Manipal Health Enterprises is launching a ₹9,275 crore book-built IPO, with subscriptions open from 29 to 31 July 2026.
Manipal Health Enterprises is a leading healthcare provider with a diversified hospital network, offering specialised medical services across multiple clinical disciplines.
The IPO may suit medium to long-term investors seeking exposure to India’s growing healthcare sector.
The Manipal Health Enterprises IPO is a ₹9,275 crore book-built issue, comprising a fresh issue of ₹8,000 crore (13.56 crore shares) and an offer for sale (OFS) of ₹1,275 crore (2.16 crore shares).
The IPO will remain open for subscription from 29 July to 31 July 2026. The share allotment is expected on 3 August 2026, while the shares are likely to be listed on the NSE and BSE on 5 August 2026.
The price band has been set at ₹560–₹590 per share. Investors can apply in lots of 25 shares, with a minimum investment of ₹14,750 for retail applicants at the upper price band.
Manipal Health Enterprises IPO Key Details
Here are the essential details investors should know about the Manipal Health Enterprises IPO:
| Bidding Opens | 29 July 2026 |
| Bidding Closes | 31 July 2026 |
| Face Value | ₹2 per share |
| Issue Type | Bookbuilding |
| Price Band | ₹560 to ₹590 |
| Issue Price | |
| Listing at | BSE, NSE |
| Lot Size | 25 Shares |
| Offer for Sale (OFS) | 2,16,13,834 shares (₹1,275 crore) |
| Fresh Issue | 13,55,93,220 shares (₹8,000 crore) |
| Total Issue | 15,72,07,054 shares (₹9,275 crore) |
| Minimum Investment | ₹14,750 |
Manipal Health Enterprises IPO Timeline
The table below outlines the important dates for the Manipal Health Enterprises IPO:
| Bidding Opens | 29 July 2026 |
| Bidding Closes | 31 July 2026 |
| Allotment Planned For | 3 August 2026 |
| Refunds Start On | 4 August 2026 |
| Share Credit to Demat | 4 August 2026 |
| Listing Scheduled | 5 August 2026 |
| Cut-off for UPI mandate | 5:00 PM on 31 July 2026 |
Manipal Health Enterprises Key Performance Indicators (KPIs)
Below is an overview of the KPIs for Manipal Health Enterprises:
| KPIs | FY 2026 | FY 2025 | FY 2024 |
| ROE (%) | |||
| ROCE (%) | 21.88 | 26.98 | 27.74 |
| Debt-Equity (times) | |||
| RoNW (%) | 10.57 | 18.16 | 14.75 |
| PAT Margin (%) | 8.87 | 13.12 | 8.64 |
| EBITDA Margin (%) | 27.05 | 27.26 | 28.79 |
| Price Book Value | 8.13 |
Manipal Health Enterprises Financials
Manipal Health Enterprises’ financial figures are provided in the given table:
| Period | FY 2026 | FY 2025 | FY 2024 |
| Total Assets | 248,645.03 | 140,720.80 | 108,188.28 |
| Revenue | 105,205.16 | 83,627.86 | 62,651.71 |
| Profit After Tax | 9,165.19 | 10,816.72 | 5,332.03 |
(Amount in ₹ million)
Manipal Health Enterprises IPO Subscription Status
| Date | QIB (Ex Anchor) | NII | Retail | EMP | Total |
|---|---|---|---|---|---|
| Jul 29 (Day 1) | 0.00 | 0.05 | 0.15 | 0.58 | 0.04 |
Manipal Health Enterprises IPO Grey Market Premium
As of 27 July 2026, Manipal Health Enterprises IPO is trading at a premium of ₹25 in the grey market. The GMP has remained unchanged over the last two days, indicating steady investor sentiment ahead of the listing.
| GMP Date | GMP | Est. Listing Price (cap price + GMP) | Est. Profit* | Last Updated |
|---|---|---|---|---|
| 29-07-2026 Open | ₹8 ▼ | ₹598 (1.36%) | ₹200 | 29-Jul-2026 11:31 |
| 28-07-2026 | ₹10 ▼ | ₹600 (1.69%) | ₹250 | 28-Jul-2026 23:29 |
| 27-07-2026 | ₹13 ▼ | ₹603 (2.20%) | ₹325 | 27-Jul-2026 23:29 |
| 26-07-2026 | ₹25 ─ | ₹615 (4.24%) | ₹625 | 26-Jul-2026 23:32 |
| 25-07-2026 | ₹25 ▼ | ₹615 (4.24%) | ₹625 | 25-Jul-2026 23:32 |
| 24-07-2026 | ₹35 ─ | ₹625 (5.93%) | ₹875 | 24-Jul-2026 23:30 |
Note: GMP is based on unofficial grey market trading and reflects market sentiment. It does not guarantee listing performance.
Manipal Health Enterprises IPO Reservation
Below is the category-wise allocation of shares for the IPO:
Manipal Health Enterprises IPO Lot Size
Applications have to be made in the lot sizes specified below:
| Application Type | Lots | Shares | Amount |
| Individual Investor – Minimum | 1 | 25 | ₹14,750 |
| Individual Investor – Maximum | 13 | 325 | ₹1,91,750 |
| S-HNI Minimum | 14 | 350 | ₹2,06,500 |
| S-HNI Maximum | 67 | 1,675 | ₹9,88,250 |
| B-HNI Minimum | 68 | 1,700 | ₹10,03,000 |
Manipal Health Enterprises IPO Anchor Investors
Take a look at the anchor investor allocation in the table below:
| Particulars | Details |
| Bidding Opens | 28 July 2026 |
| Shares Offered | 60% of QIB Portion |
| Portion Size | Not disclosed yet |
| 30-Day Lock-in for 50% Shares | 2 September 2026 |
| 90-Day Lock-in for Remaining Shares | 1 November 2026 |
Manipal Health Enterprises IPO Prospectus
Access more details about the IPO through the links below.
About Manipal Health Enterprises
Incorporation: 15 February 2010
Managing Director and CEO: Dilip Jose Puthiyidathu
Manipal Health Enterprises operates a network of 49 multispecialty hospitals with 13,037 licensed beds across 14 states and union territories. The company provides outpatient, inpatient, tertiary and quaternary care services, with a presence across both metro and non-metro markets.
Its clinical services cover specialities including cardiac sciences, oncology, neurosciences, orthopaedics, gastro sciences and renal sciences. In FY26, the company treated 7.63 million patients through a network of over 11,000 doctors. Its growth has been supported by hospital acquisitions, capacity expansion and investments in healthcare infrastructure and technology.
| Issue Registrar | Kfin Technologies Ltd. |
| Lead Manager | Kotak Mahindra Capital Co.Ltd.Axis Capital Ltd.Goldman Sachs (India) Securities Pvt.Ltd.Jefferies India Pvt.Ltd.JP Morgan India Pvt.Ltd.UBS Securities India Pvt.Ltd. DBS Bank India Ltd. |
Manipal Health Enterprises IPO Objectives
The proceeds from the issue will be allocated toward the following purposes:
| Particulars | Amount (in ₹ million) |
| For prepayment/repayment of borrowings | 55,527.59 |
| For acquiring a minority stake in Sahyadri Hospitals | 5,740.00 |
| General corporate purposes | – |
Strengths of Manipal Health Enterprises
- Balanced Geographic Presence: With hospitals spread across different parts of the country, the company is less dependent on a single market and can cater to a diverse patient population.
- Established Brand: The company has built a recognised healthcare brand, supported by a large patient base, experienced medical professionals and multiple industry awards.
- Advanced Clinical Capabilities: The hospital network is equipped with advanced medical technology and provides specialised care across multiple high-complexity treatment areas.
- Acquisition-Led Growth: The company has expanded its network through strategic hospital acquisitions and integrates them to improve capacity, services and operational performance.
Risks of Manipal Health Enterprises
- Dependence on Inpatient Admissions: The company relies heavily on inpatient care, making occupancy rates and patient admissions important drivers of revenue and profitability.
- Regulatory and Licensing Risk: Hospital operations depend on obtaining and renewing multiple licences, permits and accreditations required under healthcare regulations.
- Lease and Land Rights: A large number of the company’s hospitals operate from leased properties. Any disputes over land ownership or delays in renewing leases could disrupt hospital operations.
- Environmental Compliance: The company is required to follow biomedical waste management and environmental regulations. Failure to comply could lead to penalties or affect day-to-day operations.
Manipal Health Enterprises IPO Review
Manipal Health Enterprises has built a strong presence in India’s healthcare sector through its established hospital network, recognised brand and expansion strategy. However, in his review of the Manipal Health Enterprises IPO, SEBI-registered analyst Deepak Pal notes that the fresh issue is primarily intended to reduce debt rather than fund expansion.
The business has reported steady growth, although some profitability and return ratios have moderated in recent years. This IPO may be suitable for investors with a medium to long-term investment horizon who are positive on the healthcare sector and comfortable with the associated business risks.
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Manipal Health Enterprises IPO FAQs
The Manipal Health Enterprises IPO is a ₹9,275 crore book-built issue comprising a ₹8,000 crore fresh issue and a ₹1,275 crore OFS.
Investors can apply through the ASBA facility offered by their bank or submit an online application using a UPI-supported broker or trading platform during the subscription period.
Manipal Health Enterprises has a large hospital network, a recognised healthcare brand and steady revenue growth. However, investors should also consider its valuation, financial performance and business risks before making an investment decision.
The IPO was trading at a GMP of ₹25, implying an estimated listing price of around ₹615 and a potential listing gain of about 4.2% over the upper price band.
The Manipal Health Enterprises IPO opens for subscription on 29 July 2026 and closes on 31 July 2026.
The minimum application size is 25 shares, requiring a minimum investment of ₹14,750 at the upper end of the price band. Investors can apply in lots of 25 shares.
The share allotment for the Manipal Health Enterprises IPO is expected to be finalised on 3 August 2026
The shares of Manipal Health Enterprises are expected to be listed on the NSE and BSE on 5 August 2026, subject to completion of the IPO process.
