The public issue received bids for 4.05 crore shares against 9 crore shares on offer. Qualified Institutional Buyers (QIBs) led the demand, with their portion subscribed 60%, followed by the retail category at 45%. The Non-Institutional Investor (NII) segment lagged, with subscriptions of just 14%.
In the grey market, Manipal Health shares were commanding a premium of ₹6 on the morning of July 31. Based on the upper end of the price band at ₹590, the grey market premium (GMP) indicates a potential listing price of around ₹596, implying an estimated listing gain of about 1.02%.
However, the GMP is an unofficial indicator of market sentiment and may change before the stock lists.
The operator of the Manipal Hospitals network has fixed a price band of ₹560-590 per share. Retail investors can bid for a minimum of 25 shares, requiring an investment of ₹14,750 at the upper end of the price band.
The IPO comprises a fresh issue of ₹8,000 crore and an offer for sale (OFS) of 2.16 crore shares by existing shareholders. At the upper end of the price band, the company is expected to command a post-listing market capitalisation of approximately ₹77,607 crore. Following the issue, the promoters’ stake will decline to 61.84% from 69.87%.
Manipal Health plans to use ₹5,552.7 crore from the fresh issue proceeds to repay debt, largely borrowings incurred for the acquisition of Sahyadri Hospitals. Another ₹574 crore will be utilised to acquire the remaining 9.84% stake in Sahyadri Hospitals.
As of March 2026, the company had total borrowings of ₹11,185 crore. The proposed debt repayment is expected to reduce its outstanding debt by nearly 47.5%.
About the company
Manipal Health is India’s largest private hospital chain by licensed bed capacity, operating 49 hospitals with 13,037 licensed beds across 14 states and Union Territories as of March 31, 2026. It is also the country’s second-largest private hospital network by the number of hospitals and the second-highest revenue-generating hospital chain.
The company holds the leading market share among private hospital operators in Bengaluru, Kolkata and Pune, making it the only player with a leadership position across all three cities.
Over the years, Manipal Health has expanded through acquisitions, including Columbia Asia, AMRI Hospitals, Medica Synergie, Sahyadri Hospitals, and a standalone hospital in Bengaluru.
For FY26, the company reported a 26% year-on-year increase in total income to ₹10,520.5 crore. EBITDA rose to ₹2,795.9 crore from ₹2,247.1 crore a year earlier, while net profit declined to ₹916.5 crore from ₹1,081.7 crore.
Kotak Mahindra Capital is the book-running lead manager to the issue, while KFin Technologies is the registrar.
The basis of allotment is expected to be finalised on August 3, with the shares scheduled to list on the BSE and NSE on August 5.
