Manipal Hospitals, backed by the Singaporean investment firm Temasek and Dr Ranjan Pai, has submitted draft papers to the Securities and Exchange Board of India for an initial public offering. This represents the largest proposed public listing within the Indian healthcare sector to date.
As per the report, the offering is structured as a combination of a fresh issue of shares valued at Rs 8,000 crore and an offer for sale of up to 43.23 million shares by existing promoters and investors. Within this offer for sale, Imperius Healthcare Investments will divest 21.62 million shares, Manipal Education and Medical Group will sell 13.58 million shares, TPG SG Magazine will offer 4.66 million shares, and Seventy Second Investment will sell 1.58 million shares.
The company has outlined a specific allocation plan for the capital generated from the fresh issue. A primary sum of Rs 5,378 crore is allocated for the repayment of outstanding debt. According to the draft filings, Manipal Hospitals held total consolidated outstanding borrowings of Rs 10,612.79 crore as of 31 January 2026. Furthermore, Rs 574 crore from the fresh issue is designated for the acquisition of a minority stake in its subsidiary, Sahyadri Hospitals.
Multiple financial institutions, including Kotak Mahindra Capital, Axis Capital, Jefferies, JP Morgan, Goldman Sachs, UBS, and DBS, are managing the offering. Legal advisory is provided by Cyril Amarchand Mangaldas and Khaitan and Co for the company, while JSA, AZB & Partners, Shardul Amarchand Mangaldas, and Trilegal are representing the selling shareholders.
As of 30 September 2025, Manipal Hospitals maintained the largest network footprint among private healthcare providers in India. The company operated 38 hospitals, which increased to 48 on a pro forma basis, encompassing 10,761 licensed beds, or 12,367 on a pro forma basis, across 14 states and union territories. Regional capacity on a pro forma basis includes 6,040 licensed beds in Karnataka, 2,887 in eastern states such as West Bengal and Odisha, and 2,188 in Maharashtra and Goa.
The network is supported by 11,058 doctors and served 7.19 million patients in the 2025 financial year. For that same fiscal period, the company reported pro forma operating revenue of Rs 9,263.56 crore, an increase from Rs 6,171.63 crore the previous year. Net profit for the period was Rs 534.7 crore.
The current scale of operations is the result of a sustained acquisition strategy. In July 2025, Manipal Hospitals acquired Pune-based Sahyadri Hospitals with an estimated equity value of Rs 6,150 crore to expand its capacity in western India. This followed earlier acquisitions of Vikram Hospitals, the Indian operations of Columbia Asia, and AMRI Hospitals. In April 2023, Temasek increased its stake to become the controlling shareholder through a transaction worth approximately Rs 16,000 crore, which valued the hospital chain between Rs 40,000 crore and Rs 42,000 crore.
Upon listing, Manipal Hospitals will join a market populated by major competitors such as Apollo Hospitals Enterprises, Max Healthcare, and Fortis Healthcare, which currently hold market capitalisations of approximately Rs 1,06,606 crore, Rs 95,128 crore, and Rs 61,344 crore, respectively.
