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Bengaluru: Manipal Hospitals is preparing to enter the capital markets with a major initial public offering (IPO), aiming to raise approximately ₹10,500–₹11,000 crore. The company is expected to file its draft red herring prospectus (DRHP) shortly, marking what could become the largest IPO in India’s healthcare sector.
The proposed IPO will include an offer-for-sale (OFS) component of around ₹2,000 crore, while a significant portion—nearly ₹8,000 crore—is expected to be used for debt reduction and future expansion initiatives.
Kotak Mahindra Bank has been appointed as the lead banker for the issue. The company has not officially commented on the development.
Expansion-Driven Strategy
Manipal Hospitals has grown aggressively in recent years through acquisitions, emerging as India’s largest hospital chain by bed capacity, with nearly 50 hospitals and around 13,000 beds.
Its recent expansion includes the acquisition of Sahyadri Hospitals in a deal valued between ₹6,000–₹6,400 crore, along with earlier purchases such as Columbia Asia’s India operations and AMRI Hospitals in Kolkata.
The company has followed a “string of pearls” strategy—acquiring hospitals across regions to strengthen its nationwide footprint.
Backing and Growth Outlook
Backed by global investor Temasek Holdings, which acquired a majority stake in the company in a multi-billion-dollar deal, Manipal Hospitals has positioned itself as a dominant player in India’s healthcare sector.
The IPO proceeds are expected to improve the company’s balance sheet by reducing debt accumulated from its acquisition-led growth, while also enabling further expansion through both greenfield and inorganic opportunities.
With ongoing projects in cities like Bengaluru and Mumbai, the hospital chain aims to expand its capacity to nearly 15,000 beds in the coming years.