Manipal Health Enterprises IPO
Manipal Health Enterprises LtdMainboard
This IPO has listed.
- Open date
- 29 Jul 2026
- Close date
- 31 Jul 2026
- Min. Investment
- ₹14,750
- Lot Size
- -
- Fresh Issue
- ₹8000.00 Cr
- Price Range
- -
- Face Value
- -
- IPO Document
- -
Subscription rate
- Qualified Institutional Buyers8.25x
- Non-Institutional Investors1.02x
- Retail-Individual Investors0.93x
- Total4.92x
Schedule
- Completed: IPO open date29 Jul 2026
- Completed: IPO close date31 Jul 2026
- Completed: Allotment date3 Aug 2026
- Completed: Funds unblock or debit4 Aug 2026
- Completed: Tentative listing date5 Aug 2026
About
Promoter shareholding in Manipal Health Enterprises Ltd, before and after the issue.
| Promoter | Pre-issue shares | Pre-issue % | Post-issue shares | Post-issue % |
|---|---|---|---|---|
| Ranjan Ramdas Pai | 21,80,790 | 0.18% | 21,80,790 | 0.16% |
| Manipal Global Health Services | 23,21,47,755 | 19.68% | 23,21,47,755 | 17.65% |
| Kangto Investments Pte. Ltd. | 31,21,02,855 | 26.45% | 31,21,02,855 | 23.73% |
| Imperius Healthcare Investment | 20,96,09,340 | 17.77% | 19,88,00,479 | 15.11% |
| Kabru Investments Pte. Ltd. | 6,82,34,415 | 5.78% | 6,82,34,415 | 5.19% |
| Cypress Holdings | 4,91,72,520 | 4.17% | 4,91,72,520 | 3.74% |
| Manipal Education and Medical | 6,33,84,915 | 5.37% | 5,65,92,913 | 4.30% |
| MEMG International India Priv | 2,38,20,811 | 2.02% | 2,38,20,811 | 1.81% |
| Manipal Research & Managemen | 51,23,543 | 0.43% | 51,23,543 | 0.39% |
Financials of Manipal Health Enterprises IPO
| Key Performance Indicators | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|
| Operating Revenue | - | - | - |
| Other Income | - | - | - |
| Total Income | 6419.32 | 8242.25 | 10335.75 |
| Total Expenses | 5767.85 | 7134.43 | 9342.48 |
| Profit Before Tax | - | - | - |
| Total Profit | 533.16 | 1065.36 | 892.32 |
Manipal Health Enterprises IPO Strengths & Risks
- India's largest multispecialty hospital group by bed capacity with pan-India presence and leadership in our three key regions.
- We are 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 recognized 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 delivering industry leading growth with strong profitability and efficiency metrics.
- Repeatable playbook for integrating and scaling transformative acquisitions to improve access to quality healthcare.
- Experienced leadership team with marquee institutional shareholder support.
- Risks Relating to the Business: A substantial number of the company's hospitals is located in Karnataka. Its derived 46.40%, 51.55%, and 59.98%, of the company's revenue from operations in Fiscals 2026, 2025 and 2024, respectively, from its hospitals in Karnataka. Any loss of business or disruption in the operations of these hospitals or geopolitical or policy changes in Karnataka could have a material adverse effect on the company's business, financial condition, results of operations, cash flows and prospects.
- Risks Relating to the Business: The company primarily generates revenue by providing inpatient care at its hospitals. Any inability to maintain or improve the company's admissions and hospital occupancy rates could adversely affect its business, financial condition, results of operations, cash flows and prospects.
- Risks Relating to the Business: The company derived 64.30%, 62.56% and 61.55% of its gross inpatient revenue from cardiac sciences, oncology, neurosciences, gastro sciences, orthopaedics, and renal sciences ("CONGO-R") specialties in Fiscals 2026, 2025 and 2024, respectively, and any negative changes in the demand for these specialties could adversely impact the company's business, results of operations and financial condition.
- Risks Relating to the Business: A portion of the Net Proceeds is proposed to be utilized for repayment or prepayment of certain borrowings in the nature of Non-Convertible Debentures issued by one of the company's Subsidiaries to DBS Bank Ltd., which is the parent company of DBS Bank India Limited, which is deemed to be an "Associate" of Imperius Healthcare Investments Pte. Ltd. (one of its Promoters and Selling Shareholders) in terms of Regulation 21A of SEBI Merchant Bankers Regulations.
- Risks Relating to the Business: Acquisitions, strategic investments, partnerships or alliances may be difficult to identify, acquires and integrate, and may adversely affect the company's business, financial condition, results of operations, cash flows and prospects.
- Risks Relating to the Business: The company is exposed to legal claims and regulatory actions arising from the provision of healthcare services which includes claims arising out of alleged medical negligence by its doctors and other healthcare professionals and may be subject to liabilities arising from operational and equipment-related risks, which could materially and adversely affect the company's reputation, business, financial position, and results of operations. Further, quarantines and sterilizations could limit the operations of hospitals and result in reputational damage.
- Risks Relating to the Business: Any failures to maintain and enhance the company's brand and reputation, and any negative publicity and allegations in the media against its, may adversely affect the level of trust in the company's services and market recognition, which could have an adverse impact on its business, financial condition, results of operations, cash flows and prospects.
- Risks Relating to the Business: The company is required to obtain, renew and maintain statutory and regulatory permits, licenses and accreditations and comply with prescribed quality standards. Any regulatory changes or violations of such rules and regulations, or failures to obtain or renew approvals, licenses, registrations and permits to operates the company's business or comply with prescribed quality standards in a timely manner, or at all, may adversely affect its business, financial condition, results of operations, cash flows and prospects.
- Risks Relating to the Business: The company's operations involve the generation and handling of bio-medical waste and are subject to pollution control laws and regulations. Any failures to comply with applicable bio-medical waste management and pollution control laws and regulations could adversely affect the company's business, results of operations, financial condition and cash flows.
- Risks Relating to the Business: The company derived 49.68%, 49.18% and 49.45% of its gross inpatient revenue from insurance and third-party administrators in Fiscals 2026, 2025 and 2024, respectively. Termination, non-renewal, delay or difficulties in collection or any breach of the conditions of the company's contracts with insurance and third-party administrators, as well as from government and other non-cash payors, could have a material adverse impact on its business, financial condition, results of operations, cash flows and prospects.
- Risks Relating to the Business: The company's indebtedness and the conditions and restrictions imposed by its financing agreements and any non-compliance may lead to, amongst others, suspension of further drawdowns, which may adversely affect the company's business, financial condition, results of operations, cash flows and prospects. A downgrade in credit rating could also adversely impact interest costs or access to future borrowings.
- Risks Relating to the Business: The company's Subsidiaries has incurred net losses after tax in the past, and may incur impairment charges in the future. Any similar losses in the future may adversely affect its business, financial condition, results of operations and cash flows.
- Risks Relating to the Business: The Offer is being made pursuant to Regulation 6(2) of the SEBI ICDR Regulations as the Company has Net Tangible Assets of less than Rs. 30 million in the Fiscal 2026, on a restated and consolidated basis and does not fulfill the requirements under Regulation 6(1)(a) of the SEBI ICDR Regulations.
- Risks Relating to the Business: There has been share transfers during the preceding twelve months, which may be at a price lower than the Offer Price.
- Risks Relating to the Business: Certain hospitals, offices and other healthcare facilities are located on leased land. Further, the title, leasehold rights and development rights or other interests over land where the company's hospitals is located may be subject to legal uncertainties and defects. Failures to renew its lease agreements and remedy land rights uncertainties and defects could adversely affect the company's business, financial condition, results of operations, cash flows and prospects.
- Risks Relating to the Business: The company may experience delays in construction or commencement of operations at new hospitals that its build, and the company may be unsuccessful in developing other facilities in the future, in a timely manner or at all, which may have an adverse effect on the company's growth, business, financial condition, results of operations, cash flows and prospects.
- Risks Relating to the Business: There are outstanding proceedings against the Company, Promoters, Directors, Subsidiaries, Key Managerial Personnel and Senior Management. An adverse outcome in any of these proceedings may adversely affect its business, reputation, brand, financial condition, results of operations, cash flows and prospects.
- Risks Relating to the Business: The provision of healthcare services involves high costs such as doctors professional fees and employee benefits expense, and if the company fails to increase its revenues in line with increases in such costs, the company's business, financial condition, results of operations, cash flows and prospects could be adversely affected.
- Risks Relating to the Business: Failures to retain or attract doctors, nurses, other healthcare professionals and senior hospital management personnel may adversely affect the company's business, financial condition, results of operations, cash flows and prospects.
- Risks Relating to the Business: The company uses highly flammable and explosive materials in its activities which expose the company to the risk of loss due to fire. Any fire accidents may have a material adverse effect on its business, financial condition, results of operations, cash flows and prospects.
- Risks Relating to the Business: A substantial portion of the Net Proceeds will be utilized for the repayment/prepayment of certain outstanding borrowings availed by MHPL and acquisition of minority shareholding of SHPL. Any variation in the utilization of the Net Proceeds would be subject to certain compliance requirements, including prior shareholders' approval.
- Risks Relating to the Business: The company is dependent on its Key Management Personnel, Senior Management and other key personnel, and the loss of or the company's inability to attract or retain such persons could adversely affect its business, financial condition, results of operations, cash flows and prospects.
- Risks Relating to the Business: Pricing regulations and related regulatory reforms in the healthcare industry may adversely affect the company's business, financial condition, results of operations, cash flows and prospects.
- Risks Relating to the Business: The company faces competition from other healthcare service providers and an inability to compete effectively could adversely affect its business, financial condition, results of operations, cash flows and prospects.
- Risks Relating to the Business: The company is required to provide free beds or offer services at subsidized rates pursuant to statutory or contractual obligations, including through its participation in government schemes. Requirements imposed by governmental authorities or organizations to provide healthcare at subsidized prices, or the company's inability to meet conditions under government incentive schemes, may adversely affect its business, financial condition, results of operations and profitability.
- Risks Relating to the Business: The company has contingent liabilities as per Ind AS 37 - Provisions, Contingent Liabilities and Contingent Assets, and its financial condition, results of operations and cash flows could be adversely affected if any of these contingent liabilities materialize.
- Risks Relating to the Business: The Company and its Subsidiaries has received notices from statutory authorities and has been subject to penalties imposed by such statutory and regulatory authorities from time to time.
- Risks Relating to the Business: The company's Pro Forma Financial Information may not be indicative of its actual results of operations and financial position for such periods or as of such dates, or of expected results of operations in future periods or the company's future financial position.
- Risks Relating to the Business: The company may not be successful in expanding its operations to other parts of India, which could have an adverse effect on the company's business, financial condition, results of operations, cash flows and prospects.
- Risks Relating to the Business: The company relies on third-party suppliers and subcontractors for supplies, equipment, housekeeping and security services. Their failures to perform, contract termination or nonrenewal, unfavorable pricing, or its inability to pass increased costs to patients could have a material adverse impact on the company's business, financial condition, results of operations, cash flows and prospects.
- Risks Relating to the Business: The company's actual or perceived failures to appropriately handle personal information of its patients and third parties, including medical data, could have an adverse effect on the company's business, reputation, financial condition, results of operations and cash flows.
- Risks Relating to the Business: Certain of the company's corporate records is not traceable. Its cannot assure you that regulatory proceedings or actions will not be initiated against the company in the future, and its will not be subject to any penalty imposed by the competent regulatory authority in this regard.
- Risks Relating to the Business: If the company is unable to keep pace with technological changes, changes in patients' needs and evolving industry standards, or if the company's existing technologies or equipment becomes obsolete or malfunctions, its business, financial condition, results of operations, cash flows and prospects may be adversely affected.
- Risks Relating to the Business: The company's inability to protect or use its intellectual property rights or comply with intellectual property rights of others may have a material adverse effect on the company's business and reputation.
- Risks Relating to the Business: The company's insurance coverage may not sufficiently cover economic losses, which could have an adverse effect on its business, financial condition, results of operations, cash flows and prospects.
- Risks Relating to the Business: If the company is unable to maintain relationships with other partners or stakeholders in the company group, its business, financial condition, results of operations, cash flows and prospects may be adversely affected.
- Risks Relating to the Business: The company's business and operations are subject to risks associated with the agreements for the six O&M hospitals its manage as of March 31, 2026.
- Risks Relating to the Business: The company may requires additional capital to support the growth of its business, and this capital might not be available on acceptable terms, if at all.
- Risks Relating to the Business: The company is vulnerable to failures of its information technology systems and cybersecurity risks, and any information technology failures including mishandling of medical data could interrupt the company's operations and adversely affect its reputation, brand, business, financial condition, results of operations, cash flows and prospects.
- Risks Relating to the Business: The company may be subject to labor unrest, slowdowns and work stoppages, which could affect its business, financial condition, results of operations, cash flows and prospects.
- Risks Relating to the Business: There has been certain instances of delays in payment of statutory dues by the Company in the past in relation to its employees. Any delay in payment of such statutory dues in future, may result in the imposition of penalties and in turn may have an adverse effect on the company's business, financial condition, results of operations, cash flows and prospects.
- Risks Relating to the Business: An inability to establish and maintain effective internal controls could lead to an adverse effect on the company's business and reputation.
- Risks Relating to the Business: The company's ability to pay dividends in the future will depends on its earnings, financial condition, working capital requirements, capital expenditures and restrictive covenants of the company's financing arrangements.
- Risks Relating to the Business: Natural disasters, fires, epidemics, pandemics, acts of war, terrorist attacks, civil unrest and other events could materially and adversely affect the company's business, financial condition, results of operations, cash flows and prospects.
- Risks Relating to the Business: Certain sections of this Red Herring Prospectus disclose information from the CRISIL Report which has been prepared exclusively for the Offer and commissioned and paid for by it exclusively in connection with the Offer, and any reliance on such information for making an investment decision in the Offer is subject to inherent risks.
- Risks Relating to the Business: The company has in this Red Herring Prospectus included certain non-GAAP financial measures and certain other industry measures related to its operations and financial performance that may vary from any standard methodology that is applicable across the industry its operates.
- Risks Relating to the Business: The company's Statutory Auditors has reported certain matters with respect to Other Legal and Regulatory Requirements and matters included in the Companies (Auditor's Report) Order, 2020 ("CARO 2020"), which does not requires any adjustment in the Restated Consolidated Financial Information. There can be no assurance that future audit reports will not contain any observations, qualifications, emphasis of matters or adverse remarks from the company's Statutory Auditors.
- Risks Relating to the Business: Grants of stock options under the company's employee stock option plans may result in a charge to its profit and loss account and, to that extent, reduce the company's profitability and financial condition.
- Risks Relating to the Business: Repair and maintenance, physical damage or renovation work to the company's facilities may disrupt its operations, which in turn could have an adverse impact on the company's business, financial condition, results of operations, cash flows and prospects.
- Risks Relating to the Business: The company's Promoters and members of its Promoter Group will continue to retain significant shareholding in the Company after the Offer, which will allow them to exercise significant influence over it and may limit the ability of the company other shareholders to influence the outcome of matters submitted for shareholders' approval.
- Risks Relating to the Business: Conflicts of interest may arise out of common business objectives shared by the company's Promoters, Promoter Group, the Company and their respective associates/affiliates.
- Risks Relating to the Business: Three of the company's Promoters, namely Kangto Investments Pte. Ltd., Kabru Investments Pte. Ltd., and Imperius Healthcare Investments Pte. Ltd. does not has adequate experience in the company's line of business.
- Risks Relating to the Business: Pursuant to an external financing facility availed by one of the company's Promoters, Manipal Global Health Services, shares of Manipal Global Health Services which are held by MEMG International Ltd. are subject to a fixed and floating charge. In case of an event of default and consequent invocation of security/charge, there may be a change in control of MGHS.
- Risks Relating to the Business: Certain of the company's Promoters, members of its Promoter Group and Directors may be interested in the Company and its Subsidiaries other than in terms of remuneration, perquisites or benefits and reimbursement of expenses.
- Risks Relating to the Business: The Company's Promoters, Subsidiaries, certain of its Group Companies and Directors may have conflicts of interest that may arise out of common business pursuits in the ordinary course of business.
- Risks Relating to the Business: The company has entered into, and may continue to enter into, related party transactions including with its Promoter Group that may potentially involve conflicts of interest, and may be subject to additional approvals and compliances under applicable law.
- Risks Relating to the Business: While the Company will receive proceeds from the Fresh Issue, it will not receive any proceeds from the Offer for Sale.
- Risks Relating to the Business: The company has issued Equity Shares during the preceding twelve months at a price which may be lower than the Offer Price.
- Risks Relating to the Business: The average cost of acquisition of Equity Shares for the company's promoters may be lower than the Offer Price.
- Risks Relating to the Business: Foreign investors are subject to foreign investment restrictions under Indian laws that may limit the company's ability to attract foreign investors.
- Risks Relating to the Business: If the company is classified as a passive foreign investment company for U.S. federal income tax purposes, U.S. investors in equity shares may be subject to adverse U.S. federal income tax consequences.
