Temasek backed Manipal Health Enterprises files DRHP with SEBI to launch IPO

Temasek-backed Manipal Health Enterprises has filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to raise funds through an initial public offering (IPO). The company plans to issue fresh equity shares worth Rs 8,000 crore, along with an offer-for-sale of up to 43,227,668 shares by promoters and select investors.

The promoters offering shares include Imperius Healthcare Investments and Manipal Education and Medical Group India. Other investors participating in the offer-for-sale are TPG SG Magazine, Seventy Second Investment Company LLC, Ammar SdnBhd, Novo Holdings Invest Asia, and Phoenix Bear Investments.

In consultation with book-running lead managers, Manipal Health Enterprises may consider a pre-IPO placement of up to Rs 1,600 crore. If completed, this will reduce the size of the fresh issue accordingly.  Manipal Health Enterprises operates a pan-India network of multispecialty hospitals, offering a wide range of care services from outpatient treatments.

As of September 30, 2025, it operated 38 hospitals with 10,761 licensed beds, expanding to 48 hospitals and 12,367 beds on a pro forma basis across 14 states and union territories. It recently started operations at its 49th hospital in Bengaluru, increasing its licensed bed capacity to 12,631 as of December 31, 2025.

In key regions such as Karnataka, Maharashtra and Goa, and eastern India (West Bengal, Odisha, Jharkhand, and Sikkim), Manipal Health Enterprises had 6,040, 2,188, and 2,887 licensed beds respectively, on a pro forma basis as of September 30, 2025. The acquisition of Sahyadri Hospitals in October 2025 added 1,606 licensed beds to its network.

The company served 3.94 million patients in the six months ended September 30, 2025, and 7.19 million patients in the full fiscal year 2025, supported by 11,058 doctors. Its revenue from operations was Rs 4,713 crore for the six-month period, with a net profit of Rs 571.8 crore. For fiscal year 2025, revenue stood at Rs 8,242.2 crore and net profit at Rs 1,081.6 crore.

Kotak Mahindra Capital, Axis Capital, Goldman Sachs India, Jefferies India, JP Morgan India, UBS Securities India and DBS Bank India are the book-running lead managers for the offer. KFin Technologies is the registrar. The equity shares are proposed to be listed on the BSE and NSE.