MANIPAL HEALTH ENTERPRISES LTD IPO: Company Review, Subscription and Allotment Updates

2026-07-29 — Company overview and issue details

MANIPAL HEALTH ENTERPRISES LTD IPO (ABOUT THE COMPANY)

MANIPAL HEALTH ENTERPRISES LTD – COMPANY BACKGROUND

Manipal Health Enterprises Ltd is among the largest healthcare chains in India in terms of size, reach, complexity, and multi-specialty. It is part of the Manipal group, founded by TMA Pai, and offers the full range of healthcare services through its network of hospitals, clinics, and diagnostic services. It offers specialization across oncology, cardiology, neurology, orthopaedics, organ transplants, and preventive healthcare. All hospitals are equipped with the most advanced medical technology and top-of-the line professionals. Healthcare is delivered through its network of 49 hospitals, comprising of 13,037 licensed beds; apart from 21 clinics. It employs over 6,300 paramedics and over 11,000 nurses.

Manipal Health Enterprises Ltd has been promoted by Dr Ranjan Ramdas Pai, Manipal Global Health Services, MEMG International Ltd, Kangto Investments Pte Ltd, Imperius Healthcare Investments Pte Ltd, and Kabru Investments Pte Ltd. The IPO will be a combination of a fresh issue and an offer for sale (OFS). The fresh issue funds will be used for repayment of borrowings and for acquisition of minority stake in stepdown subsidiary (Sahyadri Hospitals Ltd). The offer for sale (OFS) portion of the IPO is being offered by the promoter shareholders and investor shareholders. The issue is being lead-managed by Kotak Mahindra Capital, Axis Capital, Goldman Sachs India, Jefferies India, JP Morgan India, UBS Securities India, and DBS Bank India; while KFIN Technologies Ltd (KFINTECH) are the registrars to the IPO.

HIGHLIGHTS OF THE IPO ISSUE OF MANIPAL HEALTH ENTERPRISES LTD

Here are the key highlights of the public issue of Manipal Health Enterprises Ltd.

The IPO is open from July 29th, 2026 to July 31st, 2026. It has a face value of ₹2 per share and the IPO price band has been fixed in the range of ₹560 to ₹590 per share.

The IPO of Manipal Health Enterprises Ltd will be a combination of a fresh issue and an offer for sale (OFS) by promoter shareholders as well as some of the investor shareholders of the company.

The Fresh Issue portion of the IPO comprises the issue of 13,55,93,220 shares (1,355.93 lakh shares), which at the upper price band of ₹590 per share, translates into a fresh issue size of ₹8,000 crore.

The offer for sale (OFS) portion of the IPO comprises the sale of 2,16,13,834 shares (216.14 lakh shares), which at the upper price band of ₹590 per share, translates into an OFS size of ₹1,275 crore.

Therefore, the overall IPO issue will comprise of a fresh issue and OFS of 15,72,07,054 shares (1,572.07 lakh shares), which at the upper price band of ₹590 per share translates into overall issue size of ₹9,275 crore.

Due to the dilutive impact of the fresh issue and the promoter participation in the offer for sale (OFS); promoter’s stake in the company will get reduced from 81.86% to 72.09% of the total shares outstanding post the IPO.

The IPO of Manipal Health Enterprises Ltd will be listed on the NSE and the BSE on the IPO mainboard. The anchor allocation happened on July 28, 2026.

KEY DATES, INVESTOR ALLOCATION, AND LOT SIZES

Here are the key dates pertaining to the IPO of Manipal Health Enterprises Ltd

Data Source: Company RHP

Investors can apply either through their existing trading account or the ASBA application can be directly logged through the internet banking account. This can only be done through the authorized list of self-certified syndicate banks (SCSB).

The table below captures the gist of the allocation to various categories.

Data Source: Security Parameters Filing (NSE)

The anchor portion, is carved out of the QIB portion and the QIB portion available in the IPO offer has been reduced proportionately. Please note that the above shares are final and may differ marginally from the original announcement.

Here is a quick look at the lot sizes applicable for the IPO of Manipal Health Enterprises Ltd for various categories of investors.

It may be noted here that for the B-HNI category and for the QIB (qualified institutional buyer) category, there are no upper limits applicable. (1 Lot = 25 shares)

FINANCIAL HIGHLIGHTS OF MANIPAL HEALTH ENTERPRISES LTD

The table captures the key financials of Manipal Health Enterprises Ltd for last 3 financial years.

Data Source: Company RHP filed with SEBI (FY refers to Apr-Mar period)

The net profit margins have been fluctuating between 8% and 13% in the last 3 years. The return on equity (ROE) has also oscillated between 10% to 19%, while EBITDA margins have been relatively more stable in the range of 25% to 27% over the last 3 years. ROA has been low, but that is the nature of the healthcare industry that does require substantial upfront capex during the expansion phase.

VALUATION METRICS OF MANIPAL HEALTH ENTERPRISES LTD IPO

If one looks at the valuation of the company based on the latest FY26 full-year EPS of ₹7.67, it is trading at around 76.9X earnings at the upper band IPO price of ₹590 per share. If one looks at the other large healthcare chains in India like Apollo Healthcare, Max Hospitals, and Fortis; their valuations are also around this range or higher. This ratio is likely to automatically tone down as the dividends from the capex and inorganic expansion start to flow into the company coffers. The pricing may not be stiff, but it is surely aggressive.

The company does bring some strengths to the table like a massive healthcare chain, top of the line resources, coverage of metros and non-metros, strong financial track record, strong leadership team, marquee investors (including Temasek) etc. While the stock does look fully priced in the IPO, it offers a good opportunity for investors to participate in an area that continues to be the unfinished agenda for India. Demand is huge; from domestic demand, rising health coverage, and international medical tourism. Investors can look at the IPO, more as a long-term participation in the emerging India healthcare story.

2026-07-29 — Anchor allocation

MANIPAL HEALTH ENTERPRISES LTD IPO (ANCHOR ALLOCATION 43.95%)

BRIEF ON ANCHOR ALLOCATION OF MANIPAL HEALTH ENTERPRISES LTD

The anchor issue of Manipal Health Enterprises Ltd saw a strong response on 28th July 2026 with 43.95% of the IPO size absorbed by anchors. Out of 16,07,17,054 shares (1,607.17 lakh shares) on offer in the IPO, anchors picked up 7,06,28,768 shares (706.29 lakh shares) accounting for 43.95% of the total IPO size. The entire anchor allocation was made at the upper end of the price band of ₹590 per share. This includes the face value of ₹2 per share plus a share premium of ₹588 per share. The anchor bidding opened and closed on 28th July 2026.

KEY POINTS TO NOTE IN THE ANCHOR ALLOCATION PROCESS

Here are the key details pertaining to the anchor bidding of Manipal Health Enterprises Ltd

An anchor investor in an IPO is a qualified institutional buyer (QIB) like a foreign portfolio investor or mutual fund or insurance company or a sovereign fund which invests before the IPO is made available to the public as per SEBI regulations. It helps in price discovery.

MAJOR ANCHOR ALLOCATION INVESTORS IN MANIPAL HEALTH ENTERPRISES LTD

On 28th July 2026, Manipal Health Enterprises Ltd allotted 7,06,28,768 shares to a total of 133 anchor investors. The allocation was done at the upper IPO price band of ₹590 per share which resulted in overall anchor allocation of ₹4,167.10 crore. The anchors have already absorbed 43.95% of the total issue size of ₹9,480.64 crore. Listed below are the Top 10 IPO anchor investors who accounted for anchor collection of ₹1,137.52 crores, or, 27.30% of the overall anchor allocation of shares, one trading day ahead of the IPO of Manipal Health Enterprises Ltd. The individual anchor allocation of top-10 investors is indexed descending on the number of shares allotted, and captured in the table below.

Data Source: BSE Filings (Value Allocated is ₹ in Crore)

The detailed and comprehensive report on the anchor allocation, with the mutual fund portion segregated, can be accessed on BSE by clicking on the link below.

https://www.bseindia.com/downloads/UploadDocs/Notices/Attach/AnchorIntimationLetter$bfb18933-9e7f-4bfc-a841-a9c82e648937.pdf

Out of the 7,06,28,768 shares allocated to the anchors in the IPO, there was an allocation of 2,82,60,350 shares made to mutual funds regulated by SEBI. This anchor allocation to mutual funds was spread across 55 MF schemes of 21 asset management companies (AMCs). Mutual funds accounted for 40.01% of the overall anchor allocation.

Out of the 7,06,28,768 shares allocated to the anchors in the IPO, there was also an allocation of 60,02,343 shares made to life insurance companies regulated by IRDAI. This anchor allocation to Life insurers was spread across 9 life insurance companies. These Life Insurance companies accounted for 8.50% of the overall anchor allocation.

The remaining anchor allocation was spread across foreign portfolio investors (FPIs), Overseas Derivative Instruments (ODIs), and alternate investment funds (AIFs).

NEXT STEPS IN MANIPAL HEALTH ENTERPRISES LTD IPO

Post the closure of the IPO subscription on 31st July 2026, the basis of allotment will be finalized on 03rd August 2026 and the refunds will be initiated on 04th August 2026. In addition, the demat credits are expected to also happen on 04th August 2026 and the stock will list on 05th August 2026 on the NSE and the BSE. The credits to the demat account to the extent of shares allotted will happen by the close of 04th August 2026 under ISIN (INE459N01021).

2026-07-31 — Day-3 subscription update

Manipal Health Enterprises Ltd (Day-3 Final Subscription at 4.92 times)

MANIPAL HEALTH ENTERPRISES LTD - IPO SUBSCRIPTION STATUS ON DAY-3

As of 7.10 pm on 31st July 2026, out of the 900.88 lakh shares on offer in the IPO (excluding anchor portion), Manipal Health Enterprises Ltd saw bids for 4,430.73 lakh shares. This implies an overall subscription of 4.92X at a macro level. The granular break-up of subscriptions at close of Day-3 of the IPO of Manipal Health Enterprises Ltd was as under:

The subscriptions were led by the QIB Investors followed by the HNI / NII investors and the Retail investors in that order. QIB bids and NII bids typically gather most of the momentum only on the last day. In the case of the IPO of Manipal Health Enterprises Ltd, the QIB portion saw good traction on the last day, while the HNI / NII portion just scraped through and the retail portion actually fell short. The company had seen steady anchor participation a day ahead of IPO opening with 43.95% of the IPO size absorbed by anchor investors. Here is the category-wise subscription. The overall subscription ratio excludes anchor portion.

Data Source: NSE / BSE (as of close of Day-3 of the IPO)

The IPO of Manipal Health Enterprises Ltd was open up to July 31, 2026, and has closed for subscription as of the close of trading hours on July 31, 2026. The subscription ratios presented in the table above represent the final subscription numbers for each category and also for the IPO overall. Generally, the listing price of the IPO and the post-listing performance tend to get influenced by the extent of oversubscription of the IPO. However, it must also be noted that a higher subscription is not an automatic guarantee of a strong listing performance for the IPO stock. The final subscription ratio excludes anchor portion. Total bids as of the close (including anchor allocation) stood at ₹30,308 crore.

NEXT STEPS IN THE MANIPAL HEALTH ENTERPRISES LTD IPO

Post the closure of the IPO subscription on 31st July 2026, the basis of allotment will be finalized on 03rd August 2026 and the refunds will be initiated on 04th August 2026. In addition, the demat credits are expected to also happen on 04th August 2026 and the stock will list on 05th August 2026 on the NSE and the BSE. The credits to the demat account to the extent of shares allotted will happen by the close of 04th August 2026 under ISIN (INE459N01021).

2026-07-31 — Allotment guidance and next steps

Manipal Health Enterprises Ltd (How to check allotment status online)

ABOUT THE MANIPAL HEALTH ENTERPRISES LTD IPO

The IPO of Manipal Health Enterprises Ltd opened on July 29th, 2026 and closed on July 31st, 2026. The IPO comprised of a fresh issue and an offer for sale of 16,07,17,054 shares (1,607.17 lakh shares) worth ₹9,482.31 crore at the upper band price of ₹590 per share. The allotment status will be finalized by EOD of August 03, 2026. Here is how to check allotment status for the IPO of Manipal Health Enterprises Ltd. You can check IPO status on BSE or NSE or IPO Registrar website of KFIN Technologies Ltd (KFINTECH).

CHECKING ALLOTMENT STATUS OF MANIPAL HEALTH ENTERPRISES LTD ON BSE WEBSITE

This is a common link for all mainboard IPOs. Click on BSE link for IPO allotment as below.

https://www.bseindia.com/investors/appli_check.aspx

Once you reach the page, here are the steps to follow.

Under Issue Type – Select Equity Option

Under Issue Name – Select Manipal Health Enterprises Ltd from the drop-down box

Enter the Application Number / CAF exactly as in the acknowledgement slip

Alternatively, Enter your PAN (10-digit alphanumeric) number

Once this is done, you need to click on the Captcha to verify you are not a robot

Finally click on the Search Button

You can use either of the parameters to query; Application / CAF number or Investor PAN.

The allotment status will be displayed on the screen in front of you informing about the number of shares of Manipal Health Enterprises Ltd allotted into your demat account. You can save a screenshot of the allotment status output for tallying with the demat account credits.

CHECKING ALLOTMENT STATUS OF MANIPAL HEALTH ENTERPRISES LTD ON NSE WEBSITE

This is a common link for all IPOs. Click on NSE link for IPO allotment as below.

https://www.nseindia.com/invest/check-trades-bids-verify-ipo-bids

Once you reach the page, here are the steps to follow.

Under Issue Type – Select Equity & SME IPO Details Option

Under SELECT SYMBOL – Select MANIPALHOS from the drop-down box

Enter the Application Number / CAF exactly as in the acknowledgement slip

Enter your PAN (10-digit alphanumeric) number

Once both are entered, click on the Submit Button

You must input the Application / CAF number and the Investor PAN.

The allotment status will be displayed on the screen in front of you informing about the number of shares of Manipal Health Enterprises Ltd allotted into your demat account. You can save a screenshot of the allotment status output for tallying with the demat account credits.

CHECKING ALLOTMENT STATUS OF MANIPAL HEALTH ENTERPRISES LTD ON KFIN TECHNOLOGIES LTD (REGISTRAR TO THE IPO)

Visit the website of KFIN Technologies Ltd, which has been appointed as the registrar for the issue. You can access their website for IPO status by clicking on the link below:

https://kosmic.kfintech.com/ipostatus/

KFIN Technologies Ltd provides details of IPOs managed by them and where allotment status is finalized. Radio buttons allow you to opt to see all IPOs or just recent IPOs. The latter option reduces the list of IPOs to search. Once you click on Recent IPOs, dropdown shows recent active IPOs, where allotment status is finalized. Select Manipal Health Enterprises Ltd.

THERE ARE 3 WAYS TO QUERY ALLOTMENT STATUS ON KFIN TECHNOLOGIES LTD

To Query by Application Number, check the appropriate box and follow these steps.

Enter the Application Number as it is

Enter the 6-digit Captcha Code

Click on Submit button

Allotment Status gets displayed on screen

Unlike in the past, now you do not have to select ASBA versus Non-ASBA option.

To Query by Demat Account, check the appropriate box and follow these steps.

First select the depository (NSDL / CDSL)

Enter the DP-ID (Alphanumeric for NSDL and Numeric for CDSL)

Enter the Client-ID in the second box

For NSDL, the Demat account is 2 strings; for CDSL it is just 1 string

Enter the 6-digit Captcha Code

Click on Submit button

Allotment Status gets displayed on screen

To Query by PAN, check the appropriate box and follow these steps.

Enter the 10-Character PAN number, available on your PAN card

After you enter the PAN number, Enter the 6-digit numeric Captcha Code

Click on Submit button

Allotment status gets displayed on screen

If captcha code is not clear; toggle for more options. Retain a screenshot of the allotment status output for future reference. This can be tallied with demat credit post allotment.

NEXT STEPS IN THE MANIPAL HEALTH ENTERPRISES LTD IPO

Post the closure of the IPO subscription on 31st July 2026, the basis of allotment will be finalized on 03rd August 2026 and the refunds will be initiated on 04th August 2026. In addition, the demat credits are expected to also happen on 04th August 2026 and the stock will list on 05th August 2026 on the NSE and the BSE. The credits to the demat account to the extent of shares allotted will happen by the close of 04th August 2026 under ISIN (INE459N01021).

Interested in applying for this IPO?

SERNET is an Authorised Person of Choice Equity Broking Pvt. Ltd. (SEBI Reg. No. INZ000160131). All broking services — trading, demat and IPO applications — are provided by Choice Equity Broking.

New to Choice FinX? Open a free account →

Already have an account? Log in to Choice FinX →