Manipal Hospitals Finalizes Banks for $1 Bn IPO, Draft Filing by June

The IPO could see a fundraising of approximately INR 6,000 Cr through the sale of new shares, the report added.

Temasek-backed Manipal Hospitals has reportedly finalized a consortium of top banks to steer its highly anticipated $1 billion initial public offering.

The healthcare chain has reportedly selected Goldman Sachs, Axis Capital, Jefferies, Kotak Mahindra Capital, and JP Morgan to manage the public offer.

Sources cited by The Mint suggest that Manipal Hospitals is expected to file its draft red herring prospectus (DRHP) by June this year. The Temasek-backed healthcare group is likely to be valued between $8 billion and $10 billion, and it aims to list its shares on Indian stock exchanges by the end of FY26.

The IPO could see a fundraising of approximately INR 6,000 Cr through the sale of new shares, the report added.

Earlier, we reported that the hospital chain had planned to meet bankers in February to seek formal pitches for the offering. 

The listing, if successful, would be one of the largest IPOs in India's healthcare sector.

The IPO is expected to include a combination of a secondary offer-for-sale (OFS) and a significant primary capital raise. While existing shareholders may reduce their stakes through the OFS, the primary capital raised will be utilized to support the company's expansion plans.

Manipal Health Enterprises and Temasek representatives did not respond to requests for comments. The report could not be independently verified by Digital Health News.

Initially promoted by the Pai family, the hospital chain has seen significant investment from private equity funds. Singapore’s sovereign wealth fund, Temasek, became the largest shareholder in April 2023 after acquiring a 41% stake in Manipal Health for over $2 billion, valuing the company at approximately INR 40,000 Cr.

Founded by Ranjan Pai in 2010, Manipal Health Enterprises, also known as Manipal Hospitals, serves around 7 million patients annually across 37 hospitals in 19 cities, including Bengaluru, Mangalore, Mysore, and others, spread over 14 states.

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