Manipal Health Enterprises Ltd IPO

Status: Current

Overview

IPO date

29 Jul 2026 to 31 Jul 2026

Face value

₹ 2 per share

Price

₹ 560 to ₹590 per share

Issue Size

157,207,054 shares
(aggregating up to ₹ 9275.22 Cr)

Allotment Date

03 Aug 2026

Listing at

NSE

Issue type

Book Building

Sector

Healthcare

Initial public offer of up to 15,72,07,054 equity shares of face value of Rs. 2 each ("Equity Shares") of Manipal Health Enterprises Limited ("Company" or "Issuer") for cash at a price of Rs. 560-590 per equity share (including a share premium of Rs.558-588 per equity share) ("offer price") aggregating up to Rs. 9275.22 Crores comprising a fresh issue of up to 135,593,220 equity shares of face value of Rs. 2 each aggregating up to Rs. 8000.00 Crores by the company ("Fresh Issue") and an offer for sale of up to 21,613,834 equity shares of face value of Rs. 2 each aggregating up to Rs. 1275.22 Crores by the selling shareholders, comprising an offer for sale of up to 10,808,861 equity shares of face value of Rs. 2 each aggregating up to Rs. 637.72 Crores by Imperius Healthcare Investments Pte. Ltd., (the "Promoter Selling Shareholder"), up to 6,792,002 equity shares of face value of Rs. 2 each aggregating up to Rs. 400.73 Crores by Manipal Education and Medical Group India Private Limited (the "Promoter Group Selling Shareholder"), up to 2,329,667 equity shares of face value of Rs. 2 each aggregating up to Rs. 137 45 Crores by TPG SG Magazine Pte. Ltd., up to 792,494 equity shares of face value of Rs. 2 each aggregating up to Rs. 46.76 Crores by Seventy Second Investment Company LLC, up to 405,791 equity shares of face value of Rs. 2 each aggregating up to Rs. 23.94 Crores by Ammar SDN BHD, up to 264,556 equity shares of face value of Rs. 2 each aggregating up to Rs. 15.61 Crores by Novo Holdings Invest Asia A/S, and up to 220,463 equity shares of face value of Rs. 2 each aggregating up to Rs. 13.01 Crores by Phoenix Bear Investments, LLC, (collectively the "Investor Selling Shareholders") (the promoter selling shareholder, the promoter group selling shareholder and the investor selling shareholders collectively referred to as the "Selling Shareholders" and such equity shares offered by the selling shareholders ("Offered Shares") and such offer, "Offer For Sale", and together with the fresh issue, the "Offer"). This offer includes a reservation of up to 254,237 equity shares of face value of Rs. 2 each, aggregating up to Rs. 15 Crore (constituting up to [*]% of the post-offer paid-up equity share capital), for subscription by eligible employees (the "Employee Reservation Portion"). The company in consultation with the brlms, may offer a discount of Rs. 56 per equity share of face value of Rs. 2 each, to eligible employees bidding in the employee reservation portion ("Employee Discount"), subject to necessary approvals as may be required. The offer less the employee reservation portion is hereinafter referred to as the "Net Offer". The offer and the net offer would constitute [*]% and [*]% of the post-offer paid-up equity share capital of the company, respectively. The company, in consultation with the brlms, may consider a pre-ipo placement of equity shares, as may be permitted under applicable law, at its discretion, aggregating up to Rs.1600.00 crores prior to filing of the ("pre-ipo placement"). The pre-ipo placement, if undertaken, will be at a price to be decided by the company, in consultation with the brlms. If the pre-ipo placement is completed, the amount raised pursuant to the pre-ipo placement will be reduced from the fresh issue, subject to compliance with Rule 19(2)(b) of the securities contracts (regulation) Rules, 1957, as Amended. The pre-ipo placement, if undertaken, shall not exceed 20% of the size of the fresh issue. The utilisation of the proceeds raised pursuant to the pre-ipo placement will be done towards the proposed objects of the offer in compliance with applicable law. prior to the completion of the offer, the company shall appropriately intimate the subscribers to the pre-ipo placement, prior to allotment pursuant to the pre-ipo placement, that there is no guarantee that the company may proceed with the offer or the offer may be successful and will result into listing of the equity shares on the stock exchanges. Further, relevant disclosures in relation to such intimation to the subscribers to the pre-ipo placement (if undertaken). Price Band: Rs. 560 to Rs. 590 per equity share of face value of Rs. 2 each. The floor price is 280 times the face value of the equity shares and the cap price is 295 times the face value of the equity shares. Bids can be made for a minimum of 25 equity shares of face value of Rs. 2 each and in multiples of 25 equity shares of face value of Rs. 2 each thereafter. A discount of Rs. 56 per equity share is being offered to eligible employees bidding in the employee reservation portion.

Manipal Health Enterprises Limited was originally incorporated in Bengaluru, Karnataka as Manipal Health Enterprises Private Limited' as a private limited company dated February 15, 2010, issued by the RoC. Subsequently, Company was converted to a public limited company and the name was changed to Manipal Health Enterprises Limited and a fresh certificate of incorporation dated December 24, 2025 was issued by the Central Processing Centre. The Company is engaged in the business of running/managing hospitals, and providing healthcare services. It operates through various Hospitals/clinics providing Healthcare services and diagnostic centres, in India. The Company commenced its operations at Bengaluru, Karnataka, Near Manipal Hospital Old Airport Road in year 1991. In 1993, it expanded presence in hospitals in Bengaluru and further to Goa in 1994, commenced operations in Mangalore at KMC Hospital in 1997. Later, the Manipal Hospital commenced operations at Vijayawada in 2006. It expanded the operations to Manipal Hospital at Salem in Tamil Nadu in 2007 and again expanded presence in Bengaluru through Malathi Manipal Hospital at Karnataka. The Company operated 38 hospitals with 10,761 licensed beds across the 14 states as of September 30, 2025. In November 2025, it commenced operations at the 49th hospital in Bengaluru (Karnataka), which increased the bed capacity to 12,631 licensed beds as of December 31, 2025. Through the acquisition of Sahyadri Hospitals Private Limited in October 2025, the Company launched 1,606 licensed beds to the network. In addition to this, the Company provide clinical services across several specialties, with a focus on tertiary and quaternary care, particularly in cardiac sciences, oncology, neurosciences, gastro sciences, orthopedics, and renal sciences. These specialties involve high-acuity cases or cases that are severe, complex and require advanced interventions and high levels of care. Company has filed a Draft Prospectus with SEBI & is planning to raise funds via its IPO aggregating Rs 8000 Crore through fresh issue and by issuing 43,227,668 equity shares of Rs 2 each through offer for sale.

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T&C*

Strengths vs Risks of Manipal Health Enterprises Ltd

Know the pros & cons

Strengths

India's largest multispecialty hospital group by bed capacity with pan-India presence and leadership in our three key regions.
We are the only private hospital chain network in India with leadership in three metros (Bengaluru, Kolkata and Pune) with a balanced and diversified presence across metros and non-metros.
Widely recognized brand and network of choice for patients, doctors and healthcare professionals.
Advanced infrastructure and medical equipment, with a strong focus on clinical excellence.
Track record of delivering industry leading growth with strong profitability and efficiency metrics.
Repeatable playbook for integrating and scaling transformative acquisitions to improve access to quality healthcare.
Experienced leadership team with marquee institutional shareholder support.

Risks

A substantial number of the company's hospitals is located in Karnataka. Its derived 46.40%, 51.55%, and 59.98%, of the company's revenue from operations in Fiscals 2026, 2025 and 2024, respectively, from its hospitals in Karnataka. Any loss of business or disruption in the operations of these hospitals or geopolitical or policy changes in Karnataka could have a material adverse effect on the company's business, financial condition, results of operations, cash flows and prospects.
The company primarily generates revenue by providing inpatient care at its hospitals. Any inability to maintain or improve the company's admissions and hospital occupancy rates could adversely affect its business, financial condition, results of operations, cash flows and prospects.
The company derived 64.30%, 62.56% and 61.55% of its gross inpatient revenue from cardiac sciences, oncology, neurosciences, gastro sciences, orthopaedics, and renal sciences ("CONGO-R") specialties in Fiscals 2026, 2025 and 2024, respectively, and any negative changes in the demand for these specialties could adversely impact the company's business, results of operations and financial condition.
A portion of the Net Proceeds is proposed to be utilized for repayment or prepayment of certain borrowings in the nature of Non-Convertible Debentures issued by one of the company's Subsidiaries to DBS Bank Ltd., which is the parent company of DBS Bank India Limited, which is deemed to be an "Associate" of Imperius Healthcare Investments Pte. Ltd. (one of its Promoters and Selling Shareholders) in terms of Regulation 21A of SEBI Merchant Bankers Regulations.
Acquisitions, strategic investments, partnerships or alliances may be difficult to identify, acquires and integrate, and may adversely affect the company's business, financial condition, results of operations, cash flows and prospects.
The company is exposed to legal claims and regulatory actions arising from the provision of healthcare services which includes claims arising out of alleged medical negligence by its doctors and other healthcare professionals and may be subject to liabilities arising from operational and equipment-related risks, which could materially and adversely affect the company's reputation, business, financial position, and results of operations. Further, quarantines and sterilizations could limit the operations of hospitals and result in reputational damage.
Any failures to maintain and enhance the company's brand and reputation, and any negative publicity and allegations in the media against its, may adversely affect the level of trust in the company's services and market recognition, which could have an adverse impact on its business, financial condition, results of operations, cash flows and prospects.
The company is required to obtain, renew and maintain statutory and regulatory permits, licenses and accreditations and comply with prescribed quality standards. Any regulatory changes or violations of such rules and regulations, or failures to obtain or renew approvals, licenses, registrations and permits to operates the company's business or comply with prescribed quality standards in a timely manner, or at all, may adversely affect its business, financial condition, results of operations, cash flows and prospects.
The company's operations involve the generation and handling of bio-medical waste and are subject to pollution control laws and regulations. Any failures to comply with applicable bio-medical waste management and pollution control laws and regulations could adversely affect the company's business, results of operations, financial condition and cash flows.
The company derived 49.68%, 49.18% and 49.45% of its gross inpatient revenue from insurance and third-party administrators in Fiscals 2026, 2025 and 2024, respectively. Termination, non-renewal, delay or difficulties in collection or any breach of the conditions of the company's contracts with insurance and third-party administrators, as well as from government and other non-cash payors, could have a material adverse impact on its business, financial condition, results of operations, cash flows and prospects.
The company's indebtedness and the conditions and restrictions imposed by its financing agreements and any non-compliance may lead to, amongst others, suspension of further drawdowns, which may adversely affect the company's business, financial condition, results of operations, cash flows and prospects. A downgrade in credit rating could also adversely impact interest costs or access to future borrowings.
The company's Subsidiaries has incurred net losses after tax in the past, and may incur impairment charges in the future. Any similar losses in the future may adversely affect its business, financial condition, results of operations and cash flows.
The Offer is being made pursuant to Regulation 6(2) of the SEBI ICDR Regulations as the Company has Net Tangible Assets of less than Rs. 30 million in the Fiscal 2026, on a restated and consolidated basis and does not fulfill the requirements under Regulation 6(1)(a) of the SEBI ICDR Regulations.
There has been share transfers during the preceding twelve months, which may be at a price lower than the Offer Price.
Certain hospitals, offices and other healthcare facilities are located on leased land. Further, the title, leasehold rights and development rights or other interests over land where the company's hospitals is located may be subject to legal uncertainties and defects. Failures to renew its lease agreements and remedy land rights uncertainties and defects could adversely affect the company's business, financial condition, results of operations, cash flows and prospects.
The company may experience delays in construction or commencement of operations at new hospitals that its build, and the company may be unsuccessful in developing other facilities in the future, in a timely manner or at all, which may have an adverse effect on the company's growth, business, financial condition, results of operations, cash flows and prospects.
There are outstanding proceedings against the Company, Promoters, Directors, Subsidiaries, Key Managerial Personnel and Senior Management. An adverse outcome in any of these proceedings may adversely affect its business, reputation, brand, financial condition, results of operations, cash flows and prospects.
The provision of healthcare services involves high costs such as doctors professional fees and employee benefits expense, and if the company fails to increase its revenues in line with increases in such costs, the company's business, financial condition, results of operations, cash flows and prospects could be adversely affected.
Failures to retain or attract doctors, nurses, other healthcare professionals and senior hospital management personnel may adversely affect the company's business, financial condition, results of operations, cash flows and prospects.
The company uses highly flammable and explosive materials in its activities which expose the company to the risk of loss due to fire. Any fire accidents may have a material adverse effect on its business, financial condition, results of operations, cash flows and prospects.
A substantial portion of the Net Proceeds will be utilized for the repayment/prepayment of certain outstanding borrowings availed by MHPL and acquisition of minority shareholding of SHPL. Any variation in the utilization of the Net Proceeds would be subject to certain compliance requirements, including prior shareholders' approval.
The company is dependent on its Key Management Personnel, Senior Management and other key personnel, and the loss of or the company's inability to attract or retain such persons could adversely affect its business, financial condition, results of operations, cash flows and prospects.
Pricing regulations and related regulatory reforms in the healthcare industry may adversely affect the company's business, financial condition, results of operations, cash flows and prospects.
The company faces competition from other healthcare service providers and an inability to compete effectively could adversely affect its business, financial condition, results of operations, cash flows and prospects.
The company is required to provide free beds or offer services at subsidized rates pursuant to statutory or contractual obligations, including through its participation in government schemes. Requirements imposed by governmental authorities or organizations to provide healthcare at subsidized prices, or the company's inability to meet conditions under government incentive schemes, may adversely affect its business, financial condition, results of operations and profitability.
The company has contingent liabilities as per Ind AS 37 - Provisions, Contingent Liabilities and Contingent Assets, and its financial condition, results of operations and cash flows could be adversely affected if any of these contingent liabilities materialize.
The Company and its Subsidiaries has received notices from statutory authorities and has been subject to penalties imposed by such statutory and regulatory authorities from time to time.
The company's Pro Forma Financial Information may not be indicative of its actual results of operations and financial position for such periods or as of such dates, or of expected results of operations in future periods or the company's future financial position.
The company may not be successful in expanding its operations to other parts of India, which could have an adverse effect on the company's business, financial condition, results of operations, cash flows and prospects.
The company relies on third-party suppliers and subcontractors for supplies, equipment, housekeeping and security services. Their failures to perform, contract termination or nonrenewal, unfavorable pricing, or its inability to pass increased costs to patients could have a material adverse impact on the company's business, financial condition, results of operations, cash flows and prospects.
The company's actual or perceived failures to appropriately handle personal information of its patients and third parties, including medical data, could have an adverse effect on the company's business, reputation, financial condition, results of operations and cash flows.
Certain of the company's corporate records is not traceable. Its cannot assure you that regulatory proceedings or actions will not be initiated against the company in the future, and its will not be subject to any penalty imposed by the competent regulatory authority in this regard.
If the company is unable to keep pace with technological changes, changes in patients' needs and evolving industry standards, or if the company's existing technologies or equipment becomes obsolete or malfunctions, its business, financial condition, results of operations, cash flows and prospects may be adversely affected.
The company's inability to protect or use its intellectual property rights or comply with intellectual property rights of others may have a material adverse effect on the company's business and reputation.
The company's insurance coverage may not sufficiently cover economic losses, which could have an adverse effect on its business, financial condition, results of operations, cash flows and prospects.
If the company is unable to maintain relationships with other partners or stakeholders in the company group, its business, financial condition, results of operations, cash flows and prospects may be adversely affected.
The company's business and operations are subject to risks associated with the agreements for the six O&M hospitals its manage as of March 31, 2026.
The company may requires additional capital to support the growth of its business, and this capital might not be available on acceptable terms, if at all.
The company is vulnerable to failures of its information technology systems and cybersecurity risks, and any information technology failures including mishandling of medical data could interrupt the company's operations and adversely affect its reputation, brand, business, financial condition, results of operations, cash flows and prospects.
The company may be subject to labor unrest, slowdowns and work stoppages, which could affect its business, financial condition, results of operations, cash flows and prospects.
There has been certain instances of delays in payment of statutory dues by the Company in the past in relation to its employees. Any delay in payment of such statutory dues in future, may result in the imposition of penalties and in turn may have an adverse effect on the company's business, financial condition, results of operations, cash flows and prospects.
An inability to establish and maintain effective internal controls could lead to an adverse effect on the company's business and reputation.
The company's ability to pay dividends in the future will depends on its earnings, financial condition, working capital requirements, capital expenditures and restrictive covenants of the company's financing arrangements.
Natural disasters, fires, epidemics, pandemics, acts of war, terrorist attacks, civil unrest and other events could materially and adversely affect the company's business, financial condition, results of operations, cash flows and prospects.
Certain sections of this Red Herring Prospectus disclose information from the CRISIL Report which has been prepared exclusively for the Offer and commissioned and paid for by it exclusively in connection with the Offer, and any reliance on such information for making an investment decision in the Offer is subject to inherent risks.
The company has in this Red Herring Prospectus included certain non-GAAP financial measures and certain other industry measures related to its operations and financial performance that may vary from any standard methodology that is applicable across the industry its operates.
The company's Statutory Auditors has reported certain matters with respect to Other Legal and Regulatory Requirements and matters included in the Companies (Auditor's Report) Order, 2020 ("CARO 2020"), which does not requires any adjustment in the Restated Consolidated Financial Information. There can be no assurance that future audit reports will not contain any observations, qualifications, emphasis of matters or adverse remarks from the company's Statutory Auditors.
Grants of stock options under the company's employee stock option plans may result in a charge to its profit and loss account and, to that extent, reduce the company's profitability and financial condition.
Repair and maintenance, physical damage or renovation work to the company's facilities may disrupt its operations, which in turn could have an adverse impact on the company's business, financial condition, results of operations, cash flows and prospects.
The company's Promoters and members of its Promoter Group will continue to retain significant shareholding in the Company after the Offer, which will allow them to exercise significant influence over it and may limit the ability of the company other shareholders to influence the outcome of matters submitted for shareholders' approval.
Conflicts of interest may arise out of common business objectives shared by the company's Promoters, Promoter Group, the Company and their respective associates/affiliates.
Three of the company's Promoters, namely Kangto Investments Pte. Ltd., Kabru Investments Pte. Ltd., and Imperius Healthcare Investments Pte. Ltd. does not has adequate experience in the company's line of business.
Pursuant to an external financing facility availed by one of the company's Promoters, Manipal Global Health Services, shares of Manipal Global Health Services which are held by MEMG International Ltd. are subject to a fixed and floating charge. In case of an event of default and consequent invocation of security/charge, there may be a change in control of MGHS.
Certain of the company's Promoters, members of its Promoter Group and Directors may be interested in the Company and its Subsidiaries other than in terms of remuneration, perquisites or benefits and reimbursement of expenses.
The Company's Promoters, Subsidiaries, certain of its Group Companies and Directors may have conflicts of interest that may arise out of common business pursuits in the ordinary course of business.
The company has entered into, and may continue to enter into, related party transactions including with its Promoter Group that may potentially involve conflicts of interest, and may be subject to additional approvals and compliances under applicable law.
While the Company will receive proceeds from the Fresh Issue, it will not receive any proceeds from the Offer for Sale.
The company has issued Equity Shares during the preceding twelve months at a price which may be lower than the Offer Price.
The average cost of acquisition of Equity Shares for the company's promoters may be lower than the Offer Price.
Foreign investors are subject to foreign investment restrictions under Indian laws that may limit the company's ability to attract foreign investors.
If the company is classified as a passive foreign investment company for U.S. federal income tax purposes, U.S. investors in equity shares may be subject to adverse U.S. federal income tax consequences.

Manipal Health Enterprises Ltd Peer Comparison

Understand the company’s industry standing

Manipal Health Enterprises Ltd

Apollo Hospitals Enterprise Ltd

Fortis Healthcare Ltd

Face Value

Standalone / Consolidated

Consolidated

Total Income Rs. Cr.

10335.751

25228.5

9127.84

EPS-Basis

7.71

135.04

13.8

EPS-Diluted

7.67

134.94

13.8

NAV Per Share

72.55

---

P/E-Basic EPS

---

66.15

70.22

P/E-Diluted EPS

---

RONW(%)

10.57

---

Latest NAV Period

---

Latest NAV

---

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How to check the allotment status of Manipal Health Enterprises Ltd IPO?

Follow the steps

Open link to the registrar using this URL (https://evault.kfintech.com/ipostatus/).

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The IPO opens on 29 Jul 2026 & closes on 31 Jul 2026.

Manipal Health Enterprises Ltd IPO will close on 31 Jul 2026.

India's largest multispecialty hospital group by bed capacity with pan-India presence and leadership in our three key regions.
We are the only private hospital chain network in India with leadership in three metros (Bengaluru, Kolkata and Pune) with a balanced and diversified presence across metros and non-metros.
Widely recognized brand and network of choice for patients, doctors and healthcare professionals.
Advanced infrastructure and medical equipment, with a strong focus on clinical excellence.
Track record of delivering industry leading growth with strong profitability and efficiency metrics.
Repeatable playbook for integrating and scaling transformative acquisitions to improve access to quality healthcare.
Experienced leadership team with marquee institutional shareholder support.

S.No	Promoters Name	Pre Issue Shares	Pre Issue Percentage	Post Issue Shares	Post Issue Percentage
1	Ranjan Ramdas Pai	2180790	0.18	2180790	0.16
2	Manipal Global Health Services	232147755	19.68	232147755	17.36
3	Kangto Investments Pte. Ltd.	312102855	26.45	312102855	23.34
4	Imperius Healthcare Investment	209609340	17.77	198800479	14.87
5	Kabru Investments Pte. Ltd.	68234415	5.78	68234415	5.1
6	Cypress Holdings	49172520	4.17	49172520	3.68
7	Manipal Education and Medical	63384915	5.37	56592913	4.23
8	MEMG International India Priv	23820811	2.02	23820811	1.78
9	Manipal Research & Managemen	5123543	0.43	5123543	0.38

A substantial number of the company's hospitals is located in Karnataka. Its derived 46.40%, 51.55%, and 59.98%, of the company's revenue from operations in Fiscals 2026, 2025 and 2024, respectively, from its hospitals in Karnataka. Any loss of business or disruption in the operations of these hospitals or geopolitical or policy changes in Karnataka could have a material adverse effect on the company's business, financial condition, results of operations, cash flows and prospects.
The company primarily generates revenue by providing inpatient care at its hospitals. Any inability to maintain or improve the company's admissions and hospital occupancy rates could adversely affect its business, financial condition, results of operations, cash flows and prospects.
The company derived 64.30%, 62.56% and 61.55% of its gross inpatient revenue from cardiac sciences, oncology, neurosciences, gastro sciences, orthopaedics, and renal sciences ("CONGO-R") specialties in Fiscals 2026, 2025 and 2024, respectively, and any negative changes in the demand for these specialties could adversely impact the company's business, results of operations and financial condition.
A portion of the Net Proceeds is proposed to be utilized for repayment or prepayment of certain borrowings in the nature of Non-Convertible Debentures issued by one of the company's Subsidiaries to DBS Bank Ltd., which is the parent company of DBS Bank India Limited, which is deemed to be an "Associate" of Imperius Healthcare Investments Pte. Ltd. (one of its Promoters and Selling Shareholders) in terms of Regulation 21A of SEBI Merchant Bankers Regulations.
Acquisitions, strategic investments, partnerships or alliances may be difficult to identify, acquires and integrate, and may adversely affect the company's business, financial condition, results of operations, cash flows and prospects.
The company is exposed to legal claims and regulatory actions arising from the provision of healthcare services which includes claims arising out of alleged medical negligence by its doctors and other healthcare professionals and may be subject to liabilities arising from operational and equipment-related risks, which could materially and adversely affect the company's reputation, business, financial position, and results of operations. Further, quarantines and sterilizations could limit the operations of hospitals and result in reputational damage.
Any failures to maintain and enhance the company's brand and reputation, and any negative publicity and allegations in the media against its, may adversely affect the level of trust in the company's services and market recognition, which could have an adverse impact on its business, financial condition, results of operations, cash flows and prospects.
The company is required to obtain, renew and maintain statutory and regulatory permits, licenses and accreditations and comply with prescribed quality standards. Any regulatory changes or violations of such rules and regulations, or failures to obtain or renew approvals, licenses, registrations and permits to operates the company's business or comply with prescribed quality standards in a timely manner, or at all, may adversely affect its business, financial condition, results of operations, cash flows and prospects.
The company's operations involve the generation and handling of bio-medical waste and are subject to pollution control laws and regulations. Any failures to comply with applicable bio-medical waste management and pollution control laws and regulations could adversely affect the company's business, results of operations, financial condition and cash flows.
The company derived 49.68%, 49.18% and 49.45% of its gross inpatient revenue from insurance and third-party administrators in Fiscals 2026, 2025 and 2024, respectively. Termination, non-renewal, delay or difficulties in collection or any breach of the conditions of the company's contracts with insurance and third-party administrators, as well as from government and other non-cash payors, could have a material adverse impact on its business, financial condition, results of operations, cash flows and prospects.
The company's indebtedness and the conditions and restrictions imposed by its financing agreements and any non-compliance may lead to, amongst others, suspension of further drawdowns, which may adversely affect the company's business, financial condition, results of operations, cash flows and prospects. A downgrade in credit rating could also adversely impact interest costs or access to future borrowings.
The company's Subsidiaries has incurred net losses after tax in the past, and may incur impairment charges in the future. Any similar losses in the future may adversely affect its business, financial condition, results of operations and cash flows.
The Offer is being made pursuant to Regulation 6(2) of the SEBI ICDR Regulations as the Company has Net Tangible Assets of less than Rs. 30 million in the Fiscal 2026, on a restated and consolidated basis and does not fulfill the requirements under Regulation 6(1)(a) of the SEBI ICDR Regulations.
There has been share transfers during the preceding twelve months, which may be at a price lower than the Offer Price.
Certain hospitals, offices and other healthcare facilities are located on leased land. Further, the title, leasehold rights and development rights or other interests over land where the company's hospitals is located may be subject to legal uncertainties and defects. Failures to renew its lease agreements and remedy land rights uncertainties and defects could adversely affect the company's business, financial condition, results of operations, cash flows and prospects.
The company may experience delays in construction or commencement of operations at new hospitals that its build, and the company may be unsuccessful in developing other facilities in the future, in a timely manner or at all, which may have an adverse effect on the company's growth, business, financial condition, results of operations, cash flows and prospects.
There are outstanding proceedings against the Company, Promoters, Directors, Subsidiaries, Key Managerial Personnel and Senior Management. An adverse outcome in any of these proceedings may adversely affect its business, reputation, brand, financial condition, results of operations, cash flows and prospects.
The provision of healthcare services involves high costs such as doctors professional fees and employee benefits expense, and if the company fails to increase its revenues in line with increases in such costs, the company's business, financial condition, results of operations, cash flows and prospects could be adversely affected.
Failures to retain or attract doctors, nurses, other healthcare professionals and senior hospital management personnel may adversely affect the company's business, financial condition, results of operations, cash flows and prospects.
The company uses highly flammable and explosive materials in its activities which expose the company to the risk of loss due to fire. Any fire accidents may have a material adverse effect on its business, financial condition, results of operations, cash flows and prospects.
A substantial portion of the Net Proceeds will be utilized for the repayment/prepayment of certain outstanding borrowings availed by MHPL and acquisition of minority shareholding of SHPL. Any variation in the utilization of the Net Proceeds would be subject to certain compliance requirements, including prior shareholders' approval.
The company is dependent on its Key Management Personnel, Senior Management and other key personnel, and the loss of or the company's inability to attract or retain such persons could adversely affect its business, financial condition, results of operations, cash flows and prospects.
Pricing regulations and related regulatory reforms in the healthcare industry may adversely affect the company's business, financial condition, results of operations, cash flows and prospects.
The company faces competition from other healthcare service providers and an inability to compete effectively could adversely affect its business, financial condition, results of operations, cash flows and prospects.
The company is required to provide free beds or offer services at subsidized rates pursuant to statutory or contractual obligations, including through its participation in government schemes. Requirements imposed by governmental authorities or organizations to provide healthcare at subsidized prices, or the company's inability to meet conditions under government incentive schemes, may adversely affect its business, financial condition, results of operations and profitability.
The company has contingent liabilities as per Ind AS 37 - Provisions, Contingent Liabilities and Contingent Assets, and its financial condition, results of operations and cash flows could be adversely affected if any of these contingent liabilities materialize.
The Company and its Subsidiaries has received notices from statutory authorities and has been subject to penalties imposed by such statutory and regulatory authorities from time to time.
The company's Pro Forma Financial Information may not be indicative of its actual results of operations and financial position for such periods or as of such dates, or of expected results of operations in future periods or the company's future financial position.
The company may not be successful in expanding its operations to other parts of India, which could have an adverse effect on the company's business, financial condition, results of operations, cash flows and prospects.
The company relies on third-party suppliers and subcontractors for supplies, equipment, housekeeping and security services. Their failures to perform, contract termination or nonrenewal, unfavorable pricing, or its inability to pass increased costs to patients could have a material adverse impact on the company's business, financial condition, results of operations, cash flows and prospects.
The company's actual or perceived failures to appropriately handle personal information of its patients and third parties, including medical data, could have an adverse effect on the company's business, reputation, financial condition, results of operations and cash flows.
Certain of the company's corporate records is not traceable. Its cannot assure you that regulatory proceedings or actions will not be initiated against the company in the future, and its will not be subject to any penalty imposed by the competent regulatory authority in this regard.
If the company is unable to keep pace with technological changes, changes in patients' needs and evolving industry standards, or if the company's existing technologies or equipment becomes obsolete or malfunctions, its business, financial condition, results of operations, cash flows and prospects may be adversely affected.
The company's inability to protect or use its intellectual property rights or comply with intellectual property rights of others may have a material adverse effect on the company's business and reputation.
The company's insurance coverage may not sufficiently cover economic losses, which could have an adverse effect on its business, financial condition, results of operations, cash flows and prospects.
If the company is unable to maintain relationships with other partners or stakeholders in the company group, its business, financial condition, results of operations, cash flows and prospects may be adversely affected.
The company's business and operations are subject to risks associated with the agreements for the six O&M hospitals its manage as of March 31, 2026.
The company may requires additional capital to support the growth of its business, and this capital might not be available on acceptable terms, if at all.
The company is vulnerable to failures of its information technology systems and cybersecurity risks, and any information technology failures including mishandling of medical data could interrupt the company's operations and adversely affect its reputation, brand, business, financial condition, results of operations, cash flows and prospects.
The company may be subject to labor unrest, slowdowns and work stoppages, which could affect its business, financial condition, results of operations, cash flows and prospects.
There has been certain instances of delays in payment of statutory dues by the Company in the past in relation to its employees. Any delay in payment of such statutory dues in future, may result in the imposition of penalties and in turn may have an adverse effect on the company's business, financial condition, results of operations, cash flows and prospects.
An inability to establish and maintain effective internal controls could lead to an adverse effect on the company's business and reputation.
The company's ability to pay dividends in the future will depends on its earnings, financial condition, working capital requirements, capital expenditures and restrictive covenants of the company's financing arrangements.
Natural disasters, fires, epidemics, pandemics, acts of war, terrorist attacks, civil unrest and other events could materially and adversely affect the company's business, financial condition, results of operations, cash flows and prospects.
Certain sections of this Red Herring Prospectus disclose information from the CRISIL Report which has been prepared exclusively for the Offer and commissioned and paid for by it exclusively in connection with the Offer, and any reliance on such information for making an investment decision in the Offer is subject to inherent risks.
The company has in this Red Herring Prospectus included certain non-GAAP financial measures and certain other industry measures related to its operations and financial performance that may vary from any standard methodology that is applicable across the industry its operates.
The company's Statutory Auditors has reported certain matters with respect to Other Legal and Regulatory Requirements and matters included in the Companies (Auditor's Report) Order, 2020 ("CARO 2020"), which does not requires any adjustment in the Restated Consolidated Financial Information. There can be no assurance that future audit reports will not contain any observations, qualifications, emphasis of matters or adverse remarks from the company's Statutory Auditors.
Grants of stock options under the company's employee stock option plans may result in a charge to its profit and loss account and, to that extent, reduce the company's profitability and financial condition.
Repair and maintenance, physical damage or renovation work to the company's facilities may disrupt its operations, which in turn could have an adverse impact on the company's business, financial condition, results of operations, cash flows and prospects.
The company's Promoters and members of its Promoter Group will continue to retain significant shareholding in the Company after the Offer, which will allow them to exercise significant influence over it and may limit the ability of the company other shareholders to influence the outcome of matters submitted for shareholders' approval.
Conflicts of interest may arise out of common business objectives shared by the company's Promoters, Promoter Group, the Company and their respective associates/affiliates.
Three of the company's Promoters, namely Kangto Investments Pte. Ltd., Kabru Investments Pte. Ltd., and Imperius Healthcare Investments Pte. Ltd. does not has adequate experience in the company's line of business.
Pursuant to an external financing facility availed by one of the company's Promoters, Manipal Global Health Services, shares of Manipal Global Health Services which are held by MEMG International Ltd. are subject to a fixed and floating charge. In case of an event of default and consequent invocation of security/charge, there may be a change in control of MGHS.
Certain of the company's Promoters, members of its Promoter Group and Directors may be interested in the Company and its Subsidiaries other than in terms of remuneration, perquisites or benefits and reimbursement of expenses.
The Company's Promoters, Subsidiaries, certain of its Group Companies and Directors may have conflicts of interest that may arise out of common business pursuits in the ordinary course of business.
The company has entered into, and may continue to enter into, related party transactions including with its Promoter Group that may potentially involve conflicts of interest, and may be subject to additional approvals and compliances under applicable law.
While the Company will receive proceeds from the Fresh Issue, it will not receive any proceeds from the Offer for Sale.
The company has issued Equity Shares during the preceding twelve months at a price which may be lower than the Offer Price.
The average cost of acquisition of Equity Shares for the company's promoters may be lower than the Offer Price.
Foreign investors are subject to foreign investment restrictions under Indian laws that may limit the company's ability to attract foreign investors.
If the company is classified as a passive foreign investment company for U.S. federal income tax purposes, U.S. investors in equity shares may be subject to adverse U.S. federal income tax consequences.

The Issue type of Manipal Health Enterprises Ltd is Book Building.

The minimum application for shares of Manipal Health Enterprises Ltd is 25.

The total shares issue of Manipal Health Enterprises Ltd is 157207054.

Manipal Health Enterprises Ltd IPO

Objectives of Manipal Health Enterprises Ltd IPO