Bengaluru: Manipal Hospitals is about to file its draft pink herring prospectus (DRHP) this week for an IPO anticipated to lift about Rs 10,500-11,000 crore, doubtlessly the biggest public providing in India’s healthcare sector.
The problem will embody an offer-for-sale element of round Rs 2,000 crore, whereas a big portion of the proceeds will likely be used to retire about Rs 8,000 crore of debt and fund inorganic enlargement alternatives, sources instructed TOI.
Kotak is the lead banker for the IPO. When reached out to Manipal Hospitals, the administration mentioned it has no feedback to supply.
With a community of almost 50 hospitals and round 13,000 beds, Manipal Hospitals has just lately surpassed Apollo Hospitals in scale, turning into the nation’s largest hospital chain by mattress capability.
The hospital chain just lately acquired a 100% stake in Sahyadri Hospitals for about Rs 6,000-Rs 6,400 crore. Three years in the past, Temasek Holdings acquired a majority stake in Manipal Health Enterprises for over $2 billion, then the biggest deal in India’s healthcare sector, valuing the corporate at round $5 billion.
The group traces its origins to Udupi, the place T M A Pai based Kasturba Medical College in 1953, laying the inspiration for the training hub that later grew to become Manipal. In 1991, Ramdas Pai launched Manipal Hospitals to increase into healthcare. Manipal Hospitals has adopted a “string of pearls” acquisition technique to increase its footprint throughout India.
The group acquired Columbia Asia Hospitals’ India operations for over Rs 2,000 crore. In 2021, Manipal acquired Vikram Hospital from Multiples Private Equity in a deal valued at round Rs 360 crore.
In 2023, it additional expanded by buying an 84% stake in AMRI Hospitals in Kolkata for about Rs 2,400 crore, strengthening its presence in japanese India and turning into the biggest hospital chain within the area for tertiary and quaternary care. Manipal Hospitals has additionally signed an settlement to accumulate an 87% stake in Medica Synergie.
While the monetary particulars weren’t disclosed, sources instructed TOI the deal is estimated to be price round Rs 1,400 crore. With new greenfield initiatives in Bengaluru and Mumbai, the group expects its footprint to increase to about 15,000 beds, together with a deliberate 300-500-bed tertiary care hospital in Raipur.
