Manipal Health Enterprises
Current price₹ 638.8+8.27% since issue
Listing day+10.51%
- Issue price
- ₹ 590
- Issue size
- ₹ 9,275.22 Cr.
- Min. investment
- ₹ 14,750
- Listing price
- ₹ 652
- Subscribed
- 4.92x
- Lot size
- 25 shares
- P/E
- 84.65
- RoNW
- 10.57%
- RoCE
- 21.88%
- PAT margin
- 8.87%
- EBITDA margin
- 27.05%
- EPS
- ₹ 6.97
- NAV
- ₹ 72.55
- Promoter stake
- 61.84%
About
Incorporated in 2010, Manipal Health Enterprises Limited 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, founded by T. M. A. Pai. The company offers a wide range of healthcare services including tertiary and quaternary care, organ transplants, oncology, cardiology, neurology, orthopaedics and preventive healthcare. Its hospitals are equipped with advanced medical technology and are staffed by experienced medical professionals. Manipal Health focuses on delivering quality, patient-centric care and expanding access to healthcare through strategic acquisitions, partnerships and continuous investment in medical infrastructure and digital health initiatives. As of March 31, 2026, the company operated 49 hospitals with 13,037 licensed beds across 14 states and union territories, along with 21 clinics. As of March 31, 2026, the company had 24,240 full-time employees across its hospitals and corporate functions, comprising 11,048 nurses, 6,362 paramedics and 6,830 administrative employees.
Timeline
- doneOpens29 Jul
- doneCloses31 Jul
- doneAllotment3 Aug
- doneRefunds4 Aug
- doneDemat credit4 Aug
- doneListing5 Aug
Grey market premium (GMP)
GMP is an unofficial premium from the unregulated grey market. It is not published, verified or regulated by SEBI, NSE or BSE, grey market deals are not legally enforceable, and it is not a reliable indicator of the listing price. Do not apply for an IPO on the basis of GMP. It is not a recommendation of Minerva Capital Research Solutions.
- Highest
- ₹ 35 on 24 Jul 2026
- Lowest
- ₹ −15 on 31 Jul 2026
- First quoted
- ₹ 35 on 24 Jul 2026
Subscription
How many times each investor group bid for its share, as of 08 Aug 2026, 04:05 PM IST.
How much to apply for
The smallest and largest bids for each kind of investor at the upper price band.
| Retail (Min) | 1 | 25 | ₹ 14,750 |
| Retail (Max) | 13 | 325 | ₹ 1,91,750 |
| S-HNI (Min) | 14 | 350 | ₹ 2,06,500 |
| B-HNI (Min) | 68 | 1,700 | ₹ 10,03,000 |
Company overview
Financials
| Assets | 24,864.5 | 14,072.08 | 10,818.83 |
| Total Income | 10,520.52 | 8,362.79 | 6,265.17 |
| Profit After Tax | 916.52 | 1,081.67 | 533.2 |
| EBITDA | 2,795.94 | 2,247.07 | 1,776.6 |
| NET Worth | 8,440.92 | 5,865.66 | 4,029.22 |
| Reserves and Surplus | 8,204.96 | 5,788.6 | 3,953.59 |
| Total Borrowing | 10,553.43 | 4,766.83 | 3,943.98 |
Strengths
- India's largest multi-specialty hospital group by bed capacity, with a pan-India presence and leadership in its three key regions.
- The only private hospital chain network in India with leadership in three metros (Bengaluru, Kolkata and Pune), with a balanced and diversified presence across metros and non-metros.
- Widely recognised brand and network of choice for patients, doctors and healthcare professionals.
- Advanced infrastructure and medical equipment, with a strong focus on clinical excellence.
- Track record of industry-leading growth with strong profitability and efficiency metrics, with FY26 ROCE of 21.88% and EBITDA margin of 27.05%.
Risks
- Valuation is rich - the issue is priced at about 85 times post-issue FY26 earnings, against a listed peer average of about 70 times.
- Profit after tax fell about 15% in FY26 to Rs 916.52 crore even as revenue grew about 25%, on higher employee, finance and depreciation costs.
- Total borrowings more than doubled to Rs 10,553.43 crore in FY26 and net debt to adjusted EBITDA rose to 3.74x from 2.00x.
- Around Rs 1,275.22 crore of the issue is an Offer for Sale, and those proceeds go to the selling shareholders, not to the company.
- Growth has relied on acquisitions such as Sahyadri Hospitals, carrying integration, goodwill and execution risk.
- Healthcare is a highly regulated sector, subject to clinical, accreditation and price-regulation risks.
What the money is for
| 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 minority stake in the stepdown Subsidiary, Sahyadri Hospitals Private Limited | 574 |
| General corporate purposes | — |
Promoters
- Ranjan Ramdas Pai
- Manipal Global Health Services
- Memg International Ltd
- Kangto Investments Pte.Ltd
- Imperius Healthcare Investments Pte.Ltd
- Kabru Investments Pte.Ltd
Promoter holding69.86%→61.84%before → after the issue · down 8.02 points
Anchor investors
131 anchors put in ₹ 4,167.1 Cr., including 55 mutual funds.
| ICICI PRUDENTIAL PHARMA HEALTHCARE & DIAGNOSTICS (P.H.D) FUND | 8,46,550 | 49.95 | 0% |
| ICICI PRUDENTIAL MULTI-ASSET FUND | 7,61,900 | 44.95 | 0% |
| ISIF ACTIVE ASSET ALLOCATOR LONG-SHORT FUND | 84,650 | 4.99 | 0% |
| ICICI PRUDENTIAL EQUITY & DEBT FUND | 7,28,025 | 42.95 | 0% |
| ISIF EQUITY LONG-SHORT FUND | 84,650 | 4.99 | 0% |
| ICICI PRUDENTIAL INNOVATION FUND | 8,46,550 | 49.95 | 0% |
| ICICI PRUDENTIAL BHARAT CONSUMPTION FUND | 7,61,900 | 44.95 | 0% |
| ICICI PRUDENTIAL EXPORTS & SERVICES FUND | 1,18,525 | 6.99 | 0% |
| ICICI PRUDENTIAL ACTIVE MOMENTUM FUND | 4,23,275 | 24.97 | 0% |
| KOTAK MIDCAP FUND | 18,62,425 | 109.88 | 0% |
| KOTAK LARGE CAP FUND | 9,31,200 | 54.94 | 0% |
| KOTAK FLEXICAP FUND | 18,62,400 | 109.88 | 0% |
| ADITYA BIRLA SUN LIFE PHARMA & HEALTHCARE FUND | 1,62,425 | 9.58 | 0% |
| ADITYA BIRLA SUN LIFE MIDCAP FUND | 16,91,775 | 99.81 | 0% |
| ADITYA BIRLA SUN LIFE LARGE CAP FUND | 8,52,675 | 50.31 | 0% |
| FIDELITY SECURITIES FUND: FIDELITY BLUE CHIP GROWTH FUND | 13,01,100 | 76.76 | 0% |
| FIDELITY INVESTMENT TRUST: FIDELITY SERIES EMERGING MARKETS OPPORTUNITIES FUND | 4,25,700 | 25.12 | 0% |
| FIDELITY SECURITIES FUND: FIDELITY BLUE CHIP GROWTH K6 FUND | 2,72,600 | 16.08 | 0% |
| FIDELITY GROUP TRUST FOR EMPLOYEE BENEFIT PLANS: FIDELITY BLUE CHIP GROWTH COMMINGLED POOL | 2,22,700 | 13.14 | 0% |
| FIDELITY SECURITIES FUND: FIDELITY SERIES BLUE CHIP GROWTH FUND | 2,16,500 | 12.77 | 0% |
| FIAM GROUP TRUST FOR EMPLOYEE BENEFIT PLANS: FIAM TARGET DATE BLUE CHIP GROWTH COMMINGLED POOL | 1,39,700 | 8.24 | 0% |
| FIAM GROUP TRUST FOR EMPLOYEE BENEFIT PLANS: FIAM EMERGING MARKETS OPPORTUNITIES COMMINGLED POOL | 1,28,575 | 7.59 | 0% |
| LSOI SPV 1 LTD. | 13,53,450 | 79.85 | 0% |
| LSOII SPV 3 LTD. | 13,53,425 | 79.85 | 0% |
| MIRAE ASSET LARGE & MIDCAP FUND | 14,07,575 | 83.05 | 0% |
| MIRAE ASSET FOCUSED FUND | 12,99,300 | 76.66 | 0% |
| NOMURA INDIA INVESTMENT FUND MOTHER FUND | 27,06,875 | 159.71 | 0% |
| ABU DHABI INVESTMENT AUTHORITY-STABLE | 15,20,425 | 89.71 | 0% |
| 360 ONE PRIVATE EQUITY FUND-SERIES II | 1,69,500 | 10 | 0% |
| 360 ONE PRIME LTD. | 1,69,500 | 10 | 0% |
| ABU DHABI INVESTMENT AUTHORITY-MONSOON | 18,59,425 | 109.71 | 0% |
| DSP HEALTHCARE FUND | 18,59,425 | 109.71 | 0% |
| IPROFILE EMERGING MARKETS PRIVATE POOL MANAGED BY FRANKLIN TEMPLETON INVESTMENTS | 84,750 | 5 | 0% |
| FRANKLIN TEMPLETON INVESTMENT FUNDS-TEMPLETON EMERGING MARKETS DYNAMIC INCOME FUND | 84,750 | 5 | 0% |
| FRANKLIN TEMPLETON INVESTMENT FUNDS-TEMPLETON BIC FUND | 1,03,175 | 6.09 | 0% |
| FRANKLIN TEMPLETON INVESTMENT FUNDS-TEMPLETON EMERGING MARKETS FUND | 2,91,225 | 17.18 | 0% |
| FRANKLIN TEMPLETON FUNDS-FTF TEMPLETON GLOBAL EMERGING MARKETS FUND | 84,750 | 5 | 0% |
| TEMPLETON EMERGING MARKETS FUND | 2,32,550 | 13.72 | 0% |
| TEMPLETON INTERNATIONAL EMERGING MARKETS FUND | 84,750 | 5 | 0% |
| TEMPLETON EMERGING MARKETS INVESTMENT TRUST PLC | 5,00,675 | 29.54 | 0% |
| TEMPLETON DEVELOPING MARKETS TRUST | 3,08,050 | 18.17 | 0% |
| FRANKLIN TEMPLETON VARIABLE INSURANCE PRODUCTS TRUST-TEMPLETON DEVELOPING MARKETS VIP FUND | 84,750 | 5 | 0% |
| MOTILAL OSWAL ACTIVE MOMENTUM FUND | 5,60,325 | 33.06 | 0% |
| MOTILAL OSWAL MULTI CAP FUND | 11,25,200 | 66.39 | 0% |
| MOTILAL OSWAL BALANCED ADVANTAGE FUND | 1,73,900 | 10.26 | 0% |
| POLAR CAPITAL FUNDS PLC-HEALTHCARE OPPORTUNITIES FUND | 18,59,425 | 109.71 | 0% |
| PRAZIM TRADING & INVESTMENT CO.PVT.LTD. | 18,59,425 | 109.71 | 0% |
| PUBLIC SECTOR PENSION INVESTMENT BOARD-PSP INVESTMENTS | 18,59,425 | 109.71 | 0% |
| SBI LIFE INSURANCE CO.LTD. | 18,59,425 | 109.71 | 0% |
| UTI DIVIDEND YIELD FUND | 4,25,000 | 25.08 | 0% |
| UTI MNC FUND | 1,06,250 | 6.27 | 0% |
| UTI BALANCED ADVANTAGE FUND | 2,65,625 | 15.67 | 0% |
| UTI HEALTHCARE FUND | 2,12,525 | 12.54 | 0% |
| UTI MIDCAP FUND | 8,50,025 | 50.15 | 0% |
| EASTSPRING INVESTMENTS-INDIA CONSUMER EQUITY OPEN LTD. | 8,47,475 | 50 | 0% |
| EASTSPRING INVESTMENTS-INDIA EQUITY OPEN LTD. | 8,47,475 | 50 | 0% |
| CARMIGNAC PORTFOLIO | 15,20,425 | 89.71 | 0% |
| FRANKLIN INDIA LARGE & MID CAP FUND | 6,51,625 | 38.45 | 0% |
| FRANKLIN INDIA OPPORTUNITIES FUND | 8,68,800 | 51.26 | 0% |
| INCOME INS LP ASIA EQ ACTIVE FN | 5,04,200 | 29.75 | 0% |
| FULLERTON LUX FUNDS-ASIA FOCUS EQUITIES | 2,24,400 | 13.24 | 0% |
| FULLERTON LUX FUNDS-ASIA ABSOLUTE ALPHA | 1,64,400 | 9.7 | 0% |
| BNP PARIBAS TRUST SERVICES SINGAPORE LTD.AS TRUSTEE OF FULLERTON ALPHA-ASIA FOCUS EQUITIES FUND | 5,36,075 | 31.63 | 0% |
| TA ASIA ABSOLUTE ALPHA FUND | 91,350 | 5.39 | 0% |
| HDFC LIFE INSURANCE CO.LTD. | 15,20,425 | 89.71 | 0% |
| ICICI PRUDENTIAL LIFE INSURANCE CO.LTD. | 15,20,425 | 89.71 | 0% |
| INVESCO INDIA MIDCAP FUND | 12,67,025 | 74.75 | 0% |
| INVESCO INDIA MULTICAP FUND | 2,53,400 | 14.95 | 0% |
| GOVERNMENT PENSION FUND GLOBAL | 15,20,425 | 89.71 | 0% |
| SBI NPS TRUST-SBI PENSION FUND SCHEME-E TIER II | 1,26,700 | 7.48 | 0% |
| SBI NPS TRUST-SBI PENSION FUND-NPS LITE SCHEME-GOVT.PATTERN | 50,675 | 2.99 | 0% |
| SBI NPS TRUST-SBI PENSION FUND SCHEME-ATAL PENSION YOJANA | 9,62,950 | 56.81 | 0% |
| SBI NPS TRUST-SBI PENSION FUND SCHEME-ATAL PENSION YOJANA | 42,225 | 2.49 | 0% |
| SBI NPS TRUST-SBI PENSION FUND-UPS-CG SCHEME | 3,37,875 | 19.93 | 0% |
| WHITEOAK CAPITAL FLEXI CAP FUND | 4,49,150 | 26.5 | 0% |
| WHITEOAK CAPITAL LARGE CAP FUND | 93,250 | 5.5 | 0% |
| WHITEOAK CAPITAL PHARMA & HEALTHCARE FUND | 1,35,600 | 8 | 0% |
| WHITEOAK CAPITAL BALANCED ADVANTAGE FUND | 76,275 | 4.5 | 0% |
| WHITEOAK CAPITAL MULTI ASSET ALLOCATION FUND | 1,77,975 | 10.5 | 0% |
| WHITEOAK CAPITAL INDIA OPPORTUNITIES FUND | 3,39,000 | 20 | 0% |
| ASHOKA WHITEOAK ICAV-ASHOKA WHITEOAK INDIA OPPORTUNITIES FUND | 4,08,450 | 24.1 | 0% |
| ASHOKA WHITEOAK ICAV-ASHOKA WHITEOAK EMERGING MARKETS EQUITY FUND | 6,00,950 | 35.46 | 0% |
| ALLIANZ GLOBAL INVESTORS FUND-ALLIANZ INDIA EQUITY | 8,47,475 | 50 | 0% |
| AXIS LARGE & MID CAP FUND | 8,47,475 | 50 | 0% |
| HSBC GLOBAL INVESTMENT FUNDS-INDIAN EQUITY | 5,09,875 | 30.08 | 0% |
| HSBC INDIAN EQUITY MOTHER FUND | 3,37,600 | 19.92 | 0% |
| HSBC FOCUSED FUND | 3,45,900 | 20.41 | 0% |
| HSBC BALANCED ADVANTAGE FUND | 86,475 | 5.1 | 0% |
| HSBC FLEXI CAP FUND | 2,07,550 | 12.25 | 0% |
| HSBC ELSS TAX SAVER FUND | 2,07,550 | 12.25 | 0% |
| KOTAK FUNDS-INDIA MIDCAP FUND | 8,47,475 | 50 | 0% |
| PICTET-INDIAN EQUITIES | 8,47,475 | 50 | 0% |
| TATA INDIA PHARMA & HEALTHCARE FUND | 2,53,500 | 14.96 | 0% |
| TATA FLEXI CAP FUND | 3,76,475 | 22.21 | 0% |
| TATA INDIA INNOVATION FUND | 2,17,500 | 12.83 | 0% |
| MORGAN STANLEY ASIA (SINGAPORE) PTE.-ODI | 8,47,475 | 50 | 0% |
| UTI NPS TRUST-UTI PENSION FUND-NPS VATSALYA SCHEMЕ | 2,000 | 0.12 | 0% |
| UTI NPS TRUST-UTI PENSION FUND-WEALTH BUILDER NPS EQUITY SCHEME TIER I | 7,500 | 0.44 | 0% |
| UTI NPS TRUST-UTI PENSION FUND SCHEME-E TIER I | 4,49,000 | 26.49 | 0% |
| UTI NPS TRUST-UTI PENSION FUND-NPS LITE SCHEME-GOVT.PATTERN | 50,000 | 2.95 | 0% |
| MAX LIFE INSURANCE CO.LTD.-ULIF 01311/02/08 LIFE HIGHER 104-HIGH GROWTH FUND | 4,23,750 | 25 | 0% |
| BANDHAN MIDCAP FUND | 2,11,875 | 12.5 | 0% |
| BANDHAN INNOVATION FUND | 2,11,875 | 12.5 | 0% |
| NATIXIS INTERNATIONAL FUNDS (LUX) I-LOOMIS SAYLES GLOBAL EMERGING MARKETS EQUITY FUND | 4,23,750 | 25 | 0% |
| PRUDENTIAL ASSURANCE CO.LTD.,THE | 4,23,750 | 25 | 9.44% |
| SUNDARAM SERVICES FUND | 3,39,000 | 20 | 7.55% |
| SUNDARAM CONSUMPTION FUND | 84,750 | 5 | 1.89% |
| SUSQUEHANNA PACIFIC PTY.LTD. | 4,23,750 | 25 | 9.44% |
| VALUE PARTNERS HIGH-DIVIDEND STOCKS FUND | 4,21,225 | 24.85 | 9.38% |
| ORBIMED GENESIS MASTER FUND,LP | 2,54,250 | 15 | 5.66% |
| ABAKKUS GROWTH FUND-OPEN ENDED | 1,69,500 | 10 | 3.78% |
| BAJAJ LIFE INSURANCE LTD. | 1,69,500 | 10 | 3.78% |
| ADITYA BIRLA SUN LIFE INSURANCE CO.LTD. | 1,69,500 | 10 | 3.78% |
| SOCIETE GENERALE-ODI | 1,69,500 | 10 | 3.78% |
| WINRO COMMERCIAL (INDIA) LTD. | 1,69,500 | 10 | 3.78% |
| GOLDMAN SACHS BANK EUROPE SE-ODI | 1,69,500 | 10 | 3.78% |
| HCL CAPITAL PVT.LTD. | 1,69,500 | 10 | 3.78% |
| KOTAK MAHINDRA LIFE INSURANCE CO.LTD. | 1,69,500 | 10 | 3.78% |
| GREAT EASTERN LIFE-SINGAPORE LIFE INSURANCE FUND-PAR-LION GLOBAL EQUITY | 1,69,500 | 10 | 3.78% |
| PRIVATE CLIENT EMERGING MARKETS PORTFOLIO | 1,69,500 | 10 | 3.78% |
| PGIM INDIA LARGE & MIDCAP FUND | 98,150 | 5.79 | 2.19% |
| PGIM INDIA MULTI CAP FUND | 53,100 | 3.13 | 1.18% |
| PGIM INDIA HEALTHCARE FUND | 18,250 | 1.08 | 0.41% |
| BHARTI AXA LIFE INSURANCE CO.LTD. | 85,043 | 5.02 | 1.89% |
| EDELWEISS LIFE INSURANCE CO.LTD. | 84,775 | 5 | 1.89% |
| BARODA BNP PARIBAS HEALTH & WELLNESS FUND | 84,750 | 5 | 1.89% |
| CREAEGIS TRANSFORMATIONS FUND VCC-CTF 1 | 84,750 | 5 | 1.89% |
| EDELWEISS RECENTLY LISTED IPO FUND | 84,750 | 5 | 1.89% |
| JM MULTI ASSET ALLOCATION FUND | 84,750 | 5 | 1.89% |
| MAHINDRA MANULIFE FLEXI CAP FUND | 84,750 | 5 | 1.89% |
| UNION MIDCAP FUND | 84,750 | 5 | 1.89% |
Registrar, lead managers and documents
- Listing on
- BSE, NSE
- Face value
- ₹ 2 a share
- Registrar
- KFin Technologies Limited
- Lead managers
- Axis Capital, Kotak Mahindra Capital Company Limited, Jefferies India Private Limited, Goldman Sachs (India) Securities Private Limited, J.P. Morgan India Private Limited, Ubs Securities India Private Limited, DBS Bank India Limited
- Red herring prospectus (RHP)
- Open
- Draft prospectus (DRHP)
- Open
- Basis of allotment
- Open
IPO dates, prices, grey market premium (GMP), subscription and the company overview: IPO Guru, updated three times a day. GMP is an unofficial premium from the unregulated grey market. It is not published, verified or regulated by SEBI, NSE or BSE, grey market deals are not legally enforceable, and it is not a reliable indicator of the listing price. Do not apply for an IPO on the basis of GMP. It is not a recommendation of Minerva Capital Research Solutions.
Our recommendations are research opinions, not investment advice. Read the offer document (RHP) and consult your financial adviser before investing.