MANIPAL HEALTH ENTERPRISES LIMITED IPO
Registrar: KFin Technologies Limited · Lead: Kotak Mahindra Capital Company Limited, Axis Capital Limited, Goldman Sachs (India) Securities Private Limited, Jefferies India Private Limited, J.P. Morgan India Private Limited, UBS Securities India Private Limited, DBS Bank India Limited · Listing on NSE, BSE
IPO Lot Size
25 shares / lot · ₹590 upper bandInvestors can bid for a minimum of 25 shares and in multiples thereof.
| 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 |
| S-HNI (Max) | 67 | 1,675 | ₹9,88,250 |
| B-HNI (Min) | 68 | 1,700 | ₹10,03,000 |
About the company
Manipal Health Enterprises Limited operates a pan-India network of 49 multispecialty hospitals with 13,037 licensed beds as of March 31, 2026, making it the largest by bed capacity and second-largest by number of hospitals in India. The company offers a comprehensive range of healthcare services, from outpatient to complex tertiary and quaternary interventions.
The company holds a leading presence in key regions, including Karnataka (6,404 licensed beds), Maharashtra and Goa (2,188 licensed beds), and Eastern India (2,887 licensed beds), with a strong footprint in major metros like Bengaluru, Kolkata, and Pune, where it leads in bed capacity.
Objectives of the issue
- Repay/prepay certain outstanding borrowings of Manipal Hospitals Private Limited.
- Acquire a minority stake in Sahyadri Hospitals Private Limited.
- Fund general corporate purposes.
- Enhance brand image through listing on stock exchanges.
- Create a public market for Equity Shares in India.
Key strengths
- India’s largest multispecialty hospital group by bed capacity with pan-India presence and leadership in three key regions.
- 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 recognized brand and network of choice for patients, doctors and healthcare professionals, operating a patient-centric ecosystem rooted in transparency and clinical/service excellence.
- Advanced infrastructure and medical equipment, with a strong focus on clinical excellence, enabling advanced interventions and complex procedures.
- Track record of delivering industry leading growth with strong profitability and efficiency metrics, with revenue from operations growing at a CAGR of 29.41% and profit for the year at a CAGR of 31.11% (Fiscal 2024-2026).
- Repeatable playbook for integrating and scaling transformative acquisitions to improve access to quality healthcare.
- Experienced leadership team with marquee institutional shareholder support.
Key risks
- A substantial number of hospitals are located in Karnataka, making the business susceptible to disruptions or policy changes in that region.
- Primary revenue generation from inpatient care, making the company susceptible to risks of inconsistent or declining patient volumes and/or hospital occupancy rates.
- Our indebtedness and the conditions and restrictions imposed by our financing agreements and any non-compliance may lead to suspension of drawdowns or downgrade in credit rating.
- Exposure to legal claims and regulatory actions arising from healthcare services, including alleged medical negligence, operational and equipment-related risks.
- Requirement to obtain, renew and maintain statutory and regulatory permits, licenses, and accreditations; any failure could adversely affect the business.
- Operations involve generation and handling of bio-medical waste, subject to pollution control laws and regulations; failure to comply could adversely affect business.
- Reliance on third-party suppliers and subcontractors; their failure to perform, contract termination, or unfavorable pricing could materially affect business.
- Actual or perceived failure to appropriately handle personal information, including medical data, could have an adverse effect on business.
- The Offer Price may not be indicative of the trading price post-listing; investors may lose a significant part or all of their investment.
- Natural disasters, fires, epidemics, pandemics, acts of war, terrorist attacks, civil unrest, and other events could materially and adversely affect our business.