- Manipal Health Enterprises shares made their stock market debut on the BSE and NSE on August 5, listing at a 10% premium to their issue price of ₹590, opening at ₹652 per share.
- The initial public offering (IPO) raised ₹9,275 crore and was subscribed 4.92 times overall, with the qualified institutional buyers (QIB) portion booked 8.25 times.
Shares of Manipal Health Enterprises made a strong debut on the stock exchanges, opening at ₹652, which is a 10.5% premium over the issue price of ₹590. The ₹9,275-crore IPO was oversubscribed 4.92 times, with institutional investors showing robust interest, as the qualified institutional buyers (QIB) portion was booked 8.25 times.3
Despite the overall enthusiasm, retail investor participation was notably lower, with the retail quota undersubscribed at 0.93 times. Market analysts had anticipated a muted listing, with some suggesting that investors should consider booking profits if the stock sees significant gains. Mahesh M Ojha of Kantilal Chhaganlal Securities noted that the company's high valuation and subdued operating metrics could lead to a flat-to-discount debut.
Manipal Health, which operates 49 hospitals with 13,037 licensed beds across 14 states, plans to utilize ₹5,552.7 crore from the fresh issue proceeds to repay debt, primarily from its acquisition of Sahyadri Hospitals. The company reported a 26% year-on-year rise in total income for FY26, reaching ₹10,520.5 crore, although net profit declined to ₹916.5 crore from ₹1,081.7 crore a year ago.
“The ₹9,275-crore IPO was subscribed 4.92 times, with the retail quota undersubscribed at 0.93 times; Mahesh M Ojha of Kantilal Chhaganlal Securities advised allotted investors to book profits. Manipal Health plans to use ₹5,552.7 crore of fresh-issue proceeds to repay debt, cutting its borrowings by nearly 47.5%.”
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