Manipal Health Enterprises IPO
Manipal Health Enterprises IPO — date, price band, lot size & details 2026
Manipal Health Enterprises listed on 5 Aug 2026 at ₹652, 10.5% above the ₹590 issue price.
Manipal Health Enterprises Limited is India's largest multi-specialty hospital chain by bed capacity, operating 49 hospitals with 13,037 licensed beds and 21 clinics across 14 states and union territories as of March 31, 2026.
Stock price
Manipal Health Enterprises is listed — here is the live share price.
Researched & reviewed by
Abhishek Vohera,
Founder, IPO Guru
Last updated
Figures sourced from the RHP, BSE & NSE
Timetable
Key dates from opening to listing. Today is 23 October.
- Open 29 Jul 2026
- Close 31 Jul 2026
- Allotment 03 Aug 2026
- Refund/credit 04 Aug 2026
- Listing 05 Aug 2026
Issue summary
The terms of the offer, as filed.
| IPO Dates | 29 to 31 Jul, 2026 |
|---|---|
| Price Band | ₹560 – ₹590 |
| Face Value | ₹2 |
| Lot Size | 25 Shares |
| Issue Size | ₹9275.22 Cr |
| Sale Type | Fresh capital cum OFS |
| Listing On | BSE, NSE |
| Employee Discount | ₹56 per share |
| Registrar | KFin Technologies Limited |
| Min Investment | ₹ 14,750 |
Share of the offer set aside for each investor category, as stated in the offer document.
What will it cost me?
Bidding is in multiples of 25 shares at the ₹590 cut-off. Drag to size your application.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 25 | ₹14,750 |
| Retail (max) | 13 | 325 | ₹1,91,750 |
| S-HNI (min) | 14 | 350 | ₹2,06,500 |
| S-HNI (max) | 67 | 1,675 | ₹9,88,250 |
| B-HNI (min) | 68 | 1,700 | ₹10,03,000 |
Strengths & risks
Drawn from the offer document — the case for and against, side by side.
Strengths · 5
- 01India's largest multi-specialty hospital group by bed capacity, with a pan-India presence and leadership in its three key regions.
- 02The 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.
- 03Widely recognised brand and network of choice for patients, doctors and healthcare professionals.
- 04Advanced infrastructure and medical equipment, with a strong focus on clinical excellence.
- 05Track record of industry-leading growth with strong profitability and efficiency metrics, with FY26 ROCE of 21.88% and EBITDA margin of 27.05%.
Risks · 6
- 01Valuation is rich - the issue is priced at about 85 times post-issue FY26 earnings, against a listed peer average of about 70 times.
- 02Profit after tax fell about 15% in FY26 to Rs 916.52 crore even as revenue grew about 25%, on higher employee, finance and depreciation costs.
- 03Total borrowings more than doubled to Rs 10,553.43 crore in FY26 and net debt to adjusted EBITDA rose to 3.74x from 2.00x.
- 04Around Rs 1,275.22 crore of the issue is an Offer for Sale, and those proceeds go to the selling shareholders, not to the company.
- 05Growth has relied on acquisitions such as Sahyadri Hospitals, carrying integration, goodwill and execution risk.
- 06Healthcare is a highly regulated sector, subject to clinical, accreditation and price-regulation risks.
Three years of numbers
All figures in ₹ crore, as reported in the Manipal Health Enterprises offer document.
| Metric | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Assets | 24,864.50 | 14,072.08 | 10,818.83 |
| Total Income | 10,520.52 | 8,362.79 | 6,265.17 |
| Profit After Tax | 916.52 | 1,081.67 | 533.20 |
| EBITDA | 2,795.94 | 2,247.07 | 1,776.60 |
| NET Worth | 8,440.92 | 5,865.66 | 4,029.22 |
| Reserves and Surplus | 8,204.96 | 5,788.60 | 3,953.59 |
| Total Borrowing | 10,553.43 | 4,766.83 | 3,943.98 |
See how this IPO compares — view listing performance of all mainboard IPOs.
Valuation & key ratios
Ratios are for the latest full financial year reported in the Manipal Health Enterprises RHP. EPS and P/E are post-issue — the table below carries the pre-issue comparison.
Manipal Health Enterprises IPO Valuation
How the issue prices the company before and after the fresh shares are created.
| Valuation Metric | Pre-Issue | Post-Issue |
|---|---|---|
| EPS (₹) | ₹7.77 | ₹6.97 |
| P/E Ratio (x) | 75.93 | 84.65 |
| Market Cap at Offer Price (₹ Cr) | ₹69,606.00 | ₹87,729.08 |
Pre-issue figures use the shareholding reported in the RHP; post-issue figures use the shareholding once the fresh issue has created new shares. The two differ because of that dilution and because post-issue earnings per share are often annualised, so the change can run in either direction. Market capitalisation is calculated at the ₹590 offer price. Compare the post-issue P/E against listed peers before deciding — a premium there is growth you are paying for in advance.
Where the money goes
₹574.00 Cr of the issue is earmarked to named objects.
Manipal Health Enterprises IPO Anchor Investors
131 anchor investors across 70 fund houses committed ₹4,167.10 Cr a day before the issue opened.
Anchor investors bid a day before the issue opens and are locked in after allotment, so a book weighted towards domestic mutual funds is generally read as a stronger signal than one filled by short-horizon funds. Browse every anchor investor scheme or fund house we track.
About the company
Manipal Health focuses on delivering quality, patient-centric care and expanding access to healthcare through strategic acquisitions, partnerships and continuous investment in medical infrastructure and digital health initiatives. As of March 31, 2026, the company operated 49 hospitals with 13,037 licensed beds across 14 states and union territories, along with 21 clinics.
As of March 31, 2026, the company had 24,240 full-time employees across its hospitals and corporate functions, comprising 11,048 nurses, 6,362 paramedics and 6,830 administrative employees.
Interested in this IPO? Check the live subscription status or browse all upcoming mainboard IPOs.
+91 80 4936 0300
The bankers & the filings
Who is running the book, and the documents this page is built from.
Manipal Health Enterprises IPO Documents
Read the filings this page is built from.
Lead Manager Track Record
How the book-running lead managers on this issue have priced their past IPOs, measured on listing day.
Axis Capital
31 issues handledBest listing: Moneyview (+61.8%). Weakest: Clean Max Enviro Energy Solutions (-8.8%).
Kotak Mahindra Capital Company Limited
22 issues handledBest listing: Moneyview (+61.8%). Weakest: Amagi Media Labs (-12.2%).
Jefferies India Private Limited
11 issues handledBest listing: Dhoot Transmission (+37.8%). Weakest: Turtlemint Fintech Solutions (-10.4%).
Goldman Sachs (India) Securities Private Limited
5 issues handledBest listing: PhysicsWallah (+33.0%). Weakest: Varmora Granito (+4.7%).
Ubs Securities India Private Limited
3 issues handled2 of their issues have listed so far, and 2 opened above the issue price (average +12.2%). That is too small a sample to read as a hit rate.
Listing gain compares the listing-day opening price with the issue price, using the IPOs on IPO Guru that this lead manager has taken to market. A strong record reflects how the banker has priced past issues — it is not a forecast for this one. See every issue they have handled on the lead managers page.
Company contact
Frequently asked
What is the GMP of Manipal Health Enterprises?
The current Grey Market Premium is ₹3, or 0.51% over the issue price.
What is the Manipal Health Enterprises IPO price band?
₹560 to ₹590, on a face value of ₹2.
When is the allotment?
The basis of allotment is 3 August 2026, with listing on 5 August 2026.
How do I check allotment status?
On the IPO Guru allotment page or on the registrar's site — KFin Technologies Limited.
Every number here traces back to a filing.
IPO Guru tracks GMP, subscription and allotment for every Mainboard and SME issue. Every number on this page is sourced from the RHP, BSE & NSE.
Not investment advice. Grey market premium is an unofficial, unregulated indicator and is not a forecast.
