IPO
Manipal Hospitals cuts valuation to $8.3 B for Rs.11,000-Cr IPO
Manipal Health Enterprises, which operates the Manipal Hospitals chain, is preparing for an initial public offering (IPO) targeting a valuation of approximately $8.3-B. The current valuation target represents a reduction from the $10-B to $12-B range initially considered in April.The Temasek-backed company plans to raise INR 11,000-Cr through the share sale, which is expected to launch in the week starting July 27.Founded in 1991, Manipal Health Enterprises operates an extensive hospital chain. The company intends to use the proceeds from the fresh issue of shares, estimated at INR 8,000-Cr, to repay existing debt, fund capital expenditure, and support ongoing expansion projects. The IPO will also include an offer for sale of up to 43.23 million shares by existing shareholders, including TPG.The transaction is being managed by a syndicate of financial institutions, including Kotak Mahindra Capital, Axis Capital, and the Indian units of Goldman Sachs, JPMorgan, Jefferies, UBS, and DBS Bank.
Between Sep 2010 and Jun 2025, Manipal Hospitals had attracted about USD 4,288 M from KKR, Mubadala Investment, Novo Holdings, Temasek, TPG Capital, NIIF, Morgan Stanley, Faering Capital, TrueNorth, Kotak Alternate, and others.For FY25, Manipal Hospitals had reported about INR 3,104 Cr in Operating Income and about INR 535 Cr in PAT.
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