Manipal Hospitals Eyes $8.3 Billion Valuation For Planned IPO

Manipal Health Enterprises Ltd., which operates the Manipal Hospitals chain, is considering a valuation of around ₹80,000 crore, or approximately $8.3 billion, for its planned initial public offering (IPO), Bloomberg reported.

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The company is considering raising as much as ₹11,000 crore through the offering, which could be launched in the week beginning July 27. The proposed valuation is lower than the $10-12 billion range discussed in April.

The final valuation, issue size and launch timeline remain subject to change as preparations for the IPO continue.

Proposed Offering Includes Fresh Issue And OFS

The IPO is expected to comprise a fresh issue of shares worth around ₹8,000 crore and an offer for sale of up to 4.323 crore shares by existing investors, including TPG Inc.

According to the company’s draft prospectus, proceeds from the fresh issue are intended to be used for debt repayment, capital expenditure and expansion.

If completed as planned, the Manipal Hospitals IPO would be India’s largest public issue of 2026 so far. It would surpass SBI Funds Management’s approximately $1 billion IPO, which concluded this week.

Manipal Hospitals Share Price To Be Tracked After Listing

Manipal Health Enterprises is backed by Temasek Holdings. The proposed IPO comes amid a more cautious environment for large public offerings, with volatility in global financial markets influencing investor appetite.

The company is working with Kotak Mahindra Capital, Axis Capital, Goldman Sachs’ Indian operations, JPMorgan, Jefferies, UBS and DBS Bank on the proposed offering.

The Manipal Hospitals share price will become a new listed-market reference if the IPO proceeds to a stock market debut. Investors will assess the company’s valuation against its proposed use of IPO proceeds, including debt reduction, capital expenditure and expansion plans.

The offering’s final structure and pricing are yet to be determined. Any changes to the valuation, issue size or launch schedule will be reflected in the company’s final IPO documentation and regulatory filings.