New Delhi: Manipal Hospitals, backed by Singapore investment giant Temasek and healthcare entrepreneur Ranjan Pai, has filed draft papers with the Securities and Exchange Board of India (SEBI) for a mega initial public offering (IPO), expected to be the largest-ever in India’s healthcare sector.
IPO structure and size
According to industry sources, the IPO will include a fresh issue of shares worth ₹8,000 crore along with an offer for sale (OFS) of up to 4.32 crore shares by existing promoters and investors.
Key stakeholders participating in the OFS include Imperius Healthcare Investments, Manipal Education and Medical Group, TPG entities and Seventy Second Investment, among others. The proposed listing is expected to attract significant investor interest given the scale and growth trajectory of the company.
Sources indicated that, subject to market conditions, the IPO could be launched by the end of 2026.
Use of proceeds
The company plans to utilise a major portion of the funds raised through the fresh issue to strengthen its balance sheet. This includes repayment of debt amounting to approximately ₹5,378 crore.
Additionally, around ₹574 crore will be used to acquire a minority stake in its step-down subsidiary, Sahyadri Hospitals. As of January 31, 2026, the company’s total consolidated borrowings stood at ₹10,612.79 crore.
Strong institutional backing
The IPO is being managed by leading investment banks such as Kotak Mahindra Capital, Axis Capital, Jefferies, JPMorgan Chase, Goldman Sachs, UBS and DBS Bank.
Legal advisory for the deal is being handled by top law firms, reflecting the scale and complexity of the transaction.
Market positioning and scale
Manipal Hospitals is one of India’s largest private hospital chains, operating 38 hospitals (48 on a pro forma basis) with over 10,700 licensed beds as of September 2025. Its network spans 14 states and union territories, making it one of the most geographically diversified healthcare providers in the country.
The company reported a significant rise in revenue, posting ₹9,263.56 crore in FY25 compared to ₹6,171.63 crore in the previous year. Net profit stood at ₹534.7 crore, reflecting stable earnings performance.
Regionally, it holds a strong presence in Karnataka, Maharashtra and Goa, as well as eastern states such as West Bengal, Odisha, Jharkhand and Sikkim.
Expansion strategy and acquisitions
In recent years, the company has aggressively expanded through acquisitions. In July, it acquired Pune-based Sahyadri Hospitals in a deal valued at around ₹6,150 crore, strengthening its footprint in western India.
The group has also acquired Vikram Hospitals, Columbia Asia Hospitals India operations and AMRI Hospitals, reflecting its strategy of rapid inorganic growth.
Following the Sahyadri acquisition, the company’s total bed capacity is expected to reach around 12,000, further consolidating its position among India’s top hospital networks.
Sector comparison
In comparison, listed peers such as Apollo Hospitals Enterprise, Max Healthcare Institute and Fortis Healthcare currently command significant market capitalisations, indicating strong investor appetite for healthcare assets.
Industry experts believe Manipal Hospitals’ IPO could set a new benchmark for healthcare listings in India.
Conclusion
The proposed IPO marks a significant milestone for Manipal Hospitals as it prepares to enter the public markets. Backed by strong financials, aggressive expansion and global investors, the offering is expected to draw considerable attention from institutional and retail investors alike, potentially reshaping India’s healthcare investment landscape.