Manipal Health Enterprises IPO: Price Band, Lot Size, Financials & Review
Manipal Health Enterprises IPO listed on BSE & NSE on Wed, 5 Aug 2026. The issue was subscribed 4.92x overall.
- Open Date
- 29 Jul 2026
- Close Date
- 31 Jul 2026
Last updated
- Price band
- ₹560 – ₹590
- Lot size
- 25 shares
- Min. investment
- ₹14,750
- Issue size
- ₹9,275.21 Cr
- Last GMP
- +₹7
- Subscribed
- 🔥 4.92x
Manipal Health Enterprises IPO details
Manipal Health Enterprises IPO is a ₹9,275.21 Cr book-building IPO on the Mainboard segment, listing on BSE & NSE. It combines a fresh issue of ₹8,000 Cr (86.25%) with an offer for sale of ₹1,275.21 Cr (13.75%) by existing shareholders. Only the fresh issue money goes to the company.
The issue was open from Wed, 29 Jul 2026 to Fri, 31 Jul 2026. Allotment was finalised on Mon, 3 Aug 2026, and the shares listed on BSE & NSE on Wed, 5 Aug 2026.
The price band is ₹560 to ₹590 per share and the lot size is 25 shares, so the minimum retail application is ₹14,750. Retail investors can apply for up to 13 lots (325 shares, ₹1,91,750).
KFin Technologies Limited is the registrar, and Axis Capital Limited, J.P. Morgan India Private Limited, Jefferies India Private Limited, Kotak Mahindra Capital Company Limited, UBS Securities India Private Limited and DBS Bank India Ltd are the book running lead managers.
Grey market premium (GMP)
Day-wise GMP →The last Manipal Health Enterprises IPO GMP before listing was +₹7 (+1.19% against the upper price band of ₹590), implying an estimated listing price of ₹597. Across 10 days of tracking, GMP ranged from -₹15 (31 Jul) to +₹13 (27 Jul).
| Last GMP | +₹7 |
|---|---|
| GMP vs upper band | +1.19% |
| Estimated listing price | ₹597 |
| Highest (27 Jul) | +₹13 |
| Lowest (31 Jul) | -₹15 |
Grey market trading is unofficial and unregulated. GMP is a sentiment indicator, not a guarantee of the listing price. See the Manipal Health Enterprises IPO day-wise GMP.
Subscription
Day-wise subscription →Manipal Health Enterprises IPO was subscribed 4.92x overall: QIB 8.25x, NII 1.02x and retail 0.93x.
| Category | Subscribed |
|---|---|
| QIB | 8.25x |
| NII | 1.02x |
| └ bNII (above ₹10 lakh) | 1.08x |
| └ sNII (₹2–10 lakh) | 0.90x |
| Retail | 0.93x |
| Employees | 2.19x |
| Total | 4.92x |
Final figures at the close of bidding on 31 Jul 2026. Category-wise bids, application-wise breakup and allotment chances are on the Manipal Health Enterprises IPO day-wise and category-wise subscription page.
Share reservation by category
| Category | Shares offered | Share of issue |
|---|---|---|
| Qualified Institutions | 4,87,39,889 | 54.10% |
| Non-Institutional | 2,46,30,467 | 27.34% |
| └ BNII | 1,64,20,312 | 18.23% |
| └ SNII | 82,10,155 | 9.11% |
| Retail Investors | 1,64,20,311 | 18.23% |
| Employees | 2,97,619 | 0.33% |
| Total | 9,00,88,286 | 100.00% |
Manipal Health Enterprises IPO lot size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 25 | ₹14,750 |
| Retail (Max) | 13 | 325 | ₹1,91,750 |
| S-HNI (Min) | 14 | 350 | ₹2,06,500 |
| S-HNI (Max) | 67 | 1,675 | ₹9,88,250 |
| B-HNI (Min) | 68 | 1,700 | ₹10,03,000 |
Amounts at the upper end of the price band.
Issue structure and valuation
It combines a fresh issue of ₹8,000 Cr (86.25%) with an offer for sale of ₹1,275.21 Cr (13.75%) by existing shareholders. Only the fresh issue money goes to the company.
At the upper price band of ₹590, the issue is priced at 75.93x pre-issue earnings and 84.65x post-issue earnings per share.
The post-issue P/E is higher because the fresh issue adds new shares, which spreads the same profit over more shares.
Listed peers with positive earnings trade at a median P/E of 70.22x (3 companies).
Promoter holding falls from 81.43% before the issue to 72.08% after it.
| EPS (pre-issue) Latest earnings per share before the issue | ₹7.77 |
|---|---|
| P/E (pre-issue) Upper price band ÷ pre-issue EPS | 75.93x |
| EPS (post-issue) EPS on the enlarged share capital | ₹6.97 |
| P/E (post-issue) Upper price band ÷ post-issue EPS | 84.65x |
| Promoter holding (pre-issue) | 81.43% |
| Promoter holding (post-issue) | 72.08% |
Manipal Health Enterprises Limited financials
Between 31 Mar 2025 and 31 Mar 2026, Income rose from ₹8,362.79 Cr to ₹10,520.52 Cr, and profit after tax fell from ₹1,081.67 Cr to ₹916.52 Cr. The PAT margin for 31 Mar 2026 was 8.71%.
| Period ended | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Assets | 24,864.50 | 14,072.08 | 10,818.83 |
| Total Income | 10,520.52 | 8,362.79 | 6,265.17 |
| Profit After Tax | 916.52 | 1,081.67 | 533.20 |
| EBITDA | 2,795.94 | 2,247.07 | 1,776.60 |
| Net Worth | 8,440.92 | 5,865.66 | 4,029.22 |
| Reserve & Surplus | 8,204.96 | 5,788.60 | 3,953.59 |
| Total Borrowings | 10,553.43 | 4,766.83 | 3,943.98 |
₹ in crore, as stated in the prospectus.
Key performance indicators
| KPI | Mar 2026 | Mar 2025 | Mar 2024 |
|---|---|---|---|
| ROCE % | 21.88 | 26.98 | 0.00 |
| RoNW % | 8.72 | 18.16 | 14.75 |
| Pat Margin % | 8.87 | 13.12 | 8.64 |
Peer comparison
| Company | Face value | P/E | EPS (basic) | EPS (diluted) | RoNW | NAV |
|---|---|---|---|---|---|---|
| Manipal Health Enterprises Ltd. | 2 | — | 7.71 | 7.67 | 10.57% | 72.55 |
| Apollo Hospitals Enterprise Ltd | 5 | 66.15 | 135.04 | 134.94 | 0.00% | 0.00 |
| Fortis Healthcare Ltd | 10 | 70.22 | 13.80 | 13.80 | 0.00% | 0.00 |
| Max Healthcare Institute Ltd | 10 | 74.55 | 14.83 | 14.76 | 0.00% | 0.00 |
From the prospectus. P/E is shown as — when earnings are zero or negative, or not reported for the issuer before listing.
Objectives
The company intends to allocate the net proceeds from the offering to the following objectives.
| Sr | Objective |
|---|---|
| 1 |
About Manipal Health Enterprises Limited
Manipal Health Enterprises Limited is one of India's leading healthcare service providers, operating an extensive network of multi-specialty hospitals, clinics, and diagnostic centres across the country. The company is part of the Manipal Group, founded by Dr. T. M. A. Pai, and has established a strong presence in tertiary and quaternary healthcare services.
The company provides comprehensive medical care across a wide range of specialties, including organ transplantation, oncology, cardiology, neurology, nephrology, orthopaedics, gastroenterology, critical care, and preventive healthcare. Its hospitals are equipped with advanced medical technology and supported by experienced doctors, nurses, and healthcare professionals, enabling the delivery of high-quality, patient-centric care.
Manipal Health has expanded its footprint through a combination of organic growth, strategic acquisitions, and partnerships, while continuously investing in medical infrastructure, digital health initiatives, and clinical excellence. The company serves patients across India as well as international markets, with a focus on improving healthcare accessibility and outcomes.
Hospital Network
As of September 30, 2025, Manipal Health operated:
- 38 hospitals, increasing to 48 hospitals on a pro forma basis following announced acquisitions.
- 10,761 licensed beds, expanding to 12,367 licensed beds on a pro forma basis.
- 17 clinics across India.
The company's integrated healthcare network, supported by advanced infrastructure and a broad spectrum of specialized medical services, positions it among the largest private hospital operators in India.
Promoters
- Dr. Ranjan Ramdas Pai
- Manipal Global Health Services
- Memg International Ltd
- Kangto Investments Pte. Ltd
- Imperius Healthcare Investments Pte. Ltd.
- Kabru Investments Pte. Ltd.
Contact details
Manipal Health Enterprises Ltd.
The Annexe,
#98/2, Rustom Bagh,
HAL Airport Road,
Bengaluru, Karnataka, 560017
Telephone: +91 80 49360300
Email:legalcs@manipalhospitals.com
Website:http://www.manipalhospitals.com/
Manipal Health Enterprises IPO FAQs
- What is the Manipal Health Enterprises IPO price band?
- The Manipal Health Enterprises IPO price band is ₹560 to ₹590 per share.
- What is the Manipal Health Enterprises IPO lot size and minimum investment?
- The Manipal Health Enterprises IPO lot size is 25 shares. The minimum retail investment is ₹14,750 for one lot at the upper price band. Retail investors can apply for up to 13 lots (325 shares), costing ₹1,91,750.
- When was Manipal Health Enterprises IPO open for subscription?
- Manipal Health Enterprises IPO was open for subscription from Wed, 29 Jul 2026 to Fri, 31 Jul 2026.
- What is the Manipal Health Enterprises IPO subscription status?
- Manipal Health Enterprises IPO was subscribed 4.92x overall: QIB 8.25x, NII 1.02x and retail 0.93x. Day-wise and category-wise figures are on the subscription page.
- What was the Manipal Health Enterprises IPO GMP before listing?
- The last Manipal Health Enterprises IPO GMP before listing was +₹7 (+1.19% against the upper price band of ₹590), implying an estimated listing price of ₹597. Across 10 days of tracking, GMP ranged from -₹15 (31 Jul) to +₹13 (27 Jul). GMP is an unofficial grey market indicator and can change quickly.
- What is the Manipal Health Enterprises IPO allotment date?
- The Manipal Health Enterprises IPO basis of allotment was finalised on Mon, 3 Aug 2026. You can check your allotment status on the KFin Technologies Limited website.
- What is the Manipal Health Enterprises IPO listing date?
- Manipal Health Enterprises IPO listed on BSE & NSE on Wed, 5 Aug 2026.
- Is the Manipal Health Enterprises IPO a fresh issue or an offer for sale?
- It combines a fresh issue of ₹8,000 Cr (86.25%) with an offer for sale of ₹1,275.21 Cr (13.75%) by existing shareholders. Only the fresh issue money goes to the company.
- Who are the registrar and lead managers of the Manipal Health Enterprises IPO?
- The registrar for the Manipal Health Enterprises IPO is KFin Technologies Limited, and the book running lead managers are Axis Capital Limited, J.P. Morgan India Private Limited, Jefferies India Private Limited, Kotak Mahindra Capital Company Limited, UBS Securities India Private Limited and DBS Bank India Ltd.
Data is compiled from the prospectus, stock exchanges and market sources and is for information only. It is not investment advice; read the RHP before applying.