Issue closes on Friday, July 31, 2026, for bidding

Leading brokerage firms like Anand Rathi, BP Wealth, Canara Bank Securities, ICICI Securities and SBI Securities have given their “Subscribe” recommendation to Manipal Health Enterprises Limited, which has the largest pan-India multispecialty hospital network by bed capacity and the second-largest hospital chain by number of hospitals as of March 31, 2026 (Source: CRISIL Report).

The Company has fixed the price band of ₹560/- to ₹590/- per Equity Share of face value ₹2/- each for its maiden initial public offer. The Initial Public Offering (“IPO” or “Issue”) of the company will open on 29 July, 2026, for subscription and close on 31 July, 2026. Investors can bid for a minimum of 25 Equity Shares and in multiples of 25 Equity Shares thereafter.

Brokerage house reports have highlighted strong fundamentals of the company.

Anand Rathi highlights the company is the largest pan-India multispecialty hospital network by bed capacity and the second-largest hospital chain by number of hospitals as of March 31, 2026.

On the valuation front, at the upper price band, company is valued at a PE of 85.4 to its FY26 earnings with market cap of Rs 7,76,056 million post issue of equity shares. Recommend a “SUBSCRIBE” rating for the long-term.

BP Wealth highlights the company has established leadership positions across key healthcare markets, particularly in Karnataka, Maharashtra and Goa, and eastern India (West Bengal, Odisha, Jharkhand and Sikkim).

On the valuation front, at the upper price band of Rs. 590, the issue is valued at a P/E of 76.9 times based on annualized FY26 earnings on a post issue basis. Recommend a “SUBSCRIBE” rating for medium to long-term.

Canara Bank Securities highlights the company is the only private network leading in three major metro markets Bengaluru, Kolkata, and Pune, which serve as critical referral hubs for high-complexity care.

On the valuation front, the company is valued at EV/EBITDA of 61.82 times, and supported with high topline, margin and profit compounded growth for the last three years compared to its peers. Recommend a “SUBSCRIBE” rating.

ICICI Securities highlights the company is India’s largest multi-specialty hospital by bed capacity and largest pan-India multispecialty hospital network by bed capacity having 13,037 beds as of March 31, 2026.

On the valuation front, at the upper end of the price band, the company is valued at nearly 35 times EV/EBITDA on FY26 basis, which is in sync with pan-India chains. Considering the long-term growth prospects and overall positive sentiment for hospitals, the valuation offers reasonable scope for further appreciation.

SBI Securities highlights the company delivers a comprehensive range of healthcare services which includes outpatient services to complex tertiary and quaternary interventions.

On the valuation front, at the upper price band of Rs 590, the issue is valued at an EV/EBITDA of 29.4 times based on FY26 Proforma earnings on a post-issue basis, which is fairly valued against industry peers. Recommend a “SUBSCRIBE” rating for the long-term.