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Manipal Health IPO opens for subscription at ₹560-590 share price
The ₹9,275 crore offering is priced at a valuation multiple of 85.4x FY26 earnings at the upper end, with broker views split on growth prospects versus debt and valuation risk.
Manipal Health Enterprises has opened its ₹9,275 crore IPO for subscription on July 29, with the public issue set to run until July 31. The hospital operator has fixed a price band of ₹560-590 per equity share, and day 2 subscription begins at 10 am.
By end of day 1, the IPO was subscribed 0.15 times, while the grey market premium for July 30 was ₹9. That premium suggested a likely debut price of ₹599, about 1.5% above the IPO price.
Brokerages have issued mixed recommendations. Anand Rathi assigned a "Subscribe - Long Term" rating, saying the issue is fully priced at the upper end with a valuation of 85.4x FY26 earnings, implying a post-issue market capitalization of ₹77,605.6 crore, while ICICI Securities pointed to revenue and EBITDA CAGRs of 29% and 27% between FY23 and FY26.
Swastika Investmart advised an "Avoid" stance, citing that a large portion of proceeds will repay acquisition-related debt, leaving limited capital for future expansion. It also flagged Manipal Health's dependence on Karnataka, where hospitals contribute 46% to 60% of revenue, and argued the offer is priced at or above the upper end of peer valuations.