Manipal Health Enterprises Limited IPO
ListedMainboard
5.12×
Subscribed
Price band
₹590 – ₹590
Issue size
₹9.28k Cr
Open – close
29 Jul 2026
to 31 Jul 2026
Listing
05 Aug 2026
What the filing actually says
Our read of the offer document and the exchange data — not the issuer's summary of itself
Mixed5 of 7 dimensions read
A mixed but reasonable offering — 2 positive against 1 negative signals
Strength62/100
- Priced in line with peers76.9× earnings against a peer median of 70.2×
- Low return on equityROE of 10.6% — the business earns little on the capital it already has
- Meaningful leverageDebt/equity of 1.20×
- Fresh capital for the business100.0% of the issue is fresh capital raised by the company itself
- Institutional book coveredQIB portion subscribed 8.54×
Every line above is arithmetic on a figure shown elsewhere on this page - no model, no opinion. It describes the quality of the offering as disclosed. It is not a prediction of the listing price, and it is not advice to apply.
Dates
The issuer's tentative timetable — a date passing is not confirmation the step completed
- Opens29 Jul 2026
- Closes31 Jul 2026
- Listing05 Aug 2026
Demand and your odds
How the book filled, and what that means for an application
Subscription by category
Qualified institutionalQIB8.54x
Non-institutionalNII / HNI1.06x
Big NIIabove ₹10L1.13x
Small NII₹2L – ₹10L0.94x
Retail individualRII0.98x
Employee2.32x
3,59,937 applications received — how many people bid, as opposed to how much money did. Exchange figures as of 31 Jul 2026.
Chance of allotment
Retail0.98× subscribed
Full allotment
The retail portion is under-subscribed at 0.98×, so every valid application should receive a full allotment.
HNI / NII1.06× subscribed
~1 in 1.1
HNI is 1.06× subscribed. This category is allotted proportionately, so a bid receives roughly 1/1.1 of the shares applied for, subject to the minimum-lot draw.
Derived from SEBI's allotment mechanics and the subscription figures beside it. Retail allotment is a lottery on a single lot, so applying for more lots does not improve your chance of getting something.
The offering
Terms, structure and who is selling
Terms
Price band₹590 – ₹590
Total issue size₹9.28k Cr
Fresh issue₹8k Cr
Listing atMainboard
Company & valuation
P/E at upper band76.92×
EPS₹7.71pre-issue
EPS₹7.67post-issue
NAV per share₹72.55
Return on equity10.57%
Debt / equity1.20×
ROCE21.88%
RoNW10.57%
PAT Margin8.87%
EBITDA Margin27.05%
NAV72.55
Price to Book Value8.13
ISININE459N01021
0.0% of this issue is an offer for sale. The rest is fresh capital that goes into the company itself.
Who gets what
How the issue is split between investor categories, and what each may bid.
| Category | Shares | % of issue |
|---|---|---|
| QIB | 11,77,14,614 | 74.87% |
| Anchor Investor | 7,06,28,768 | 44.92% |
| QIB (Ex. Anchor) | 4,70,85,846 | 29.95% |
| NII (HNI) | 2,35,42,922 | 14.97% |
| bNII > ₹10L | 1,56,95,282 | 9.98% |
| sNII < ₹10L | 78,47,640 | 4.99% |
| Retail | 1,56,95,281 | 9.98% |
| Employee | 2,80,898 | 0.18% |
Total issue 15,72,33,715 shares. Indented rows sit inside the category above them and are not added to it.
What each category may bid
Retail (Min)₹14,7501 lot · 25 sh
Retail (Max)₹1,91,75013 lots · 325 sh
S-HNI (Min)₹2,06,50014 lots · 350 sh
S-HNI (Max)₹9,88,25067 lots · 1,675 sh
B-HNI (Min)₹10,03,00068 lots · 1,700 sh
Lot size alone does not answer "how much do I need" — an S-HNI minimum is several lots, not one.
Anchor book
Shares allotted7,06,28,768
Anchor portion₹4.17k Cr
Bid date28 Jul 2026
Lock-in ends (50%)01 Sept 2026
Lock-in ends (rest)31 Oct 2026
Anchors are institutional money placed a day before bidding opens, against a lock-in. Those two dates are when that stock can first be sold — a supply event worth knowing if you still hold.
What the money is for
Stated use of the net proceeds
- 01Repayment/ prepayment, in full or in part, of certain outstanding borrowings and accrued interest thereon availed by one of our Material Subsidiaries, namely, Manipal Hospitals Private Limited₹5.55k Cr
- 02Acquisition of minority stake in our stepdown Subsidiary, Sahyadri Hospitals Private Limited₹574 Cr
- 03General corporate purposes₹1.63k Cr
How the issuer compares
The listed companies the offer document itself names as comparable.
| Company | EPS | P/E | NAV | RoNW |
|---|---|---|---|---|
| Our Companythis issue | 7.67 | 76.92 | 72.55 | 10.57% |
| Apollo Hospitals Enterprise Ltd | 134.94 | 66.15 | — | — |
| Fortis Healthcare Ltd | 13.80 | 70.22 | — | — |
| Max Healthcare Institute Ltd | 14.76 | 74.55 | — | — |
Blank cells are figures the offer document does not publish. An unlisted issuer has no market price, so it has no price-based multiple until it lists — which is exactly why the comparison is against companies that already trade. The peer set is the issuer's own selection, so read it as the flattering-est comparison available rather than a neutral one.
Risks worth reading
Ranked by our severity assessment, not by the order the prospectus prints them
mediumA substantial number of our hospitals are located in Karnataka. We derived 46.40%, 51.55%, and 59.98% of our revenue from operations in Fiscals 2026, 2025 and 2024, respectively, from our hospitals in Karnataka. Any loss of business or disruption in the operations of these hospitals or geopolitical
mediumWe primarily generate revenue by providing inpatient care at our hospitals. Any inability to maintain or improve our admissions and hospital occupancy rates could adversely affect our business, financial condition, results of operations, cash flows and prospects. We are susceptible to risks of incon
mediumWe derived 64.30%, 62.56% and 61.55% of our gross inpatient revenue from cardiac sciences, oncology, neurosciences, gastro sciences, orthopaedics, and renal sciences (CONGO-R) specialties in Fiscals 2026, 2025 and 2024, respectively. Any negative changes in the demand for these specialties could adv
Positives the filing discloses (1)
Primarily fresh capital
100% of the offer is fresh issue, so most proceeds fund the company.
What happened to comparable issues
The last 8 issues to list with a recorded opening price, most comparable first
Median listing gain
+6.1%
Listed up
6 of 8
Best
+65.4%
Orient Cables (India) Limited
Worst
-2.3%
Vishal Nirmiti Limited
Fusion CX Limitedsame segment
4.5× sub+5.5%
HD Fire Protect Limitedsame segment
131.7× sub+23.6%
Nityas Gems and Jewellery Limitedsame segment
2.3× sub+6.7%
Vishal Nirmiti Limitedsame segment
1.7× sub-2.3%
Shah Investor's Home Limitedsame segment
38.1× sub+2.4%
Srit India Limitedsame segment
125.2× sub+13.8%
Runwal Enterprises Limitedsame segment
2.5× sub+0.0%
Orient Cables (India) Limitedsame segment
92.3× sub+65.4%
Past issues are context, not a forecast — this issue is a different company at a different price. We show it because "how have issues like this one actually opened" is a question with a real answer, and grey-market premium is not that answer.
Offer documents
The primary sources everything above is drawn from
Common questions
How many times is the Manipal Health Enterprises Limited IPO subscribed?
Manipal Health Enterprises Limited is subscribed 5.12× overall (QIB 8.54×, NII 1.06×, retail 0.98×). Subscription keeps changing until the issue closes; the final basis of allotment is published by the registrar.
Disclaimer. Figures are compiled from the issuer's offer document and exchange-published bidding data. Subscription changes until the issue closes, and the final basis of allotment is published by the registrar. Grey-market premium is unofficial and is not a forecast. Nothing here is investment advice or a recommendation — read the offer document and consult a SEBI-registered adviser before applying.