Manipal Health Enterprises, backed by Singapore's Temasek, has filed to raise $960 million through an initial public offering (IPO) with a price band set between ₹560 and ₹590 per share, according to the company's filing with market regulators. The IPO aims to strengthen the healthcare provider's capital base and expand its footprint.
The company, which operates a network of hospitals and clinics across India, set the price band after consultations with its bankers and market advisors. The filing details the planned use of proceeds to fund growth initiatives and repay debt. Manipal Health's IPO is among the largest healthcare listings in India this year, reflecting investor interest in the sector.
This IPO comes amid rising demand for healthcare services in India, driven by increased health awareness and insurance penetration. Comparable recent healthcare listings have attracted strong investor participation, highlighting the sector's growth potential. Temasek's backing adds credibility, given its track record of investments in healthcare and technology companies.
The subscription period for Manipal Health's IPO is scheduled to open shortly, with the company expected to finalize allotments and list on stock exchanges by August. The outcome will provide insights into investor appetite for large healthcare plays in India's public markets.