March 25, 2025
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Manipal Hospitals is reportedly gearing up for a massive $1 billion initial public offering (IPO), with the finalization of its banking partners, according to a Tuesday report by The Mint. The Temasek-backed healthcare giant has handpicked an impressive lineup of global and domestic banks to oversee the offering, including Goldman Sachs, Axis Capital, Jefferies, Kotak Mahindra Capital, and JP Morgan.
Sources say the IPO draft documents are expected to be filed by June this year, with a potential valuation of $8 to $10 billion for the hospital chain. Manipal Hospitals is eyeing a listing on India’s stock exchanges by the end of fiscal year 2026. Additionally, the group could raise approximately Rs 6,000 crore through the sale of new shares, according to insiders.
Founded in 2010 by Ranjan Pai, Manipal Hospitals has rapidly expanded to become one of India’s largest healthcare networks, boasting over 30 hospitals and more than 5,000 doctors across cities such as Mysore, Bengaluru, Ghaziabad, Kolkata, Pune, Jaipur, and many others.
Last year, Temasek’s Ravi Lambah discussed the group’s growth strategy, highlighting both brownfield and greenfield expansions, along with possible consolidation in select markets. He also emphasized that “valuation will be a key factor” in the group’s decision to go public.
As Manipal Hospitals prepares for its IPO, the healthcare giant is set to continue its impressive expansion and solidify its position in the Indian healthcare industry.
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