Manipal Health Enterprises Eyes $1 Bn IPO, Engages Bankers: Report
Sources indicate that the company may go public within the next year, with formal pitches from bankers scheduled for early next month. If the listing proceeds, it would be among the largest IPOs in India's healthcare sector.
Temasek-backed Manipal Health Enterprises is reportedly preparing for a $1 billion initial public offering (IPO).
According to a Livemint report, the hospital chain will meet with bankers in February to seek pitches for the IPO.
Sources indicate that the company may go public within the next year, with formal pitches from bankers scheduled for early next month. If the listing proceeds, it would be among the largest IPOs in India's healthcare sector.
The IPO is expected to include a secondary offer-for-sale (OFS) and a substantial primary capital raise. Existing shareholders are anticipated to reduce their stakes as part of the OFS, while the primary capital raised will fund the company's growth plans.
Manipal Health Enterprises and Temasek representatives did not respond to requests for comments. The report could not be independently verified by Digital Health News.
Initially promoted by the Pai family, the hospital chain has seen significant investment from private equity funds. Singapore’s sovereign wealth fund, Temasek, became the largest shareholder in April 2023 after acquiring a 41% stake in Manipal Health for over $2 billion, valuing the company at approximately INR 40,000 Cr.
Founded by Ranjan Pai in 2010, Manipal Health Enterprises, also known as Manipal Hospitals, serves around 7 million patients annually across 37 hospitals in 19 cities, including Bengaluru, Mangalore, Mysore, and others, spread over 14 states.
