Manipal Health plans $1 bn IPO at $15 bn valuation

Manipal Health Enterprises, India’s largest hospital network operator, is preparing to file papers for a $1 billion initial public offering (IPO) early next year at a valuation of $12-15 billion, sources said.

- SOHINI DAS

This will primarily comprise a fresh issue of shares, with a small portion as an offer for sale (OFS) by existing investors. Decisions are not final. “The proceeds will be primarily used for growth and expansion of the hospital, and there would be a small portion of OFS,” said a source close to the development.

“Manipal Health IPO papers are likely to be filed with Sebi in January, and typically the regulator takes three to four months to approve the issue. If everything goes according to plan then the Manipal Health IPO may happen sometime mid-next year,” said the source.

Manipal Health did not immediately respond to Business Standard’s email for comments.

The company’s promoters are yet to take a call on the valuation.