Manipal Health Enterprises Pvt., the operator of the Manipal Hospitals chain and backed by Temasek Holdings Pte., is said to have lowered its valuation target for its initial public offering to $8.3 billion. This revised valuation is a notable reduction from the previously aimed range of $10 billion to $13 billion.
The initial public offering, which received regulatory approval from SEBI on July 3, includes a fresh issue of shares intended to raise $958 million (approximately ₹8,000 crore). These funds are primarily earmarked for repaying or prepaying borrowings of its subsidiary Manipal Hospitals Pvt Ltd, with $644 million (₹5,378 crore) allocated for this purpose. An additional $69 million (₹574 crore) will be used to acquire a minority stake in Sahyadri Hospitals Pvt Ltd, with the remainder for general corporate purposes.
In addition to the fresh issue, the IPO will feature an offer for sale (OFS) of up to 4.32 crore equity shares by existing promoters, including Imperius Healthcare Investments Pte Ltd and Manipal Education and Medical Group India Pvt Ltd. The company also reported robust financials for the six months ended September 30, 2025, with revenue from operations reaching $565 million (₹4,713 crore) and a net profit of $68.5 million (₹571.8 crore). As of December 2025, Manipal Health operated 38 hospitals with a licensed bed capacity of 12,631.
Despite the reduced valuation, Manipal's IPO is still anticipated to be one of India's largest healthcare offerings and potentially the first billion-dollar public offering in the country this year. The company is working with several major financial advisors, including Kotak Mahindra Capital Co., Axis Capital Ltd., Goldman Sachs Group Inc., JPMorgan Chase & Co., Jefferies Financial Group Inc., UBS Securities, and DBS Bank Ltd. The final prospectus is expected to be filed shortly, with a listing targeted by the end of July.
The adjustment in valuation reflects a more cautious approach in the current market conditions for IPOs in India, where new listings have faced headwinds. Despite this, the offering is poised to be a significant event in the Indian equity markets.
