Manipal eyes Dec IPO filing, ₹1 tn valuation

IPO to see primary and secondary fundraising of more than $1 billion

- Sneha Shah

Temasek-backed hospitals chain Manipal Health Enterprises Ltd is looking to file its draft red herring prospectus with the capital markets regulator in December. The initial public offer (IPO) will see a mix of primary and secondary fundraising of more than $1 billion, making it one of the largest healthcare IPOs in the region.

The Ranjan Pai-founded firm is aiming for a valuation of around ₹1 trillion to ₹1.2 trillion, according to three people with direct knowledge of the company's plans. The final decision on the filing timeline, the quantum of the raise, and whether any long-term investor will be brought onto the cap table will be made at the company's board meeting to be held next week, these people said.