Manipal Health IPO
Market Sentiment
IPO Details
Day-wise Subscription (times subscribed)
| Category | Day 1 | Day 2 | Day 3 |
|---|---|---|---|
| QIB | 0.14x | 0.60x | 8.25x |
| NII | 0.07x | 0.14x | 1.02x |
| bNII > ₹10L | 0.07x | 0.14x | 1.08x |
| sNII 2-10L | 0.08x | 0.15x | 0.90x |
| Retail | 0.25x | 0.45x | 0.93x |
| Employee | 0.89x | 1.45x | 2.18x |
| Total | 0.15x | 0.45x | 4.92x |
Market Lot Size
IPO Reservation
Financial Analysis
Financial Data
Financial Performance
| Metric | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|
| Revenue | 4,927.57 | 6,265.17 | 8,362.79 | 10,520.52 |
| Expense | 4,225.20 | 5,340.51 | 7,134.43 | 9,268.42 |
| Profit (PAT) | 414.20 | 533.20 | 1,081.67 | 916.52 |
| Total Assets | 7,936.78 | 10,818.83 | 14,072.08 | 24,864.50 |
Peer Comparison
| Company | EPS | P/E | Income |
|---|---|---|---|
| Manipal Health This IPO | 7.71 | - | - |
| Apollo Hospitals Enterprise Ltd | 135.04 | 66.15 | 25,228.50 Cr |
| Fortis Healthcare Ltd | 13.80 | 70.22 | 9,127.84 Cr |
| Max Healthcare Institute Ltd | 14.83 | 74.55 | 10,065.00 Cr |
Promoters & Holding Pattern
Promoters: Dr. Ranjan Ramdas Pai, Manipal Global Health Services, Memg International Ltd, Kangto Investments Pte. Ltd., Imperius Healthcare Investments Pte. Ltd., and Kabru Investments Pte. Ltd
| Shareholding | No. of Shares | Holding % |
|---|---|---|
| Promoter Holding Pre Issue | 1,17,97,57,321 | 81.43% |
Strengths & Risks
- Strongly subscribed — 4.9x overall (so far).
- Strong institutional (QIB) demand — 8.3x.
- Revenue grew 26% in the latest reported year.
- Solid profit margin — 8.7%.
- Mostly fresh capital — proceeds fund the company's growth, not an exit.
Our data checks haven't flagged a specific concern for Manipal Health — but that isn't a clean bill of health. Read the risk-factors section of the RHP, which lists company-specific risks our data can't capture.
Compiled from this issue's live GMP, subscription, valuation and financial data, and updated as those figures change. Informational only — not investment advice. Always read the RHP before applying.
Company Information
About Manipal Health
Manipal Health Enterprises Limited is a healthcare company in India that runs many hospitals, clinics, and diagnostic centres. It is part of the Manipal Group, which was started by T. M. A. Pai. Moreover, the company provides different types of medical services such as organ transplants, oncology, cardiology, neurology, orthopaedics, and preventive healthcare. The company has a major of give good quality care to patients and make healthcare more available. As of September 30, 2025, the company runs 38 hospitals (or 48 hospitals on a pro forma basis) with 10,761 beds (or 12,367 licensed beds on a pro forma basis). It also operates 17 clinics.
Company Contact Information
Manipal Health Enterprises Ltd., The Annexe,, 98/2, Rustom Bagh,, HAL Airport Road,, Bengaluru, Karnataka, 560017
Objects of the Issue
| Purpose | Amount (Cr) |
|---|---|
| Repayment/ prepayment, in full or in part, of certain outstanding borrowings and accrued interest thereon availed by one of the Material Subsidiaries, Manipal Hospitals Private Limited | 5,378.00 |
| Acquisition of minority stake in the stepdown Subsidiary, Sahyadri Hospitals Private Limited | 574.00 |
| General corporate purposes | - |
Resources & Documents
Anchor Investors
Manipal Health IPO - Quick Take
Manipal Health has set a price band of Rs 560–Rs 590 per share for an issue size of Rs 9,274 crore. The stock listed with a 10.51% gain versus its issue price on August 05, 2026.
The issue is promoted by Dr. Ranjan Ramdas Pai, Manipal Global Health Services, Memg International Ltd, Kangto Investments Pte. Ltd., Imperius Healthcare Investments Pte. Ltd., and Kabru Investments Pte. Ltd with Kotak Mahindra Capital Company Limited, Axis Capital Limited, Goldman Sachs (India) Securities Private Limited, Jefferies India Private Limited, J.P. Morgan India Private Limited,… acting as lead manager. Net proceeds will primarily be used towards repayment/ prepayment, in full or in part, of certain outstanding borrowings and accrued interest thereon availed by one… (Rs 5,378 crore) and acquisition of minority stake in the stepdown Subsidiary, Sahyadri Hospitals Private Limited (Rs 574 crore).
On fundamentals, the company is posting revenue growth of 25.8%, a profit margin of 8.7% in its most recent reported period. Listed peers in this segment include Apollo Hospitals Enterprise Ltd (P/E 66.15x) and Fortis Healthcare Ltd (P/E 70.22x) — useful reference points when evaluating the issue's pricing relative to where the broader sector is trading.
On our data-signal score, the combined signals for this issue currently read mixed — some indicators read positively and others do not. This is a summary of public data, not a recommendation to apply or skip. Past performance does not predict future returns — review the price chart and peer comparison below before trading.
Frequently Asked Questions
Manipal Health IPO GMP — What It Means
GMP stops mattering once the shares trade — it only ever estimated the listing price. The summary at the top of this page compares the last pre-listing GMP with how the shares actually listed. Its last GMP before listing was 0.6%. Of the 32 Mainboard IPOs we have tracked with a final GMP under 10%, 19 listed above, 6 flat and 7 below the issue price; Manipal Health listed 10.5% above its issue price.
See the full Manipal Health GMP history and trend, or learn how grey market premium works and how reliable it is.
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