Temasek-backed Manipal Health Enterprises Limited, India’s second largest hospital chain by scale, has filed its Draft Red Herring Prospectus (DRHP) with , setting the stage for what is expected to be one of the marquee healthcare listings of the year.
The IPO comprises a fresh issue of ₹8,000 crore and an offer for sale (OFS) of up to 4.32 crore equity shares by promoters, Imperius Healthcare Investments Pte. Ltd and Manipal Education and Medical Group India Private Limited, and existing investors including TPG, Novo Holdings, and others.
The equity shares, carrying a face value of ₹2, are proposed to be listed on both BSE and NSE.
The company has also indicated it may undertake a pre-IPO placement of up to ₹1,600 crore, which, if completed, would proportionally reduce the fresh issue size.
The proceeds from the fresh issue will be primarily deployed towards repayment of outstanding borrowings of its material subsidiary, Manipal Hospitals Private Limited (₹5,378 crore), acquisition of a minority stake in step-down subsidiary Sahyadri Hospitals Private Limited (₹574 crore), and general corporate purposes.
Manipal Health operates a pan-India network of 38 hospitals, 48 on a pro forma basis, with over 12,367 licensed beds spanning 14 states and union territories as of September 2025.
By November 2025, the addition of its 49th hospital in Bengaluru pushed its licensed bed capacity to 12,631. The group is the largest pan-India multispecialty hospital network by bed capacity, and ranks second among private hospital chains by number of hospitals, according to CRISIL.
Its geographic concentration remains a point to watch, Karnataka alone accounted for nearly 50% of revenue from operations in the first half of FY26, with 18 hospitals and 6,040 licensed beds in the state.
Financially,revenue from operations surged to ₹8,242 crore in FY25, up sharply from ₹4,840 crore in FY23, nearly a 70 per cent jump over two years. Net profit more than doubled over the same period, rising from ₹414 crore in FY23 to ₹1,082 crore in FY25.
For the six months ended September 30, 2025, the company reported revenue of ₹4,713 crore and a net profit of ₹572 crore.
The company served 7.19 million patients across its network in FY25 and had over 11,000 doctors available as of September 2025.
Kotak Mahindra Capital, Axis Capital, Goldman Sachs, Jefferies, J.P. Morgan, UBS, and DBS Bank are the book-running lead managers. KFin Technologies is the registrar of the offer.