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Manipal Health Enterprises Limited (Manipal Hospitals), incorporated 2010 (hospital operations since 1991), is India's largest pan-Indian multispecialty hospital network by bed capacity — 48 hospitals with 12,367 licensed beds across 14 states and UTs on a pro-forma basis including the Sahyadri acquisition. Backed by Temasek (Imperius Healthcare Investments), Dr Ranjan Ramdas Pai, TPG, Novo Holdings, Seventy Second Investment Company, Ammar Sdn Bhd and Phoenix Bear Investments. FY25 revenue ₹9,409 Cr; EBITDA margin 26.65%. Clinical focus: CONGO-R specialties (cardiac sciences, oncology, neurosciences, gastrosciences, orthopaedics, renal sciences). DRHP filed March 23, 2026. IPO structure: Fresh Issue ₹8,000 Cr + OFS of 4.32 Cr shares by promoters Imperius Healthcare Investments and MEMG India. Fresh issue proceeds: ₹5,378 Cr to repay Manipal Hospitals Pvt Ltd borrowings, ₹574 Cr to acquire minority stake in Sahyadri Hospitals, remainder for general corporate purposes. Valuation target: $13 billion (Bloomberg). May consider pre-IPO placement of up to ₹1,600 Cr. Expected listing window: July 2026, subject to SEBI nod. Price band and dates TBA.