Manipal Health Enterprises' Rs 9,275-crore IPO entered Day 2 of bidding with a muted response from investors, while the grey market premium (GMP) remained modest at around 2%. The issue, backed by Temasek and healthcare entrepreneur Ranjan Pai, has seen cautious participation so far, prompting investors to weigh whether the IPO is worth betting on.

On Day 1, the IPO was subscribed 15% overall, with bids received for 15% of the 9 crore shares on offer. The retail investor portion was subscribed 25% against the 1.64 crore shares reserved for the category.

Manipal Health IPO GMP Today

According to the latest grey market trends, Manipal Health Enterprises is commanding a GMP of around Rs 9, implying an estimated listing price of Rs 599, about 2% above the upper price band of Rs 590.

While the GMP reflects cautious optimism, investors should note that the grey market is unofficial and unregulated. It serves only as an indicator of market sentiment and does not guarantee listing-day performance.

Manipal Health IPO Subscription Status

After the first day of bidding, the IPO was subscribed 15% overall.

Retail Individual Investors (RIIs): 25% subscribed against the 1.64 crore shares reserved.

Non-Institutional Investors (NIIs): 5% subscribed against the 2.46 crore shares allocated.

Qualified Institutional Buyers (QIBs): 14% subscribed against the 4.87 crore shares reserved.

The public issue comprises 13.56 crore fresh equity shares worth Rs 8,000 crore and an Offer for Sale (OFS) of 2.16 crore shares valued at Rs 1,275.22 crore, taking the total issue size to Rs 9,275.22 crore. The price band has been fixed at Rs 560–590 per share.

The OFS includes stake sales by Imperius Healthcare Investments, Manipal Education and Medical Group India, TPG SG Magazine, Seventy Second Investment Company, Ammar Sdn Bhd, Novo Holdings Invest Asia, and Phoenix Bear Investments.

The share allotment is expected on August 3, 2026, while the stock is likely to debut on the NSE and BSE on August 5, 2026.

Retail investors can apply in lots of 25 shares, requiring a minimum investment of Rs 14,750 at the upper price band.

Kotak Mahindra Capital is the book-running lead manager, while KFin Technologies is the registrar to the issue.

Founded in 2010, Manipal Health Enterprises is among India's largest healthcare providers, operating a network of multi-specialty hospitals, clinics, and diagnostic centres. The company offers tertiary and quaternary care across key specialties such as oncology, cardiology, neurology, orthopaedics, organ transplants, and preventive healthcare.

As of March 31, 2026, it operated 49 hospitals with 13,037 licensed beds and 21 clinics across India. The company employs over 24,000 people, including more than 11,000 nurses and 6,300 paramedics.

Over the years, Manipal Health has expanded through strategic acquisitions, investments in medical infrastructure, and digital healthcare initiatives.

How Will the IPO Proceeds Be Used?

The company plans to deploy Rs 5,378 crore from the fresh issue to repay debt, strengthening its balance sheet and reducing interest costs. Another Rs 574 crore will be used to acquire a minority stake in its step-down subsidiary, Sahyadri Hospitals, while the remaining proceeds will be allocated toward general corporate purposes and future growth initiatives.

Should You Subscribe?

Brokerages remain largely positive on Manipal Health's long-term prospects, though many believe the IPO is priced at a premium.

SBI Securities has recommended 'Subscribe', citing the company's leadership in the multi-specialty hospital segment, successful acquisition strategy, plans to add over 2,400 beds by FY30, and expected margin expansion following debt reduction and the integration of Sahyadri Hospitals.

Anand Rathi Research has also maintained a 'Subscribe for Long Term' rating, despite noting that the issue is valued at around 85.4x FY26 earnings.

On the other hand, Arihant Capital and Angel One have assigned a 'Neutral' rating, arguing that while the business fundamentals remain strong, much of the growth potential is already reflected in the valuation.

Other brokerages, including Axis Capital, Sushil Finance, and Ashika Research, have highlighted the company's robust financial performance, operational efficiency, and dominant market position, while cautioning that premium valuations may limit near-term listing gains.