• Employee Reserved portion subscribed 89% on Day 1
  • Qualified Institutional Buyers (QIBs) portion subscribed 14% on Day 1
  • Issue closes on Friday, July 31, 2026, for bidding

Mumbai: The Initial Public Offering (IPO) of Manipal Health Enterprises Limited was subscribed 0.15 times on the first day of bidding, with participation from retail, qualified institutional buyers (QIBs), non-institutional investors and employees.

The issue received bids for 1,30,96,350 equity shares against 9,00,88,286 equity shares on offer, according to data available on the stock exchanges.

The Retail Individual Investors (RII) portion was subscribed 0.25 times, the Non-Institutional Investors (NII) portion 0.07 times, the Qualified Institutional Buyers (QIBs) portion 0.14 times, and the Employee Reserved portion 0.89 times.

The issue kicked off for subscription on Wednesday, July 29, 2026, and will close for subscription on Friday, July 31, 2026.

A day before the opening of the issue, Manipal Health Enterprises Limited had raised Rs 4,167 crore from anchor investors. The anchor book witnessed participation from several marquee global institutional investors, including Abu Dhabi Investment Authority – Stable, Templeton Emerging Markets Fund and Allianz Global Investors Fund – Allianz India Equity, amongst others.

Brokerage houses recommend Manipal Health Enterprises

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

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.

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.