Manipal Health Enterprises, a healthcare provider backed by Temasek, is poised to launch its initial public offering (IPO) in India as early as next week. The company aims to raise a total deal size of nearly $1 billion. The IPO will consist of a fresh issue of shares designed to raise approximately ₹8,000 crore (about $960 million) and an offer for sale (OFS) of 20-25 million equity shares by current shareholders.
The proceeds from the fresh issue are primarily allocated for financial purposes, including repaying outstanding borrowings and funding the acquisition of a minority stake in its subsidiary, Sahyadri Hospitals. This strategic move is expected to strengthen Manipal Health's balance sheet and increase its ownership within the hospital chain. Manipal Health had initially filed its draft papers with the Securities and Exchange Board of India (SEBI) on March 25, 2026, and received SEBI's approval on July 3, 2026.
Several key shareholders are anticipated to participate in the OFS, with Temasek projected to offload the largest stake. Other selling shareholders include the Manipal Group, private equity firm TPG, Seventy Second Investment, Novo Holdings, and Phoenix Bear Investments. The company has not provided a public comment on the specific timeline for the listing. This IPO is expected to be one of India's largest healthcare listings in recent years, reflecting the growing investment interest in the country's healthcare sector.
