Manipal Health Enterprises Limited, the operator of the Manipal Hospitals chain, is reportedly seeking a valuation of around ₹80,000 crore for its proposed initial public offering (IPO), lower than the earlier estimated range of $10 billion to $12 billion. The revised valuation reflects cautious investor sentiment amid ongoing volatility in global financial markets.
According to reports, the Temasek-backed healthcare company plans to raise up to ₹11,000 crore through the public offering, which is expected to be launched in the week beginning July 27. However, the company has not officially confirmed the valuation or the timeline, and the details remain subject to change.
The IPO is expected to comprise a fresh issue of shares worth approximately ₹8,000 crore, along with an offer for sale of up to 43.23 million shares by existing investors, including TPG Inc. The funds raised through the fresh issue are expected to be used for debt repayment, capital expenditure and the company’s future expansion plans.
Despite the revised valuation, the offering is expected to become India’s largest IPO of 2026, surpassing recent public issues in the market. The proposed listing is being managed by a consortium of leading investment banks, including Kotak Mahindra Capital, Axis Capital and the Indian units of Goldman Sachs, JPMorgan, Jefferies, UBS and DBS Bank. Market participants will closely watch the offering as it is expected to be one of the year’s most significant listings in the healthcare sector.
