• QIB portion subscribed 0.6 times on Day 2
  • Issue closes on Friday, July 31, 2026, for bidding

Mumbai: The Initial Public Offering of Manipal Health Enterprises Limited was subscribed 0.45 times on the second day of bidding, demonstrating strong demand from qualified institutional buyers (QIB) and retail for this IPO.

The issue received bids of 4,05,61,100 equity shares against the offered 9,00,88,286 equity shares, according to data available on the stock exchanges.

Retail Portion and Non-institutional portion were subscribed 0.45 times and 0.14 times respectively. Qualified Institutional Buyers (QIB) subscribed 0.6 times whereas employee reserved portion was subscribed 1.45 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 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.