Manipal Hospitals is preparing to launch an initial public offering (IPO) of around US$1 billion in January, a development that could mark the biggest listing ever by a hospital chain in India. The IPO aims to place the company’s valuation at up to US$13 billion, potentially establishing it as the country’s most valuable health-care operator.
This move follows a period of rapid expansion for Manipal Hospitals, underpinned by multiple acquisitions including the recent takeover of Sahyadri Hospitals. The acquisition spree, which also included major health-care players such as AMRI Hospitals and other regional hospital chains, expanded the group’s operational capacity substantially. As part of the consolidation, the total operational bed count has grown to more than 10,500 beds across its network.
The planned IPO will combine a fresh issue of new shares along with an offer for sale by existing investors. Leading financial institutions — including Kotak Mahindra Capital Company, Axis Bank and the Indian arms of global banks such as Goldman Sachs, JPMorgan Chase & Co., and Jefferies Group — have been involved in preparations for the listing. Final deal structure and share pricing remain subject to change as talks continue.
Backed by the Singapore-based investment firm Temasek Holdings, Manipal Hospitals has seen a sharp jump in valuation in recent years. After the acquisition of Sahyadri Hospitals, the company’s enterprise value rose significantly — reportedly more than threefold since 2021 — from around US$3 billion to roughly US$13 billion.
The planned listing reflects growing investor interest in India’s health-care sector, a trend driven by rising demand, expanding private health infrastructure, and consolidation of fragmented regional providers into large, organized chains. Manipal’s IPO could act as a benchmark for valuation and investor appetite in the broader hospital and medical services space in India.
With this IPO, Manipal Hospitals is poised not only to raise fresh capital for further expansion or debt repayment but also to offer liquidity to existing investors and consolidate its position at the top of India’s hospital-chain hierarchy. As details firm up early next year, the eventual listing could reshape perceptions of investment potential in Indian healthcare infrastructure.
