Manipal Health Enterprises Limited is one of India’s leading multi-specialty hospital chains, providing tertiary and quaternary healthcare services through a nationwide network of hospitals, clinics, and diagnostic centres.
The company operates an extensive healthcare network comprising 49 hospitals, 21 clinics, and diagnostic services across 18 states through its subsidiary HealthMap Diagnostics Private Limited under the ManipalTRUtest brand.
As of March 31, 2026, the company had 13,037 licensed beds, including 9,252 beds across 43 owned hospitals and 3,785 beds across six operation & management (O&M) hospitals. The network also included 2,972 ICU beds and 338 operating theatres, enabling it to provide advanced critical care and complex medical procedures.
Manipal Health has established one of the widest private hospital footprints in India, with operations across 14 states and union territories (13 states and one union territory).
According to the CRISIL Report, Manipal Health is the largest private hospital chain in Karnataka, Maharashtra & Goa, and select eastern states, with market leadership in Bengaluru, Kolkata, and Pune by bed capacity.
The company provides healthcare services across multiple specialties, with a strong focus on Cardiac Sciences, Oncology, Neurosciences, Gastro Sciences, Orthopedics, and Renal Sciences (CONGO-R). These specialties contributed 64.30% of gross inpatient revenue in FY2026, supported by advanced treatments such as robotic surgeries, organ transplants, and precision oncology.
In addition to hospitals, the company operates 21 clinics and offers pathology and radiology services through ManipalTRUtest, along with occupational health services for corporate employees.
During FY2026, the company served 7.63 million patients through its network supported by 11,064 doctors. It has received several industry awards, and as of March 31, 2026, 41 hospitals were NABH-accredited while 24 laboratories were NABL-accredited.
The company has expanded through organic growth and strategic acquisitions, including Columbia Asia, Vikram Hospitals, AMRI Hospitals, Medica Synergie, and Sahyadri Hospitals, increasing its network from 33 hospitals (9,520 beds) in FY2024 to 49 hospitals (13,037 beds) by March 31, 2026.
Manipal Health Enterprises IPO – Details
| IPO Opening Date | 29 July 2026 |
| IPO Closing Date | 31 July 2026 |
| Issue Type | Book Built Issue IPO |
| Issue Size | Total Issue Size: 15,72,07,054 Shares Worth ₹9,275.22 Crore Fresh Issue: 13,55,93,220 Shares Worth ₹8,000 Crore Offer For Sale: 2,16,13,834 Shares Worth ₹1,275.22 Crore |
| Face Value | ₹2 per equity share |
| IPO Price | ₹560 – ₹590 per share |
| Market Lot | 25 Shares |
| Min Order | 25 Shares [1 Lot] |
| Employee Discount | ₹56 |
| Listing At | BSE, NSE |
| Register | Kfin Technologies Ltd. |
| QIB Shares Offered | 75% |
| NII (HNI) Shares Offered | 15% |
| Retail Shares Offered | 10% |
Manipal Health Enterprises IPO – Date Schedule
| IPO Open Date | 29 July 2026 |
| IPO Close Date | 31 July 2026 |
| Basis of Allotment | 03 August 2026 |
| Initiation of Refund | 04 August 2026 |
| Credit of Shares to Demat Account | 04 August 2026 |
| IPO Listing Date | 05 August 2026 |
| Cut-off time for UPI mandate confirmation | 5 PM on July 31, 2026 |
Manipal Health Enterprises IPO – Lots Size & Price
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 25 | ₹14,750 |
| Retail (Max) | 13 | 325 | ₹1,91,750 |
| S-HNI (Min) | 14 | 350 | ₹2,06,500 |
| S-HNI (Max) | 67 | 1675 | ₹9,88,250 |
| B-HNI (Min) | 68 | 1700 | ₹10,03,000 |
Competitive Strength
- India’s largest multispecialty hospital group by bed capacity with pan-India presence and leadership in our three key regions.
- Widely recognized brand and network of choice for patients, doctors and healthcare professionals.
- Only private hospital network with leadership in Bengaluru, Kolkata, and Pune.
- Advanced infrastructure and medical equipment, with a strong focus on clinical excellence.
- Track record of delivering industry leading growth with strong profitability and efficiency metrics.
- Repeatable playbook for integrating and scaling transformative acquisitions to improve access to quality healthcare.
- Experienced leadership team with marquee institutional shareholder support.
Company Promoters
- Ranjan Ramdas Pai
- Manipal Global Health Services
- Memg International Ltd.
- Kangto Investments Pte.Ltd.
- Imperius Healthcare Investments Pte.Ltd.
- Kabru Investments Pte.Ltd.
Company Financials
| Particulars | Total Revenue | Total Expense | Profit After Tax | Total Borrowing |
|---|---|---|---|---|
| 31 March 2024 | ₹6,265.17 Cr | ₹5,340.51 Cr | ₹533.20 Cr | ₹3,943.98 Cr |
| 31 March 2025 | ₹8,362.79 Cr | ₹7,134.43 Cr | ₹1,081.67 Cr | ₹4,766.83 Cr |
| 31 March 2026 | ₹10,520.52 Cr | ₹9,268.42 Cr | ₹916.52 Cr | ₹10,553.43 Cr |
Key Performance Indicator
| KPI | Values (Mar 31, 2026) |
|---|---|
| ROCE | 21.88% |
| Debt/Equity | 3.74 |
| RoNW | 10.57% |
| PAT Margin | 8.87% |
| EBITDA Margin | 25.58% |
| NAV | 72.55 |
| Price to Book Value | 8.13 |
| Pre IPO | Post IPO | |
| EPS (₹) | 7.77 | 6.97 |
| P/E (x) | 75.93 | 84.65 |
Object Of The Issue
| Objects of the Issue | Expected Amount (₹ in crores) |
|---|---|
| Repayment/ prepayment, in full or in part, of certain outstanding borrowings and accrued interest thereon availed by one of the Material Subsidiaries, Manipal Hospitals Private Limited. | ₹5,552.76 |
| Acquisition of a minority stake in the stepdown Subsidiary, Sahyadri Hospitals Private Limited. | ₹574.00 |
| General Corporate Purpose. |
Manipal Health Enterprises IPO Peer Comparison
| S. No. | Face Value (₹) | Company Name | P/E Ratio |
|---|---|---|---|
| 1 | 5 | Apollo Hospitals Enterprise Ltd | 65.20 |
| 2 | 10 | Fortis Healthcare Ltd | 67.40 |
| 3 | 10 | Max Healthcare Institute Ltd | 71.00 |
✅Strengths
- Leading private hospital network in India.
- Leadership in Bengaluru, Kolkata, and Pune.
- Strong multi-specialty healthcare platform.
- Growth driven by strategic acquisitions.
⚠️Risks
- High dependence on key hospitals and regions.
- Capital-intensive expansion business.
- Subject to strict healthcare regulations.
- Depends on retaining skilled doctors and staff.
Manipal Health Enterprises IPO Promoter Holding
| Pre-Issue Share Holding | 81.86% |
| Post Issue Share Holding | 72.08% |
Manipal Health Enterprises IPO Prospectus
Company Contact Information
| Manipal Health Enterprises Limited The Annexe, #98/2, Rustom Bagh, HAL Airport Road, Bengaluru, Karnataka, 560017 Phone: +9180 4936 0300 Email: legalcs@manipalhospitals.com Website: https://www.manipalhospitals.com/ |
Manipal Health Enterprises IPO Registrar
| Kfin Technologies Ltd. Phone: 040-79615565 Email: manipal.ipo@kfintech.com Website: https://ipostatus.kfintech.com/ |
Manipal Health Enterprises IPO Lead Manager(s)
| 1. Axis Capital Limited 2. DBS Bank India Limited 3. Jefferies India Private Limited 4. J.P. Morgan India Private Limited 5. UBS Securities India Private Limited 6. Kotak Mahindra Capital Company Limited 7. Goldman Sachs (India) Securities Private Limited |
Manipal Health Enterprises IPO FAQs
| What is the Manipal Health Enterprises IPO? Manipal Health Enterprises IPO is a main-board IPO. The issue is priced at ₹560 to ₹590 per equity share. The IPO is to be listed on the BSE & NSE. |
| When will the Manipal Health Enterprises IPO open? The IPO is to open on 29 July 2026 for QIB, NII, and Retail Investors. |
| What is Manipal Health Enterprises IPO Investors Portion? The investors’ portion for QIB – 75%, NII – 15%, and Retail – 10%. |
| What is the Manipal Health Enterprises IPO Size? Manipal Health Enterprises IPO size is ₹9,275.22 Crore. |
| What are the Manipal Health Enterprises IPO Minimum and maximum lot sizes for Retail? The minimum bid is 25 Shares with ₹14,750, while the maximum bid is 325 Shares with ₹1,91,750. |
| What is the Manipal Health Enterprises IPO Allotment Date? Manipal Health Enterprises IPO allotment date is 03 August 2026. |
| What is the Manipal Health Enterprises IPO Listing Date? Manipal Health Enterprises IPO listing date is 05 August 2026. The IPO is to be listed on the BSE and the NSE. |
