Manipal Hospitals seeks ₹8,000cr IPO to cut ₹7,500cr net debt
Business
Manipal Hospitals is going public with a fresh issue of up to ₹8,000 crore, mainly to pay off its hefty debt, currently at ₹10,000 crore.
CEO Dilip Jose explained that with the hospital's cash reserves and the IPO money, they'll bring their net debt down by about ₹7,500 crore.
Manipal Hospitals targets nearly 3,000 beds
Once the debt is under control, Manipal wants to shift focus to growth, like adding nearly 3,000 new beds over the next three years.
Plans include a big new hospital in Mumbai, expansions in Raipur and Bengaluru's Electronic City, plus upgrades at Sahyadri Hospitals (which they bought recently).
Jose said they'll be picky about future acquisitions, only going for smart moves in cities like Kerala, Hyderabad, Delhi NCR, and Visakhapatnam.