Temasek-backed Manipal Hospitals files for US$1 billion India IPO

Published Tue, Mar 24, 2026 · 04:07 PM

[BENGALURU] Manipal Health Enterprises has filed draft papers for an initial public offering, setting the stage for what could be India’s largest listing by a hospital operator.

The share sale will include an offer by existing investors to sell as many as 43.23 million shares, representing a 3.66 per cent stake, alongside a fresh issue of shares worth 80 billion rupees (S$1.1 billion), according to the filing.

The company is seeking to raise as much as US$1 billion and is targeting a valuation of up to US$13 billion, according to people familiar with the matter. Manipal Hospitals may consider a pre-IPO placement of shares worth as much as 16 billion rupees, according to the prospectus.

Existing shareholders participating in the secondary share sale include TPG, Temasek, Ammar Sdn Bhd, Novo Holdings Invest Asia, Phoenix Bear Investments, Seventy Second Investment Company and Manipal Education and Medical Group India.

The Bengaluru-based hospital chain is working with advisers including Kotak Mahindra Capital, Axis Bank, and the local units of Goldman Sachs Group, JPMorgan Chase, Jefferies Financial Group UBS Securities and DBS Bank on the potential offering.

Backed by Singapore state-owned investor Temasek Holdings, Manipal could become India’s most valuable healthcare operator after the listing, highlighting growing investor appetite for industry in the country. The company has expanded rapidly through acquisitions, most recently adding Sahyadri Hospitals.

Its IPO would add to a growing number of deals in Asia’s healthcare industry, including an offering by Malaysia’s Sunway Healthcare Bhd, which raised RM2.86 billion (S$930.9 million). Other Asian companies in the industry planning share sales include Aier Eye Hospital Group, China’s biggest chain of eye hospitals, and India’s General Atlantic-backed ASG Hospital Medline, which manufactures and distributes medical supplies, last year went public in a US$7.2 billion US IPO, the world’s largest in 2025.

Manipal, part of a conglomerate with interests spanning healthcare, education and insurance, operates more than 49 hospitals with 10,600 beds, according to its website.

Max Healthcare Institute is currently India’s most valuable hospital chain, with a market capitalisation of about US$9.9 billion. The most recent major hospital IPO in India was Dr Agarwal’s Health Care Ltd’s US$350 million offering last year. BLOOMBERG