Manipal Hospitals wants to raise $1B via IPO in India
What's the story
Manipal Health Enterprises is gearing up to file a $1 billion initial public offering (IPO) in January. The move would mark the biggest ever IPO by a hospital operator in India. The Bengaluru-based company is eyeing a valuation of up to $13 billion with this offering, which will include both fresh shares and an offer for sale by existing investors.
Advisory team
IPO advisors and strategic partnerships
Manipal Health Enterprises has enlisted the services of Kotak Mahindra Capital Company, Axis Bank, and local branches of Goldman Sachs Group, JPMorgan Chase & Co, and Jefferies Group for its potential IPO. The company is backed by Singaporean state-owned investor Temasek Holdings Pte. If successful, this listing could make Manipal the most valuable healthcare operator in India.
Expansion plans
Growth and acquisition strategies
Manipal Health Enterprises has been on an aggressive expansion spree, with acquisitions being a major part of its strategy. The company recently pursued the acquisition of Sahyadri Hospitals, Maharashtra's largest hospital chain, from the Ontario Teachers' Pension Plan Board. In June, KKR had announced a $600 million financing deal to help Manipal accelerate its growth plans.
Market standing
A look at the market position
Manipal Health Enterprises is part of a conglomerate with interests in healthcare, education, and insurance. The company operates over 10,500 beds across its facilities. Currently, Max Healthcare Institute Ltd is India's most valuable hospital chain with a market cap of around $12 billion.