Liquidity Events
Manipal Health Enterprises’ $960-M IPO subscribed 4.92 times
Yahoo News Money Control Manipal Health Enterprises
Manipal Health Enterprises, which operates the Manipal Hospitals chain has raised USD 960.4 million (INR 9,275-Cr) in an initial public offering (IPO). The public issue saw the qualified institutional buyers (QIB) portion booked 8.25 times, while the non-institutional investor (NII) category was subscribed 1.02 times. The retail individual investor (RII) portion reached a 93 percent subscription level.The IPO consists of a fresh issue of shares worth INR 8,000 crore and an Offer for Sale (OFS) of shares by existing shareholders, including TPG and Novo Holdings valued at INR 1,275 crore. Kotak Mahindra Capital is the book-running lead manager for the transaction, and KFin Technologies serves as the registrar. The price band is fixed between INR 560-590 per share.Founded in 2010 by Ranjan Pai, Manipal Health Enterprises operates a network of multi-specialty hospitals, clinics and diagnostic centres across India.The company intends to use the proceeds from the fresh issue to repay debt, acquire a minority stake in its step-down subsidiary, Sahyadri Hospitals, and support general corporate purposes.
Between Sep 2010 and Jun 2025, Manipal Hospitals had attracted about $ 4.3 B from KKR, Mubadala Investment, Novo Holdings, Temasek, TPG Capital, Morgan Stanley and others.
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