Manipal Health to file IPO papers in December
Manipal Health Enterprises, one of India's largest hospital chains by beds, is set to file its draft IPO documents in December 2024.
The company plans to raise over $1 billion (₹8,000-10,000 crore) and is aiming for a valuation between ₹1 trillion and ₹1.2 trillion ($13 billion).
This big move follows its recent ₹6,400 crore acquisition of Sahyadri Hospitals.
Ownership and hospital network
Started in 2010 by Ranjan Pai, Manipal Health runs 38+ hospitals with 12,000 beds across tier 1 and tier 2 cities.
Ownership-wise: Temasek holds about 59%, Manipal Group has 31%, and TPG owns around 10%.
Financials and future plans
Manipal's revenue jumped to ₹8,242 crore in FY25 (up from ₹6,144 crore last year), with a strong EBITDA margin of 25.8%.
However, debt stands at ₹5,200 crore as of March 2025—the IPO funds will help pay this down and fuel more acquisitions.
The company's wide reach means it serves a diverse patient base.