Independent Research on Mutual Funds, Stocks & IPOs for Indian Investors

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, Dr Ranjan Ramdas Pai, TPG, Novo Holdings, Seventy Second Investment Company, Ammar Sdn Bhd and Phoenix Bear Investments. FY25 revenue Rs 9,409 Cr; EBITDA margin 26.65%. Issue: fresh Rs 8,000 Cr + OFS Rs 1,275.22 Cr. Final issue price Rs 590. Listed Aug 5, 2026 at Rs 652, up 10.5% - India's second-largest IPO of 2026, post-listing market cap ~Rs 77,600 Cr, valued at ~84.65x FY26 earnings.