Manipal Health Enterprises Ltd. made its trading debut in Mumbai with shares opening at 655 rupees, an 11% premium over its issue price of 590 rupees. This strong performance, surpassing earlier gray market predictions for a flat debut, values the company at approximately 859 billion rupees, establishing it as India's third-largest listed hospital operator, trailing only Apollo Hospitals Enterprise Ltd. and Max Healthcare Institute Ltd. The initial public offering (IPO) raised a total of 92.7 billion rupees ($960 million).
The IPO, which took place from July 29 to July 31, was met with significant investor interest, garnering an overall subscription of 4.92 times. Institutional investors, specifically Qualified Institutional Buyers (QIBs), showed robust demand, subscribing 8.25 times their allocated portion. Non-Institutional Investors (NIIs) subscribed 1.02 times, while the Retail Individual Investor (RII) portion was subscribed 93%.
Manipal Health Enterprises plans to strategically utilize the proceeds from its fresh issue of 13.56 crore equity shares, which amounted to 8,000 crore rupees. A substantial portion, 5,378 crore rupees, is earmarked for debt repayment, aiming to improve the company's financial health and reduce borrowing costs. Additionally, 574 crore rupees will be allocated to acquire a minority stake in Sahyadri Hospitals, a step-down subsidiary. The remaining funds will support general corporate purposes and future business expansion initiatives, including potential acquisitions and investments in medical infrastructure. As of March 31, 2026, Manipal Health operates 49 hospitals and 21 clinics across India, with 13,037 licensed beds.
