Manipal Health Enterprises IPO Upcoming

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To be announced
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About Manipal Health Enterprises

Founded in 2010 by Ranjan Pai, Manipal Health Enterprises operates a network of more than 30 hospitals across 19 Indian cities, including Bengaluru, Mangalore, Jaipur, and Vijayawada. The company manages over 9,500 beds and employs around 5,000 doctors. It provides healthcare services to many patients each year. Backed by Temasek, Manipal is preparing for an initial public offering (IPO) expected within the next year.

Manipal Health Enterprises Valuation 

Manipal Health’s upcoming IPO is expected to raise around $1 billion, potentially valuing the company between $8 billion and $10 billion. The offering will likely be a mix of fresh capital and a stake sale by existing investors. While the company isn’t in urgent need of funds, the money raised will help fuel its next phase of growth—supporting acquisitions, reducing debt, and expanding into new healthcare services. To steer the process, Manipal has brought on board a strong line-up of bankers including Goldman Sachs, Kotak Mahindra, Axis Capital, JP Morgan, and Jefferies.

Operations and Performance

Manipal’s business has been on an upward trajectory. Revenue grew from ₹4,000 crore in FY22 to ₹4,800 crore in FY23, with EBITDA margins improving to 26.6%. While new hospitals slightly pulled down occupancy to 58%, the average revenue per occupied bed rose by 14%. For the first half of FY24 alone, Manipal reported ₹2,619 crore in revenue and ₹741 crore in EBITDA. The company hopes the IPO will further strengthen its balance sheet and accelerate growth across India.

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