Manipal Health Enterprises Pvt. is planning to file for a $1 billion initial public offering in January, according to people familiar with the matter, setting the stage for the biggest such listing by a hospital operator in India.
The company is targeting a valuation of as much as $13 billion, the people said, asking not to be identified because the information is private.
The IPO will comprise a fresh issue of shares as well as an offer for sale by existing investors, they said, adding that final details may still change as discussions are ongoing.
The Bengaluru-based hospital chain is working with advisers including Kotak Mahindra Capital Co., Axis Bank Ltd., and the local units of Goldman Sachs Group Inc., JPMorgan Chase & Co. and Jefferies Group LLC on the potential sale, the people said.
A representative for Manipal as well as others banks that are said to be involved in the deal didn’t respond to requests for comments. JPMorgan and Axis Bank declined to comment.
Manipal, backed by Singaporean state-owned investor Temasek Holdings Pte., may become the most valuable health-care operator in India after the listing. The offering underscores rising investor appetite for health-care platforms in India. Manipal has expanded rapidly through acquisitions, most recently Sahyadri Hospitals Pvt.
In June, KKR said it was providing $600 million in financing to help Manipal to accelerate its growth plans. In the same month, Bloomberg reported Manipal had asked bankers to pause work on its IPO as it pursued the acquisition of Sahyadri, Maharashtra’s largest hospital chain, from Ontario Teachers’ Pension Plan Board.
Manipal, which is part of a conglomerate with interests in health care, education and insurance, has more than 10,500 operational beds, according to its website.
Max Healthcare Institute Ltd. is currently India’s most valuable hospital chain, with a market capitalization of about $12 billion. The last big hospital IPO in India was Dr Agarwal’s Health Care’s $350 million offering early this year.
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Published on December 3, 2025
