(March 24): Manipal Health Enterprises Pvt Ltd has filed draft papers for an initial public offering (IPO), setting the stage for what could be India’s largest listing by a hospital operator.
The share sale will include an offer by existing investors to sell as many as 43.23 million shares, representing a 3.66% stake, alongside a fresh issue of shares worth INR80 billion (US$852 million or $1.09 billion), according to the filing.
The company is seeking to raise as much as US$1 billion and is targeting a valuation of up to US$13 billion, according to people familiar with the matter. Manipal Hospitals may consider a pre-IPO placement of shares worth as much as INR16 billion, according to the prospectus.
Existing shareholders participating in the secondary share sale include TPG, Temasek, Ammar Sdn Bhd, Novo Holdings Invest Asia, Phoenix Bear Investments LLC, Seventy Second Investment Company LLC and Manipal Education and Medical Group India Pvt Ltd.
The Bengaluru-based hospital chain is working with advisers including Kotak Mahindra Capital Co, Axis Bank Ltd, and the local units of Goldman Sachs Group Inc, JPMorgan Chase & Co, Jefferies Financial Group Inc, UBS Securities and DBS Bank Ltd on the potential offering.
Backed by Singapore state-owned investor Temasek Holdings Pte Ltd, Manipal could become India’s most valuable healthcare operator after the listing, highlighting growing investor appetite for industry in the country. The company has expanded rapidly through acquisitions, most recently adding Sahyadri Hospitals Pvt Ltd.
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Its IPO would add to a growing number of deals in Asia’s healthcare industry, including an offering by Malaysia’s Sunway Healthcare Holdings Bhd (KL:SUNMED), which raised RM2.86 billion. Other Asian companies in the industry planning share sales include Aier Eye Hospital Group Co, China’s biggest chain of eye hospitals, and India’s General Atlantic-backed ASG Hospital Pvt Ltd. Medline Inc, which manufactures and distributes medical supplies, last year went public in a US$7.2 billion US IPO, the world’s largest in 2025.
Manipal, part of a conglomerate with interests spanning healthcare, education and insurance, operates more than 49 hospitals with 10,600 beds, according to its website.
Max Healthcare Institute Ltd is currently India’s most valuable hospital chain, with a market capitalisation of about US$9.9 billion. The most recent major hospital IPO in India was Dr Agarwal’s Health Care Ltd’s US$350 million offering last year.
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