Shares of Manipal Health Enterprises are set to make their stock market debut on the BSE and NSE today, August 5. Ahead of the listing, grey market trends point to a largely flat start.
The IPO, which was open for subscription from July 29 to July 31, garnered an overall subscription of 4.92 times. The issue saw strong demand from institutional investors, with the Qualified Institutional Buyers (QIB) segment subscribed 8.25 times.
Interest from Non-Institutional Investors (NIIs) remained moderate, with the category subscribed 1.02 times, while the Retail Individual Investor (RII) portion was subscribed 93%.
The public issue comprised a fresh issue of 13.56 crore 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 IPO was priced in the Rs 560–Rs 590 per share band. Kotak Mahindra Capital acted as the book-running lead manager for the issue, while KFin Technologies served as the registrar.
Manipal Health Enterprises IPO GMP Today
Ahead of its stock market debut, Manipal Health Enterprises shares are commanding a grey market premium (GMP) of Rs 3, or around 1% over the upper issue price. Based on the current GMP, the stock is expected to list at approximately Rs 593 per share, indicating a largely flat market debut.
While the grey market premium is widely tracked as an indicator of investor sentiment ahead of listing, it is an unofficial and unregulated metric. Investors should therefore look beyond the GMP and evaluate factors such as the company's fundamentals, valuation, industry outlook and prevailing market conditions before making any investment decisions.
Founded in 2010, Manipal Health Enterprises has emerged as one of India’s leading healthcare providers, with a wide network of multi-specialty hospitals, clinics and diagnostic centres.
The company provides advanced tertiary and quaternary healthcare services across key specialties, including oncology, cardiology, neurology, orthopaedics, organ transplantation and preventive healthcare.
As of March 31, 2026, Manipal Health Enterprises operated 49 hospitals with 13,037 licensed beds and 21 clinics across India. The organisation has a workforce of more than 24,000 employees, including over 11,000 nurses and 6,300 paramedics.
Over the years, the healthcare chain has expanded through acquisitions, investments in medical infrastructure and increased adoption of digital healthcare solutions.
How Manipal Health Enterprises Will Use IPO Proceeds
Manipal Health Enterprises plans to use a substantial portion of the fresh issue proceeds to strengthen its balance sheet and support future growth.
The company has earmarked Rs 5,378 crore for debt repayment, a move aimed at lowering borrowing costs and improving its financial position. Additionally, Rs 574 crore will be used to acquire a minority stake in its step-down subsidiary, Sahyadri Hospitals.
The remaining proceeds will be deployed for general corporate purposes and to fund future business expansion.
As one of India's largest hospital operators, Manipal Health Enterprises' market debut will be closely tracked by investors for cues on sentiment toward the country's fast-growing healthcare sector.
