Bengaluru-based Manipal Health Enterprises is preparing to file draft papers for an initial public offering (IPO) worth USD 1 billion (~INR 8,300 crore) in January 2026, setting the stage for what could be India’s largest-ever healthcare listing.
According to market research, the proposed Manipal Hospitals IPO will comprise both a fresh issue of shares and an offer for sale by existing shareholders. The company is eyeing a valuation of up to USD 13 billion (~INR 1.08 lakh crore), potentially making it the most valuable hospital operator in India.
Manipal Hospitals IPO Structure and Advisors
The transaction is being steered by a consortium of top-tier financial institutions, including Kotak Mahindra Capital, Axis Bank, and the Indian arms of Goldman Sachs Group Inc., JPMorgan Chase & Co., and Jefferies Group LLC. Final terms of the offering are still under discussion, and details may evolve as the company moves closer to filing its Draft Red Herring Prospectus (DRHP) with market regulator SEBI.
Representatives for Manipal and the advising banks have so far declined to comment on the planned listing.
Temasek-Backed Growth Story
Manipal Health Enterprises is backed by Singapore’s state-owned investor Temasek Holdings, which has played a central role in its aggressive growth trajectory over recent years. The group has expanded its national footprint through strategic acquisitions, most notably the purchase of Sahyadri Hospitals, Maharashtra’s largest hospital chain, from the Ontario Teachers’ Pension Plan Board.
In June 2025, KKR & Co. extended USD 600 million (~INR 5,393 crore) in financing to the Manipal group to accelerate its expansion strategy — a move that temporarily paused IPO preparations as the company finalized the Sahyadri acquisition.
Network and Market Position
Part of a diversified conglomerate with interests spanning healthcare, education, and insurance, Manipal Hospitals currently operates more than 10,500 operational beds across its network of hospitals in India. Should the listing proceed as planned, Manipal Hospitals is poised to surpass Max Healthcare Institute, currently valued at about USD 12 billion (~INR 99,600 crore), as the country’s most valuable hospital chain.
The upcoming IPO also reflects surging investor appetite for India’s healthcare sector, driven by strong post-pandemic demand, consolidation trends, and a rising focus on private medical infrastructure.
A New Benchmark for Indian Healthcare Listings
The last major hospital IPO in India was Dr Agarwal’s Health Care, which raised approximately USD 350 million (INR 3,027 crore) earlier in 2025. If Manipal’s issue proceeds as scheduled, it will set a new benchmark for healthcare listings in the Indian capital markets, underscoring the sector’s transformation into one of the most sought-after investment avenues.
Industry analysts suggest that Manipal Hospitals’ scale, brand equity, and operational efficiency could attract robust institutional interest. The offering’s success would not only position the group as a healthcare market leader but also reflect the broader institutional shift toward health infrastructure as a long-term growth play in India.
Outlook
With filing expected in January 2026, Manipal’s IPO will be closely watched by investors, peers, and regulators alike. Beyond raising fresh capital, the listing is expected to strengthen the company’s balance sheet, support ongoing expansion, and unlock value for its existing shareholders — including Temasek and KKR.
If successful, the deal would mark a milestone moment for India’s healthcare industry, showcasing the sector’s maturation into a high-value, globally relevant investment domain. For more details related to IPO GMP, SEBI IPO Approval, and Live Subscription stay tuned to IPO Central.