Manipal Hospitals is gearing up for a major stock market debut, with plans to float an initial public offering (IPO) estimated at around US$1 billion as early as January. If executed as planned, the offering could become the largest-ever IPO by an Indian hospital chain and may value the company at as much as US$13 billion — positioning it as the nation’s most valuable healthcare provider.
The proposed listing comes on the heels of an aggressive expansion phase. Manipal Hospitals has strengthened its national footprint through a series of strategic acquisitions, most recently the takeover of Sahyadri Hospitals. Previous additions, including AMRI Hospitals and other prominent regional networks, have significantly bolstered the group’s scale. Following these integrations, Manipal now manages more than 10,500 operational beds across its hospitals.
The IPO will include both newly issued shares and a sale of shares held by existing investors. Several major financial institutions — among them Kotak Mahindra Capital, Axis Bank, and the Indian divisions of global banks such as Goldman Sachs, JPMorgan, and Jefferies — are advising on the transaction. The final structure, including pricing, is still being finalized.
Supported by Singapore’s Temasek Holdings, Manipal Hospitals has witnessed a dramatic surge in valuation over the past few years. Its enterprise value has reportedly grown more than threefold since 2021, climbing from approximately US$3 billion to nearly US$13 billion after the Sahyadri acquisition.
The impending IPO underscores the rising investor confidence in India’s fast-evolving healthcare landscape. Growing demand for private medical services, coupled with consolidation among regional hospital operators, has made the sector increasingly attractive to global and domestic investors. Manipal’s public listing is expected to serve as a benchmark for future valuations and investment interest in the country’s hospital and healthcare service market.
Beyond raising new capital for continued expansion or debt reduction, the listing will also provide liquidity for current shareholders, further solidifying Manipal Hospitals’ leadership position in India’s healthcare ecosystem. As the offering details take shape early next year, the IPO could set a new precedent for the scale and ambition of healthcare investments in India.
(Photo courtesy: manipalhospitals.com)