The primary market is witnessing strong activity as Manipal Health Enterprises, based in Bengaluru, announces a price range of Rs 560 to Rs 590 per equity share for its upcoming initial public offering (IPO) valued at Rs 9,275 crore. This IPO is scheduled to open on July 29 and will conclude on July 31, 2026.

Ranked as the second-largest public offering this year, the IPO follows SBI Funds Management’s notable Rs 11,693 crore debut this week.

Additionally, the Securities and Exchange Board of India has approved IPO applications from Intellius Recode and Nityas Gems and Jewellery.

Manipal Health is known for its chain of Manipal Hospitals, which operates 49 facilities across India and boasts 13,037 licensed beds as of March 31, 2026. The largest concentration of its hospitals, 19 in total with 6,404 beds, is located in Karnataka, contributing approximately 46.40% of the company’s total operational revenue. The hospital network has expanded nationally, featuring 13 hospitals with 2,188 beds in Maharashtra and Goa; 10 hospitals with 2,887 beds in West Bengal, Odisha, Jharkhand, and Sikkim; and 7 hospitals with 1,558 beds across regions including Delhi, Andhra Pradesh, Rajasthan, Uttar Pradesh, Haryana, Punjab, and Tamil Nadu.

Of the total IPO, up to Rs 8,000 crore is designated as a fresh issue, while over 2.16 crore equity shares will be offered for sale by promoters, including Imperius Healthcare Investments and Manipal Education and Medical Group India. Notable investors involved in this share sale include TPG SG Magazine, Seventy Second Investment Company LLC, Ammar Sdn Bhd, Novo Holdings Invest Asia A/S, and Phoenix Bear Investments, LLC.

The fresh issuance, amounting to Rs 5,552.8 crore, aims to fund the repayment or prepayment of certain outstanding loans and accrued interest for Manipal Hospitals, as well as a Rs 574 crore investment to acquire a minority stake in Sahyadri Hospitals, along with general corporate expenses.