the first day of the bidding window, Manipal Health Enterprises IPO was subscribed overall 0.15 times — 0.27 times in the retail category, 0.15 times in QIB category and 0.08 times in the NII category.
Manipal Health Enterprises IPO is book built issue designed to raise Rs 9,275.22 crores through a combination of fresh issue and OFS segment. The IPO is running a modestly positive GMP. One of the largest hospital chains in the country with as many as 49 hospitals, Manipal Health Enterprises raised Rs 4,167 crore from global and domestic anchor investors before the bidding process starts.
Manipal Health Enterprises IPO GMP
According to investorgain, Manipal Health Enterprises IPO last GMP stood at Rs 9 at late night of July 29. Considering an issue price of Rs 590.00, Manipal Health Enterprises IPO’s estimated listing price is 599 and the listing gain will be 1.53%. However, one must remember that GMP is an unofficial indicator which can be volatile and does not guarantee any listing gain.
Manipal Health Enterprises IPO price band, lot size
The price band of Manipal Health Enterprises IPO is Rs 560-590. A retail investor has to bid for a minimum lot of 25 shares for which he/she has to pay Rs 14,750 based on upper price. As much as 75% of the offer is earmarked for QIBs, 15% is for NIIs and 10% for retail investors. Shares worth up to Rs 15 crore have been reserved for employees. They will also get a discount of Rs 56 per share.
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 to the issue. KFin Technologies is the registrar.
Manipal Health Enterprises financials
The total income of Manipal Health Enterprises stood at Rs 10,520.52 crore, Rs 8,362.79 crore and Rs 6,265.17 crore in FY26, FY25 and FY24 respectively. The PAT of the company for these years were Rs 916.52 crore, Rs 1,081.67 crore and Rs 533.20 crore respectively. The operating profits (EBITDA) were recorded at Rs 2,795.94 crore, Rs 2,247.07 crore and Rs 1,776.60 crore in FY26, FY25 and FY24. The total borrowing in these years stood at Rs 10,553.43 crore, Rs 4,766.83 crore and Rs 3,943.98 crore.
It is clear the borrowing has ballonned in FY26. The management believes in both organic and inorganic growth and regularly acquires other hospitals for quick expansion.
Manipal Health IPO risk factors
The biggest risk of Manipal Health IPO is too much dependence on the revenues from Karnataka, About 50% of the company’s revenues come from this state. It indicates that any change in the regulatory environment of Karnataka, pricing restrictions etc can have a direct bearing on the income and profits of this chain.
The company also has a ballooning debt problem which went up sharply in FY26 to fund acquisitions. The profits of last financial year was also impacted by the interest payouts. The company has said it will use a substantial portion of the IPO proceeds to retire debt. Some recently acquired businesses, including Sahyadri Hospitals, are still in the red.
Manipal Health Enterprises IPO key dates
Bid opens: Today, July 29
Bid closes: July 31
Allotment: August 3
Refund: August 4
Credit of shares: August 4
Listing: August 5