Manipal Health Enterprises IPO
Manipal Health Enterprises IPO Details
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Manipal Health Enterprises IPO Timeline
Last Updated: 08 May 2026 10:53 AM by 5paisa
Manipal Health Enterprises Limited, launching a ₹500 Cr IPO, is a global vertical SaaS company specialising in learning and assessment solutions. It offers AI-powered applications, testing and online proctoring platforms, learning experience and student success platforms, and digital eBook tools. Through SARAS LMS, EnablED LXP, and OpenPage, it supports the training and development needs of academic institutions and enterprises. Operating across India, Malaysia, Singapore, the UK, and the USA, Excelsoft serves 200+ organisations and over 30 million learners worldwide.
Established in: 1991
Managing Director: Dr. Dilip Jose
Peers:
| Metric | Manipal Health Enterprises Limited |
Apollo Hospitals Enterprise Ltd |
Fortis Healthcare Ltd |
Max Healthcare Institute Ltd |
| Total Revenue (₹ cr) | 8,242 | 21,794 | 7,782.8 | 8,667 |
|
Face Value (₹ per share) |
2 | 5 | 10 | 10 |
|
EPS Basic (₹) |
9.25 | 100.56 | 10.26 | 11.07 |
|
EPS Diluted (₹) |
9.25 | 100.56 | 10.26 | 11.07 |
|
NAV(₹ per share) |
50.91 | 571.15 | 118.11 | 96.50 |
| P/E Ratio | - | 73.23 | 80.12 | 87.63 |
| RoNW (%) | 18.16 | 17.61 | 8.68 | 11.47 |
Manipal Health Enterprises Objectives
1. Repayment/ prepayment, in full or in part, of certain outstanding borrowings and accrued interest availed by one of the company's material subsidiaries, Manipal Hospitals Private Limited (₹5,378 Cr)
2. Acquisition of minority stake in company's stepdown subsidiary, Sahyadri Hospitals Private Limited )₹574 Cr)
3. General corporate purposes
| Particulars (In ₹ Crores) | FY23 | FY24 | FY25 |
| Revenue | 4,839.6 | 6,171.6 | 8242.2 |
| EBITDA | 1,280 | 1,696.6 | 2,165.4 |
| Particulars (In ₹ Crores) | FY23 | FY24 | FY25 |
| Total Assets | 7,936.8 | 10,818.8 | 14,072 |
| Share Capital | 75.6 | 75.6 | 77 |
| Total Liabilities | 7,936.8 | 10,818.8 | 14,072 |
| Cash Flows (₹ Crores) | FY23 | FY24 | FY25 |
| Net Cash Generated From / (used in) Operating Activities | 1,152 | 1,388.6 | 1,569.8 |
| Net Cash Generated From / (used in) Investing Activities | -995.2 | -870.5 | -2658.3 |
| Net Cash Generated From / (used in) Financing Activities | -145.1 | -250.2 | 904 |
| Net Increase (Decrease) in Cash and Cash Equivalents | 11.7 | 267.9 | -184.4 |
Strengths
1. Largest pan-India multispecialty hospital network by bed capacity - 49 hospitals, 12,631 beds across 14 states as of December 2025
2. Deep focus on high-value tertiary and quaternary care - cardiac, oncology, neurosciences, gastrosciences, orthopaedics, and renal sciences.
3. FY25 revenue of ₹8,242 crore and net profit of ₹1,081.6 crore; served 7.19 million patients supported by 11,058 doctors.
4. Track record of successful integrations - Columbia Asia (2021), AMRI (2023), Medica Synergie (2024), and Sahyadri (2025).
Weaknesses
1. Material subsidiary Manipal Hospitals Private Limited carries significant borrowings; ₹5,378 crore of fresh issue proceeds earmarked solely for debt repayment.
2. Revenue concentration in Karnataka remains a risk, with Karnataka, Maharashtra/Goa, and eastern India holding the majority of licensed beds.
3. Business performance is closely tied to patient volumes and occupancy - new hospitals take time to ramp up and stabilise margins.
4. Inpatient revenue is skewed toward a few key specialities, making the company vulnerable to demand shifts in those segments.
Opportunities
1. Network planned to grow toward 15,000 beds, with capacity in metro and tier-II cities still under-penetrated by organised private healthcare.
2. Acquisition of minority stake in Sahyadri Hospitals (₹574 crore earmarked from fresh issue) to deepen western India presence.
3. Listing benefits - enhanced brand image, public market creation, and improved access to growth capital.
4. International patient base spans 160+ countries, offering significant upside in medical tourism revenues.
Threats
1. This being the first public offer, no formal market exists for shares - price discovery and post-listing liquidity remain uncertain.
2. Highly regulated sector - changes in healthcare pricing, government policies, or licensing norms can directly impact operations.
3. Rapid inorganic growth (multiple large acquisitions) increases integration complexity, operational risk, and management bandwidth strain.
4. Intense competition from listed peers (Apollo, Max, Fortis, Narayana) with established public market valuations and investor familiarity.
1. Strong pan-India hospital network with large bed capacity and multi-specialty services, supporting long-term growth.
2. IPO proceeds mainly aimed at debt reduction and expansion, improving financial stability.
3. Backed by global investors and positioned in a high-demand healthcare sector in India.
4. Consistent growth in revenue, profitability, and patient volume indicates solid operating performance.
India's private healthcare market is expanding rapidly, driven by rising incomes, ageing population, and growing insurance penetration. Manipal, as the largest pan-India multispecialty network by bed capacity, is well-positioned to capture this demand. With plans to scale to 15,000 beds, a proven acquisition playbook, and presence across metro and tier-II cities, the growth runway is significant. Listing on BSE and NSE will enhance brand visibility, unlock public capital, and benchmark Manipal against peers like Apollo, Max, and Fortis.
- Companies
- Type
- Opening On
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NFP Sampoorna Foods
- SME
- 18th May
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FAQs
The official opening and closing dates for the Manipal Health Enterprises IPO have not been announced yet. Keep checking this page for the most up-to-date information as soon as the schedule is confirmed.
Manipal Health Enterprises IPO has not officially disclosed the size of its IPO. For the latest updates on issue size and other key details, continue to track this page regularly.
The price band of Manipal Health Enterprises IPO is yet to be finalised. Once the company files its RHP and receives regulatory clearance, we’ll update this page with the confirmed details.
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● Enter the number of lots and the price at which you wish to apply for the Manipal Health Enterprises IPO.
● Enter your UPI ID and click on submit. With this, your bid will be placed with the exchange.
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While the official lot size and the minimum investment are yet to be declared. Stay tuned to this page for confirmation.
The allotment date has not been announced yet. We will update this section as soon as the final schedule is made available. Keep tracking this page for timely information.
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The lead book runner for this issue is yet to be announced. Check this page for updates as soon as merchant bankers are formally announced.
Manipal Health Enterprises IPO plans to utilise the raised capital from the IPO for:
1. Repayment/ prepayment, in full or in part, of certain outstanding borrowings and accrued interest availed by one of the company's material subsidiaries, Manipal Hospitals Private Limited (₹5,378 Cr)
2. Acquisition of minority stake in company's stepdown subsidiary, Sahyadri Hospitals Private Limited )₹574 Cr)
3. General corporate purposes