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Manipal Health Enterprises, which is backed by Singapore government’s investment firm Temasek, has received the nod from market regulator Sebi for approval for its proposed IPO. Manipal Health Enterprises filed draft documents for an IPO with SEBI earlier this year. Now, with regulatory approval, the listing process is expected to accelerate. The company could be listed on the stock exchange by the end of July. SBI Funds Management IPO is the other big IPO to hit the market this month which could raise $1.2 billion.

Manipal Hospitals IPO size

The Manipal Hospitals’ IPO will be designed to raise approximately Rs 8,000 crore, says reports. However, the final issue size will be determined based on market conditions and ongoing discussions with investors. If it proceeds as planned, it will be one of India’s largest healthcare IPOs.

In FY26, Manipal Health Enterprises a revenue of about Rs 9,426.10 crore and a net profit of Rs 1,143.66 crore.

Valuation of the company

The company is targeting a valuation of $10 billion to $13 billion. However, the final valuation has not yet been finalised. The IPO will include a fresh issue as well as an offer for sale (OFS) from existing investors. There are as many as 49 hospitals across more than 24 cities in the Manipal chain. Cumulatively they have more than 12,600 hospital beds and serve 70 lakh patients annually.

Lead managers

According to the Draft Red Herring Prospectus (DRHP), there are multiple high-profile book running lead managers for this IPO. They are Axis Capital, DBS Bank, Kotak Mahindra Capital, Goldman Sachs, Jefferies, JPMorgan and UBS. All these investment banks will put their heads together to manage this big issue.

The IPO market was tepid at the beginning of 2026, but now large issues have begun to emerge. In this context, Manipal Hospitals’ IPO could attract investor attention. Therefore, if the company launches by the end of July, it will be among the most anticipated IPOs of the year. However, the most highly anticipated issue this year will be the two of the largest to hit Dalal Street ever. The NSE IPO, which is finally on its way after making investors wait for more than a decade, will be raising about Rs 30,000 crore while that of Jio Platforms can be even bigger and raise about Rs 37,000 crore according to current estimates.