SEBI clears Manipal Health Enterprises ₹8,000 cr IPO, promoter sell-off
Manipal Health Enterprises, India's second-biggest hospital chain, just got SEBI approval for its massive ₹8,000 crore IPO.
The offer includes both new shares and a big sell-off by existing promoters like Imperius Healthcare and Manipal Education and Medical Group.
Investors cashing out Manipal Health stakes
Major investors (TPG SG Magazine, Novo Holdings Invest Asia A/S, and Phoenix Bear) are cashing out some of their stakes. There's also a possible pre-IPO placement of up to ₹1,600 crore that could shrink the main issue size.
Most of the money raised will go toward paying off debt (₹5,378 crore), buying more stake in Sahyadri Hospitals (₹574 crore), and general company needs.
With 38 hospitals across 14 states and a recent half-year profit of ₹571.8 crore on revenue of ₹4,713 crore, Manipal Health is clearly aiming big.