Manipal Health Enterprises Pvt Ltd, which operates the Manipal Hospitals chain, will start formal marketing of its planned initial public offering as early as next week, aiming to raise more than US$1 billion [1, 2, 3].
The company is working toward a valuation of about US$12 billion during two weeks of meetings with both domestic and international investors [1, 2, 3]. The IPO plans include a fresh issue of shares valued at around 80 billion rupees, equivalent to approximately US$960 million or S$1.1 billion, alongside a secondary offering of up to 43.23 million shares representing about a 3.66% stake held by existing investors [2, 3].
Selling shareholders in the secondary portion comprise TPG, Temasek Holdings Pte Ltd, Ammar Sdn Bhd, Novo Holdings Invest Asia, Phoenix Bear Investments LLC, Seventy Second Investment Company LLC, and Manipal Education and Medical Group India Pvt Ltd [2, 3]. Temasek also backs the IPO itself [1, 2, 3].
Manipal Hospitals filed its draft prospectus with India's market regulator in March 2026, marking a key step toward the public offering [2, 3]. Deliberations on IPO size and timing remain ongoing and could still change [2, 3].
The company is collaborating with several advisers including Kotak Mahindra Capital, Axis Bank, and the local units of Goldman Sachs, JPMorgan Chase, Jefferies, UBS Securities, and DBS Bank to prepare for the listing [2, 3].
Indian equity markets are gradually recovering from recent falls linked to geopolitical tensions in the Middle East and government efforts to stabilize fiscal conditions [2, 3].
After filing the draft prospectus, Manipal Hospitals will proceed with marketing the IPO from the week of May 18, 2026 [1, 2, 3].
