Manipal Health IPO opens today: Should you apply or avoid? Check reviews, ratings & GMP

The initial public offering of Manipal Health Enterprises opens for subscription on Wednesday, July 29. The hospital player shall be selling its shares in the range of Rs 560-590 apiece. Investors can apply for a minimum of 25 equity shares and its multiples thereafter. The issue will close for subscription on Friday, July 31.

Manipal Health Enterprises is eyeing to raise a total of Rs 9,275 crore from its maiden stake sale, which includes a fresh share sale of Rs 8,000 crore and an offer-for-sale (OFS) of up to 2,16,13,834 shares worth Rs 1,275 crore. The net proceeds from the fresh issue will be utilized towards reduction of debt, acquisition of minority stake in its subsidiary, Sahyadri Hospitals and general corporate purposes.

Incorporated in 2010, Bengaluru-based Manipal Health Enterprises is a healthcare service provider, operating a large network of multi-specialty hospitals, clinics, and diagnostic centres across the country. It is part of the Manipal Group. It offers a wide range of healthcare services including tertiary and quaternary care, organ transplants, oncology, cardiology, neurology, orthopaedics, and preventive healthcare.

Ahead of its IPO, Manipal Health Enterprises raised a total of Rs 4,160.1 crore from more than 130 anchor investors as it allocated 7,06,28,768 equity shares for Rs 590 apeice. Its anchor book included names like ICICI Prudential MF, Kotak MF, Aditya Birla MF, Fidelity,  Fiam Group Trust, Abu Dhabi Investment Authority, Nomura India, DSP MF, 360 One MF, Franklin Templeton and others.

For the financial year ended on March 31, 2026, Manipal Health Enterprises reported a net profit of Rs 916.52 crore with a revenue of Rs 10,520.52 crore. The company clocked a bottomline of Rs 1,081.67 crore with a revenue of Rs 8,362.79 crore for the year ended on March 31, 2025. At the current valuations, the company commands a market capitalization of more than Rs 77,600 crore.

Manipal Health has reserved shares worth Rs 15 crore for its eligible employees, who will get a discount of Rs 56 per cent. Of the net issue, 75 per cent shares are reserved for qualified institutional bidders (QIBs), while non-institutional and retail investors will get 15 per cent and 10 per cent shares, respectively. Last heard, its grey market premium (GMP) stood at Rs 10-12 apeice.

Kotak Mahindra Capital Company, Axis Capital, Goldman Sachs (India) Securities, Jefferies India, JP Morgan India, UBS Securities India and DBS Bank are the book running lead managers of Manipal Health IPO and Kfin Technologies Ltd is the registrar of the issue. Shares of the company shall be listed on both BSE Ltd and NSE on Wednesday, August 05. Here's what a host of brokerages say on it:

Arihant Capital Markets
Rating: Neutral
Manipal Health is positioned to capitalize on India's rising healthcare demand, supported by its market-leading hospital network, leadership across key metro and regional markets, and a strong, trusted healthcare brand. It is well placed to deliver long-term earnings growth, margin expansion, and shareholder value, said Arihant Capital.

"It has demonstrated an industry-leading track record of revenue growth, profitability, and operational efficiency, driven by increasing patient volumes, higher-acuity treatments, stable occupancy levels, and disciplined capacity expansion. The issue is valued at a P/E ratio of 84.67 times, based on annualized PAT of FY26 EPS of Rs 6.97," it said with a 'neutral' rating.

Anand Rathi Share & Stock Brokers
Rating: Subscribe for long-term
Manipal Health Enterprise is India's largest multispecialty hospital network by bed capacity, with a pan-India footprint and market leadership across its three core regions. It is valued at PE of 85.4 times to its FY26 earnings, said Anand Rathi Share & Stock Brokers.

It is private hospital chain with leading positions in Bengaluru, Kolkata, and Pune, supported by a diversified presence across metro an non-metro markets, a trusted brand among patients and medical professionals, and advanced healthcare infrastructure focused on delivering superior clinical outcomes. We believe that the IPO is fully priced," it added with a 'subscribe for long term' rating.

ICICIDirect Research.
Rating: Subscribe for long-term
Manipal has delivered a robust performance with revenue and EBITDA growing at robust 29 per cent and 27 per cent CAGR over FY23-26, said ICICIDirect. It is valued at 35 times EV/EBITDA on FY26 basis, in sync with pan-India chains. Considering the long-term growth prospects and overall positive sentiment for Hospitals, we believe the valuation offers reasonable scope for further appreciation."

Swastika Investmart
Rating: Avoid
The IPO proceeds will be used mainly to repay acquisition-related debt, leaving limited capital available for future expansion. Manipal Health has a high dependence on Karnataka, with 46–60 per cent of its revenue coming from hospitals in the state, said Swastika Investmart in its IPO note.

The IPO is valued at a premium to, or above, peer valuations, offering limited margin of safety to investors. Given the expensive valuation, investors may consider waiting for better entry levels after listing or clearer signs of debt reduction before taking an investment decision, it added with an 'avoid' rating for now.

SBI Securities
Rating: Subscribe for long-term
Manipal Health is the largest multi-specialty healthcare provider by bed capacity in India with leadership position in key metro cities. It has a strong track record of successful strategic acquisitions which enable scale, drive operating leverage, expand geographical reach and reinforce competitive positioning, said SBI Securities.

"Over FY26-30, MHEL plans to add 2,426 additional beds through greenfield and brownfield expansion. Margin expansion driven by integration of Sahyadri Group and reduction in interest cost aided by debt prepayment would aid in profitability. The issue is valued at an EV/EBITDA of 29.4 times based on FY26 PROFORMA earnings, which is fairly valued against industry peers," it added with a 'subscribe' for long-term rating.

Angel One
Rating: Neutral
Manipal Health Enterprises has delivered strong financial growth, with revenue and profit CAGR of 29.41 per cent and 31.11 per cent, respectively, between FY24 and FY26. IPO net proceeds will primarily be used to repay debt and acquire the minority stake in Sahyadri Hospitals, said Angel One.

Despite strong fundamentals, a pan-India presence and favourable industry prospects, the IPO appears aggressively valued at 84.65 times FY26 earnings at the upper price band, it said. Given the premium valuation, analysts at Angel One have assigned a ‘Neutral’ rating for medium- to long-term investors.

Master Capital Services
Rating: Subscribe for long-term
Manipal Health Enterprises is well positioned to benefit from growing healthcare demand, supported by its pan-India network, strong presence across key metro and non-metro markets, focus on tertiary and quaternary care, advanced clinical capabilities and continued capacity expansion, said Master Capital Services.

"Its growing inpatient volumes, strategic acquisitions and planned addition of around 2,426 licensed beds by 2030 further support its growth prospects. Investors may consider the IPO as a potential long-term investment opportunity," it added.

Kantilal Chhaganlal Securities
Rating: Avoid
Manipal Health is valued at 85.67x FY26 earnings, implying a steep premium to listed hospital peers. Despite its strong franchise, it trails peers on key operating metrics, with relatively lower bed occupancy, an ALOS of 2.78 days, and a declining ROCE, indicating limited near-term operating leverage, said Kantilal Chhaganlal Securities in its IPO note.

Manipal Health also faces multiple pending tax and legal matters against its subsidiary company, which can dent for some next year profit, while the regulated nature of the healthcare sector adds compliance-related risks. Although the IPO proceeds will strengthen the balance sheet through debt reduction, they are not intended to fund meaningful growth initiatives," it said with an 'avoid' tag.

DR Choksey Finserv
Rating: Subscribe
We believe Manipal Health is well positioned for its next phase of growth. We expect revenue and EBITDA to grow at a CAGR of 18 per cent and 17 per cent, respectively, between FY26-FY28 driven by capacity expansion, improving occupancy, and higher ARPOB, said DR Choksey Finserv.

"With one of India's largest hospital networks, a strong expansion pipeline, and favourable industry tailwinds such as rising healthcare demand and medical tourism, the company is well placed to deliver sustained earnings growth. We recommend to 'subscribe' for long-term capital appreciation," it added.

Marwadi Financial Services
Rating: Avoid
Manipal Health is going to list at a P/E of 85 times, whereas its peers namely like Apollo Hospitals, Fortis Healthcare, Max Healthcare are trading at a P/E of 65-71 times, said Marwadi Financial Services. "We assign an 'avoid' rating to this IPO as the valuations are expensive and not in favor of investors," it added.

Canara Bank Securities
Rating: Subscribe
Manipal Health Enterprises is operating a large network of multi-specialty hospitals, clinics, and diagnostic centers across the country, said Canara Bank Securities and recommended a 'subscribe 'rating to the IPO, driven by the company's acquisitions lead Growth are a primary trend for high topline growth, where currently company operated 49 hospitals with 13,037 licensed beds.

The issue valued at EV/EBITDA of 61.82 times, which appears to be over-valued but supported with high topline, margin and profit CAGR for last three year compare to peers. It plans to add 2,426 licensed beds by 2030 through a mix of brownfield, and greenfield projects which leads to drives high topline growth in future.

BP Equities
Rating: Subscribe for long-term
Manipal's integrated healthcare ecosystem, strong clinician network, established referral base, and scalable operating model create significant barriers to entry and enhance long-term growth visibility, said BP Equities. "The issue is valued at a P/E of 76.9 times based on annualized FY26 earnings on a post issue basis. We recommend a 'subscribe' rating from a medium to long-term basis."

Ventura Securities
Rating: Subscribe
Manipal Health is India’s largest pan-India multispecialty hospital network by bed capacity, operating 49 hospitals with 13,037 beds. Its IPO includes a fresh issue of up to Rs 8,000 crore, primarily for debt repayment and acquiring the remaining stake in Sahyadri Hospitals, said Ventura.

The company has delivered strong financial growth, with revenue and profit growing at CAGRs of 29.41 per cent and 31.11 per cent, respectively, between FY24 and FY26. However, investors should consider risks including high dependence on Karnataka, regulatory pricing controls and the challenge of retaining skilled healthcare professionals, it added with a 'subscribe' tag.

AUM Capital
Rating: Subscribe for long-term
Manipal Health operates in India's rapidly expanding healthcare sector, supported by favorable long-term structural drivers like increasing healthcare awareness, rising insurance penetration, higher disposable incomes, and continued investments. Premium valuations are justified by it strong market leadership, extensive hospital network, improving operational and financial performance and well-defined expansion strategy, said AUM Capital.

"Considering its robust growth prospects and ability to capitalize on the increasing demand for quality healthcare services, we recommend the stock as a long-term investment for investors seeking sustainable wealth creation," it added.