Manipal Health Ipo
Manipal Health IPO Review & Key Points
Review: May Apply
IPO Lead Managers aka Merchant Bankers
Kotak Mahindra Capital Company Limited
Axis Capital Limited
Goldman Sachs (India) Securities Private Limited
Jefferies India Private Limited
J.P. Morgan India Private Limited
UBS Securities India Private Limited
DBS Bank India Limited
| Name of the Company | Face Value (₹) | EPS basic (₹) | EPS Diluted (₹) | RONW (%) | P/E Ratio | NAV (₹) |
| Powerica Limited | 5 | 15.26 | 15.26 | 15.37 % | 24.45 | 99.76 |
| Listed Peers | ||||||
| Cummins India Limited | 2 | 72.15 | 72.15 | 26.45% | 64.13 | 272.78 |
| Kirloskar Oil Engines Limited | 2 | 33.71 | 33.60 | 15.85% | 43.24 | 212.60 |
| NTPC Green Energy Limited | 10 | 0.67 | 0.67 | 2.58% | 129.40 | 21.88 |
| Acme Solar Holdings Limited | 2 | 4.55 | 4.53 | 5.59% | 50.74 | 74.54 |
| Adani Green Energy Limited | 10 | 8.37 | 8.37 | 11.90% | 101.53 | 76.62 |
| IPO Open Date | July 29, 2026 |
| IPO Close Date | July 31, 2026 |
| Face Value | ₹2 Per Equity Share |
| IPO Price Band | ₹560 to ₹590 Per Share |
| Issue Size | Approx ₹9,273.64 Crores |
| Fresh Issue | Approx ₹8,000 Crores |
| Offer for Sale: | Approx 2,16,13,834 Equity Shares |
| Issue Type | Book-build Issue |
| IPO Listing | BSE, NSE |
| DRHP Draft Prospectus | |
| RHP Draft Prospectus |
| Application | Lot Size | Shares | Amount |
| Retail Minimum | 1 | 25 | ₹14,750 |
| Retail Maximum | 13 | 325 | ₹1,91,750 |
| S-HNI Minimum | 14 | 350 | ₹2,06,500 |
| S-HNI Maximum | 67 | 1,675 | ₹9,88,250 |
| B-HNI Minimum | 68 | 1,700 | ₹10,03,000 |
| Investor Category | Share Offered | Shares (%) |
| Anchor Investor | 7,06,28,768 Shares | 44.92% |
| QIB (Ex. Anchor) | 4,70,85,844 Shares | 29.95% |
| NII Shares Offered | 2,35,42,922 Shares | 14.97% |
| Retail Shares Offered | 1,56,95,282 Shares | 9.98% |
| Anchor Bidding Date | July 28, 2026 |
| Anchor Investors List | |
| Shares Offered | 7,06,28,768 Shares |
| Anchor Size | 4,167.10 Cr. |
| lock-in period end date 50% shares (30 Days) | Sep 2, 2026 |
| lock-in period end date 50% shares (90 Days) | Nov 1, 2026 |
| IPO Open Date: | July 29, 2026 |
| IPO Close Date: | July 31, 2026 |
| Basis of Allotment: | August 3, 2026 |
| Refunds: | August 4, 2026 |
| Credit to Demat Account: | August 4, 2026 |
| IPO Listing Date: | August 5, 2026 |
| Particular | Shares | % Share |
| Promoter Holding Pre Issue | 1,17,97,57,321 | 81.43% |
| Promoter Holding Post Issue | 1,31,53,50,541 | -% |
| Purpose | Crores |
| Repayment/ prepayment, in full or in part, of certain outstanding borrowings and accrued interest thereon availed by one of the Material Subsidiaries, Manipal Hospitals Private Limited | ₹5,378.00 |
| Acquisition of minority stake in the stepdown Subsidiary, Sahyadri Hospitals Private Limited | ₹574.00 |
| General corporate purposes | ₹- |
| Period Ended | Revenue | Expense | PAT | Assets |
| 2023 | ₹4,927.57 | ₹4,225.20 | ₹414.20 | ₹7,936.78 |
| 2024 | ₹6,265.17 | ₹5,340.51 | ₹533.20 | ₹10,818.83 |
| 2025 | ₹8,362.79 | ₹7134.43 | ₹1,081.67 | ₹14,072.08 |
| 2026 | ₹10,520.52 | ₹9268.42 | ₹916.52 | ₹24,864.50 |
| KPI | Values |
| ROE: | -% |
| ROCE: | 21.88% |
| EBITDA Margin: | 25.58% |
| PAT Margin: | 8.87% |
| Debt to equity ratio: | – |
| Earning Per Share (EPS): | ₹7.71 (Basic) |
| Price/Earning P/E Ratio: | N/A |
| Return on Net Worth (RoNW): | 10.57% |
| Net Asset Value (NAV): | ₹72.55 |
| Company | EPS | PE Ratio | RoNW % | NAV | Income |
| Apollo Hospitals Enterprise Ltd | 135.04 | 66.15 | – | – | 25,228.50 Cr. |
| Fortis Healthcare Ltd | 13.80 | 70.22 | – | – | 9,127.84 Cr. |
| Max Healthcare Institute Ltd | 14.83 | 74.55 | – | – | 10,065.00 Cr. |
| Period Ended | Revenue | Expense | PAT | Assets |
| 2023 | ₹184.81 | ₹154.97 | ₹32.10 | ₹251.58 |
| 2024 | ₹206.45 | ₹175.85 | ₹34.44 | ₹339.25 |
| 2025 | ₹322.58 | ₹261.43 | ₹28.13 | ₹455.49 |
| Dec 2025 | ₹236.50 | ₹186.96 | ₹38.69 | ₹561.34 |