers in March to raise up to $1.2 billion, positioning the issue among the largest healthcare listings in India. The planned offering comes at a challenging time for the primary market, with geopolitical tensions and sustained foreign portfolio outflows weighing on investor sentiment. Despite market volatility, the listing is expected to be closely tracked given growing demand for healthcare services and Manipal Health’s scale in the hospital sector.
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India’s Manipal Health Enterprises, backed by Singapore’s Temasek, has received approval for its stock market listing from market regulator SEBI, two sources familiar with the matter told Reuters on Friday.
The hospital chain is targeting a market debut in late July or early August, said the sources, who asked not to be named as the information has not yet been made public.
The offering is expected to be one of the largest IPOs by an Indian healthcare company.
Manipal filed for an initial public offering of up to $1.2 billion in March, betting on rising demand for complex care.
The listing comes as Iran war-driven geopolitical risks have fuelled a record selloff by foreign investors, which led to a slowdown in the IPO market as companies take a more cautious approach.
Overseas investors have offloaded $29.2 billion worth of shares so far this year, pushing the benchmark Nifty 50 index down about 7%.
