Temasek-backed Manipal Hospitals set to start marketing US$1 billion IPO: sources

Published Thu, May 14, 2026 · 04:39 PM

[MUMBAI] Manipal Health Enterprises, which runs the Manipal Hospitals chain, is set to begin formal marketing as early as next week for its planned initial public offering to raise more than US$1 billion, according to people familiar with the matter.

The Temasek-backed company is targeting a valuation of about US$12 billion during two weeks of meetings with domestic and international investors, the people said, asking not to be identified because the information is private.

Deliberations are ongoing and details of the offering including its size and timing could still change, the people said. A representative for Manipal Hospitals did not immediately respond to requests for comment.

Manipal Hospitals filed its draft prospectus with India’s market regulator in March. The proposed share sale includes a secondary offering of as many as 43.23 million shares, or about a 3.66 per cent stake, by existing investors, as well as a fresh issue of shares worth about 80 billion rupees (S$1.1 billion), according to the filing.

Selling shareholders in the secondary portion include TPG, Temasek, Ammar Sdn Bhd, Novo Holdings Invest Asia, Phoenix Bear Investments, Seventy Second Investment Company and Manipal Education and Medical Group India.

The company is working with advisers including Kotak Mahindra Capital, Axis Bank, and the local units of Goldman Sachs Group, JPMorgan Chase, Jefferies Financial Group, UBS Securities and DBS on the potential listing, according to the prospectus.

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