BENGALURU, March 24 (Reuters) – India’s Manipal Health Enterprises will raise $852.2 million in a fresh issue for its initial public offering, betting on rising demand for speciality care even as the domestic equities market navigates volatility amid fragile global sentiment.
The hospital chain’s existing investors, including Singapore’s Temasek, U.S. investment firm TPG, Manipal Education and Novo Holdings, also plan to sell 43.2 million shares, according to the draft prospectus it filed on Tuesday.
The Bengaluru-based company did not specify details about the size of the IPO.
Demand for specialised healthcare has surged in the world’s most populous country and is a key driver of growth, analysts say, that is increasingly attracting private and foreign investment from firms such as Blackstone, Novo Nordisk and KKR.
Manipal’s nearest rival in the listed space, Apollo Hospitals, said revenue from complex care such as cardiology, oncology, neurology, gastroenterology and orthopedics rose 22.6% in the December 2025 quarter, underpinning the rising preference for advanced medical care and specialised amenities.
As of September 30, the healthcare arm of the education-to-insurance conglomerate had about 12,367 operational beds, while Apollo – with a market value of about 1.02 trillion rupees ($10.88 billion) – has nearly 10,000 beds and targets 13,000 beds by fiscal 2030.
For the six months to September 2025, Manipal Health posted a consolidated net profit of 5.61 billion rupees and revenue of 47.13 billion rupees.
The company, which has been among the country’s most aggressive healthcare consolidators in recent years, says it plans to use IPO proceeds to repay debt and to fund its acquisition of Sahyadri Hospitals, which it bought for $700 million.
However, its IPO plans come amid a sharp slump in India’s equities market, with global risk-off sentiment, tightening liquidity and sustained foreign outflows weighing.
Foreign investors have pulled out over $11.65 billion from Indian stocks so far in 2026, including more than $10.17 billion in March alone, according to depository data.
($1 = 93.7490 Indian rupees)
(Reporting by Urvi Dugar in Bengaluru; Editing by Janane Venkatraman)
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