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Manipal Health IPO: $1 Billion Listing This Month!
24 Jul
Summary
- Manipal Health plans a $1 billion IPO this month.
- Price band announcement scheduled for July 24.
- Proceeds will reduce debt and fund stake acquisition.
Manipal Health Enterprises is poised to launch its substantial $1 billion initial public offering (IPO) later this month. The company is expected to reveal its price band on July 24, with the subscription period anticipated to open from July 29 to July 31. This upcoming offering represents one of the largest IPOs from an Indian healthcare services provider.
The IPO will consist of a fresh issue of shares valued up to ₹8,000 crore, alongside an offer for sale (OFS) involving up to 4.32 crore shares from existing shareholders and promoters. Key entities like Imperius Healthcare Investments and Manipal Education and Medical Group India are among those looking to reduce their holdings.
Manipal Health Enterprises plans to allocate the majority of the funds raised from the fresh issue towards debt reduction. Approximately ₹5,378 crore is designated for repaying borrowings at its subsidiary, Manipal Hospitals. An additional ₹574 crore is set aside for acquiring a minority stake in step-down arm Sahyadri Hospitals.
This move follows the successful large IPO by SBI Funds Management earlier this year, which raised ₹9,813 crore and was subscribed 41.66 times. Kotak Mahindra Capital, Axis Capital, and others are serving as lead managers for the Manipal issue.
