Manipal IPO filing by June, shortlists banks

Temasek-backed Manipal Hospitals plans to file draft papers for a $1 billion initial public offering by June, three people aware of the development said.

- Sneha Shah & Ranjani Raghavan

The healthcare chain has shortlisted Kotak Mahindra Capital Co., JP Morgan, Axis Capital, Jefferies, and Goldman Sachs to manage the IPO, the people said, adding formal mandates have not been issued yet. The company, among India's top three hospital chains, is expecting a valuation of $8-10 billion.

Manipal plans to list on the exchanges by the end of FY26, one of the three people cited above said. Some of the existing investors of Manipal are likely to sell some stake through an offer for sale. The company may also raise ₹5,000-₹6,000 crore by selling new shares, the second person added.

Spokespersons for Manipal Hospitals, JPMorgan, Axis Capital, TPG, and Jefferies declined to comment, while Temasek, Goldman Sach,s and Kotak Mahindra Capital Co. did not respond to emailed queries.