Manipal Health IPO Subscribed 15% on Day 1

New Delhi, Jul 29 (PTI) The initial public offering of Manipal Health Enterprises Ltd received 15 per cent subscription on the first day of bidding on Wednesday.

The Rs 9,275-crore IPO received bids for 1,30,94,050 shares against 9,00,88,286 shares on offer, as per NSE data.

The quota for retail investors was subscribed 25 per cent, while the Qualified Institutional Buyers (QIBs) category was booked 14 per cent. The portion reserved for non-institutional investors was subscribed 7 per cent.

Manipal Health Enterprises garnered Rs 4,167 crore from anchor investors, including Abu Dhabi Investment Authority and Allianz Global Investors Fund.

The price band for the IPO has been fixed at Rs 560-590 per share, valuing the company at a little over Rs 77,600 crore at the upper end. The three-day IPO subscription will conclude on July 31.


The Bengaluru-based company's IPO comprises a fresh issue of equity shares worth up to Rs 8,000 crore and an offer-for-sale (OFS) of up to 2.16 crore equity shares by existing shareholders.

Promoters – Imperius Healthcare Investments Pte Ltd and Manipal Education and Medical Group India Pvt Ltd – along with shareholders TPG SG Magazine Pte Ltd, Seventy Second Investment Company LLC, Ammar Sdn Bhd, Novo Holdings Invest Asia and Phoenix Bear Investments LLC, will pare their stakes through the OFS.

The company proposes to utilise Rs 5,378 crore from the fresh issue towards repayment or prepayment of borrowings of its subsidiary, Manipal Hospitals Pvt Ltd. It has earmarked Rs 574 crore for acquiring the minority stake in step-down subsidiary Sahyadri Hospitals Pvt Ltd, while the remaining funds will be used for general corporate purposes.

Manipal Health operates a pan-India network of multispecialty hospitals offering services ranging from outpatient care to tertiary and quaternary interventions.

The company's shares are proposed to be listed on the BSE and NSE on Aug 5.