Manipal Health Enterprises IPO Subscribed 14% So Far On Day 1, GMP Declines

The Manipal Health Enterprises IPO opened for subscription on July 29 and will remain open until July 31. The public issue has received a muted response so far on the first day of bidding, with retail investors accounting for most of the demand while institutional and high-net-worth investors have stayed on the sidelines. At the same time, the grey market premium (GMP) has continued to shrink over the past few days, indicating that expectations of a strong listing have weakened.

Ahead of the IPO's subscription window opening, Manipal Health Enterprises raised Rs 4,167.10 crore from anchor investors on July 28 by allocating 70.63 million shares at Rs 590 per share, the upper end of the price band.

The anchor book saw participation from a mix of domestic mutual funds, insurance companies, foreign portfolio investors and global institutional investors. Among the domestic investors were several schemes of ICICI Prudential Mutual Fund, SBI Mutual Fund, Nippon India Mutual Fund, HDFC Mutual Fund, Kotak Mahindra Mutual Fund, Aditya Birla Sun Life Mutual Fund and Axis Mutual Fund, according to the company's anchor investor allocation document.

Manipal Health Enterprises IPO Details

Issue Size: Manipal Health Enterprises seeks to raise Rs 9,275.22 crore through its book-built issue. The IPO consists of a fresh issue of 135.59 million shares aggregating to Rs 8,000 crore and an offer for sale (OFS) of 21.61 million shares worth Rs 1,275.22 crore. Under the OFS, promoter entities and existing investors, including Imperius Healthcare Investments, Manipal Education and Medical Group India, TPG SG Magazine, Seventy Second Investment Company LLC, Ammar Sdn Bhd, Novo Holdings Invest Asia A/S and Phoenix Bear Investments, are selling part of their holdings. The company has also reserved 2,80,899 shares for employees, who will receive a discount of Rs 56 per share.

Price Band, Lot Size, Minimum Investment Amount: The company has fixed the price band at Rs 560 to Rs 590 per share. Investors can apply in a minimum lot of 25 shares. At the upper end of the price band, a retail investor has to invest at least Rs 14,750 to bid for one lot.

Key Dates: Manipal Health Enterprises is expected to finalise the basis of allotment on August 3. Successful applicants should receive shares in their demat accounts on August 4, while unsuccessful bidders are likely to receive refunds on the same day. The shares are scheduled to list on the BSE and NSE on August 5.

BRLMs, Registrar: Kotak Mahindra Capital, Axis Capital, Goldman Sachs (India) Securities, Jefferies India, JP Morgan India, UBS Securities India and DBS Bank India are managing the issue as book-running lead managers. Kfin Technologies is the registrar to the issue.

Manipal Health Enterprises IPO Objectives

Manipal Health Enterprises will use the proceeds from the fresh issue primarily to reduce debt. The company plans to spend Rs 5,552.76 crore to repay or prepay its loans, along with accrued interest, of its material subsidiary, Manipal Hospitals Private Limited. It will also use Rs 574 crore to acquire the minority stake in its step-down subsidiary, Sahyadri Hospitals Private Limited. The remaining amount will go towards general corporate purposes.

Manipal Health Enterprises IPO Subscription Status

As of 3:39 PM on July 29, the IPO was subscribed 0.14 times.

The qualified institutional buyers' (QIB) portion was subscribed 0.14 times, while the non-institutional investors' (NII) category was booked 0.06 times. Within the NII segment, the big HNI portion was subscribed 0.06 times, while the small HNI portion was booked 0.07 times. The retail investors' category was subscribed 0.23 times, making it the most subscribed among the main investor categories. The employee quota was subscribed 0.82 times.

The IPO has allocated 75 per cent of the net issue for QIBs, 15 per cent for NIIs and 10 per cent for retail investors.

Manipal Health Enterprises IPO GMP Today

The Manipal Health Enterprises IPO GMP stood at Rs 9 on July 29, down from Rs 35 on July 24. The steady decline over the past few days suggests that enthusiasm around the IPO has eased.

Based on the latest GMP, the shares are expected to list at around Rs 599, implying a premium of about 1.50 per cent over the upper price band of Rs 590.

However, investors should note that the GMP is an unofficial indicator and does not necessarily reflect the stock's actual listing performance.

Manipal Health Enterprises Financial Performance

Manipal Health Enterprises’s revenue rose to Rs 10,520.52 crore in FY26 from Rs 8,362.79 crore in FY25 and Rs 6,265.17 crore in FY24. Ebitda increased to Rs 2,795.94 crore in FY26 from Rs 2,247.07 crore a year earlier and Rs 1,776.60 crore in FY24. However, profit after tax declined to Rs 916.52 crore in FY26 from Rs 1,081.67 crore in FY25, although it remained higher than the Rs 533.20 crore reported in FY24.

As of March 31, 2026, the company had total assets of Rs 24,864.50 crore, total debt of Rs 10,553.43 crore, a net worth of Rs 8,440.92 crore and reserves and surplus of Rs 8,204.96 crore.

The company reported a return on capital employed of 21.88 per cent and a return on net worth of 10.57 per cent as of March 31, 2026. Its profit after tax margin stood at 8.87 per cent, while Ebitda margin was 27.05 per cent. The price-to-book value ratio stood at 8.13 times. At the upper end of the price band, the IPO is valued at a post-issue price-to-earnings ratio of 84.65 times.

At the upper end of the price band, the company's market value is estimated at Rs 69,605.68 crore before the IPO. After the fresh issue of shares, its market value is expected to rise to Rs 77,605.68 crore.

About Manipal Health Enterprises

According to the company's red herring prospectus (RHP), Manipal Health Enterprises operates one of India's largest networks of multi-speciality hospitals, clinics and diagnostic centres. The company, which is part of the Manipal Group founded by T. M. A. Pai, provides tertiary and quaternary healthcare services across specialties such as oncology, cardiology, neurology, orthopaedics and organ transplantation.

As of March 31, 2026, Manipal Health operated 49 hospitals with 13,037 licensed beds and 21 clinics across the country. It employed 24,240 people, including 11,048 nurses, 6,362 paramedics and 6,830 administrative staff. According to the RHP, the company plans to expand its healthcare network through acquisitions, partnerships and continued investments in medical infrastructure and digital healthcare services.