By BullScreen Editorial Team 
Temasek-backed Manipal Health Enterprises has filed draft papers with the Securities and Exchange Board of India to raise ₹8,000 crore through a fresh issue of shares, marking one of the largest healthcare IPOs in recent months.
The public offer will also include an offer-for-sale of over 43.2 million equity shares by existing promoters and investors, including TPG and Novo Holdings, among others.
According to the draft red herring prospectus, a significant portion of the proceeds about ₹5,378 crore will be used to repay debt at its subsidiary, Manipal Hospitals. Another ₹574 crore is earmarked for acquiring a minority stake in Sahyadri Hospitals, while the remaining funds will support general corporate needs.
The company may also explore a pre-IPO placement of up to ₹1,600 crore, which could reduce the size of the fresh issue if completed.
Manipal Health operates a wide network of multispecialty hospitals across India, offering services in cardiology, oncology, neurosurgery, and organ transplants. As of September 2025, it had 38 hospitals with over 10,700 licensed beds across 14 states and union territories.
Financially, the company reported revenue of ₹8,242.2 crore and a net profit of ₹1,081.6 crore for FY25, highlighting steady growth in India’s expanding healthcare sector.
Investment banks including Kotak Mahindra Capital Company, Goldman Sachs, and JP Morgan have been appointed to manage the issue.
The IPO reflects rising investor interest in India’s healthcare infrastructure, driven by increasing demand and long-term sector growth potential.