India’s healthcare industry is preparing for a surge in capital raising next year, with hospital networks and fertility service providers poised to tap public markets for nearly ₹20,000 crore in funding.
Bankers involved in these deals say several of the country’s largest hospital groups and fast-growing in-vitro fertilisation (IVF) businesses have either already submitted draft papers or are close to doing so ahead of planned initial public offerings (IPOs).
Manipal Hospitals, which operates India’s second-largest hospital chain, is reportedly planning a significant offering in 2026 — potentially raising between ₹8,500 and ₹9,000 crore.
Other healthcare players lining up IPOs include Kauvery Hospital, expected to attract more than ₹1,500 crore from its public debut.
From the IVF segment, Asia Healthcare Holdings is said to be moving ahead with its own public issue, while Indira IVF has refiled its papers confidentially, aiming for a fundraising round in the vicinity of ₹3,500 crore. Bengaluru-based maternity and childcare group Cloudnine is also reported to be in IPO preparations, with plans to raise over ₹1,000 crore.
According to investment bankers, robust business performance, healthy valuations and ongoing consolidation in the healthcare space are encouraging many companies to access public capital.
“Hospital chains are showing steady volume growth, improving margins and greater consolidation, which gives investors better visibility,” said Shirish Chikalge, head of healthcare at IIFL Capital Investment Bank. “Valuations are encouraging promoters to accelerate timing, but the underlying business momentum is clearly stronger than in previous cycles.”
In addition to new listings, several hospitals that have already filed IPO papers are likely to refile and go ahead with their offerings. Paras Hospitals had initially aimed for an issue of more than ₹1,000 crore, while Yashoda Hospitals has confidentially submitted plans for an IPO worth around ₹4,000 crore, according to sources.
Although investment bankers did not respond to requests for additional comments, private equity firms are also expected to use public markets as a way to partially exit some of their holdings while freeing up capital for expansions and new projects.