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Manipal Hospitals IPO set for Aug. 5 debut with strong subscription
The offer priced for subscription between July 29 and July 31 was subscribed 4.9 times overall, with QIB bids 8.3 times.
Manipal Health Enterprises, the operator of Manipal Hospitals, is set to list on the NSE and BSE on Wednesday, 5 August, after completing its IPO process. Ahead of debut, shares were trading in the grey market at a premium of about ₹1.5, implying an expected listing price near ₹591.5 per share, slightly above the IPO's upper price band, according to LiveMint Markets.
The IPO was available for subscription from July 29 to July 31 and received bids totaling 4.92 times overall. Institutional interest was a key driver, with the Qualified Institutional Buyers segment subscribed 8.25 times, while the Non-Institutional Investors category was subscribed 1.02 times. For the retail portion, Retail Individual Investors bid for 93% of the shares reserved for retail.
The IPO included a fresh issue of 13.56 crore equity shares, aggregating ₹8,000 crore, plus an Offer for Sale of 2.16 crore shares worth ₹1,275.22 crore. That brings the total issue size to ₹9,275.22 crore.
LiveMint Markets reports that proceeds from the fresh issue are expected to strengthen the balance sheet, including about ₹5,378 crore earmarked for debt repayment to lower borrowing costs. The company also plans to use ₹574 crore to acquire a minority stake in its step-down subsidiary, Sahyadri Hospitals, with the remainder for general corporate purposes and future growth initiatives.