The anchor book generated interest from various global investors, such as Abu Dhabi Investment Authority (ADIA), Allianz Global Investors Fund, Morgan Stanley Asia, Natixis International Fund, Societe Generale, and Goldman Sachs Bank Europe, according to a circular released on the BSE.
Moreover, ICICI Prudential Mutual Fund (MF), Kotak MF, Aditya Birla Sun Life MF, UTI MF, and HSBC MF also took part in the anchor round.
As noted in the circular, the company allocated over 7.06 crore equity shares at ₹590 per share, which is at the upper end of the IPO price range.
The IPO price band has been set between ₹560-590 per share, valuing the company at just over ₹77,600 crore at the highest point. The public issue, lasting three days, will close on July 31.
The Bengaluru-based firm’s IPO consists of a fresh issue of equity shares worth up to ₹8,000 crore and an offer for sale (OFS) of up to 2.16 crore equity shares by existing shareholders.
Promoters, including Imperius Healthcare Investments Pte. Ltd. and Manipal Education and Medical Group India Pvt. Ltd., alongside shareholders TPG SG Magazine Pte. Ltd., Seventy Second Investment Company LLC, Ammar Sdn Bhd, Novo Holdings Invest Asia, and Phoenix Bear Investments, LLC, will reduce their stakes through the OFS.
The company plans to use ₹5,378 crore from the fresh issue to repay or prepay borrowings of its subsidiary, Manipal Hospitals Pvt. Ltd. Additionally, ₹574 crore has been allocated for acquiring a minority stake in its step-down subsidiary Sahyadri Hospitals Pvt. Ltd., with the remainder allocated for general corporate needs.
At the upper limit of the price band, the issue size is approximately ₹9,275 crore, while at the lower limit, it stands at around ₹9,210 crore.
Manipal Health operates a nationwide network of multispecialty hospitals, providing services ranging from outpatient care to tertiary and quaternary interventions.
As of September 30, 2025, the company managed 38 hospitals, or 48 on a pro forma basis, with 10,761 licensed beds, or 12,367 on a pro forma basis, across 14 states and Union Territories.
In November 2025, the company opened its 49th hospital in Bengaluru, bringing its licensed bed capacity to 12,631 as of December 31, 2025.
For the six months ending September 30, 2025, the company’s revenue from operations was ₹4,713 crore, with a net profit of ₹571.8 crore.
According to the allocation structure, qualified institutional buyers (QIBs) will receive up to 75% of the offer, non-institutional investors (NIIs) will get 15%, and retail investors will have 10%. Equity shares worth up to ₹15 crore have been set aside for eligible employees, who will enjoy a discount of ₹56 per share.
Investors can bid for a minimum of 25 equity shares and in multiples thereof.
The company’s shares are expected to be listed on the BSE and NSE around August 5.
Axis Capital, Kotak Mahindra Capital Company, Goldman Sachs (India) Securities, Jefferies India, J.P. Morgan India, UBS Securities India, and DBS Bank India are the book-running lead managers for the issue, while KFin Technologies acts as the registrar.
