Mubadala Investment Company-backed Indian hospital operator Manipal Health Enterprises has filed draft papers for a USD 1.17 bn IPO, according to a regulatory filing. Mubadala, alongside two other funds, purchased a minority stake of 8% in Manipal Health from Singapore’s SWF Temasek holdings in 2024 for an undisclosed amount.

Offer structure: The filing comprises a fresh issue of up to INR 80 bn (USD 852 mn) alongside an offer for sale of 43.2 mn shares by existing investors — Temasek, US private equity TPG, and Denmark’s Novo Holdings. Mubadala will not be selling any of its stake during the IPO. Existing investors are putting some 320 mn worth shares for sale, Reuters reports, citing unnamed sources. The company may also consider a pre-IPO placement of up to INR 16 bn (USD 190 mn), in consultation with the book running lead managers.

Use of proceeds: Proceeds from the issue will be used to repay borrowings and fund the acquisition of hospital chain Sahyadri Hospital, valued at about USD 700 mn. The remainder will go toward general corporate purposes.

Who are they? Bengaluru-based Manipal Hospital is India’s leading multi-speciality chain, operating 49 hospitals with 12k beds across India. It has expanded through acquisitions of other hospitals including Columbia Asia, AMRI Hospitals, and Medica Synergie, and is now eyeing Sahyadri Hospitals.

Advisers: Kotak Mahindra Capital, Axis Capital, Goldman Sachs Securities, Jefferies India, JP Morgan India, UBS Securities India, and DBS Bank India are acting as book running lead managers to the issue, while KFin Technologies is the registrar.

Market context: The filing comes as foreign investors have pulled over USD 11 bn from Indian equities so far in 2026 amid global risk-off sentiment.

Coming up in the IPO pipeline: Encube Ethicals

Failed M&A to IPO: Mumbai-based pharma company Encube Ethicals is planning an IPO to raise USD 400 mn, after its efforts to sell a majority stake to a consortium led by Mubadala Investment Company and Warburg Pincus failed, Bloomberg reports, citing sources in the know. Dubai’s Gulf Islamic Investments and Singaporean private equity Quadria Capital hold a minority stake in Encube Ethicals, according to Traxcn.

The Warburg-Mubadala duo were frontrunners to acquire a 74% stake in the company at a valuation of USD 1.8 bn last month — however, promoters and Quadria Capital were eyeing a USD 2 bn valuation. Quadria is keen to sell a part of its stake through the public offering, which explains the quick shift to the IPO plans, according to Economic Times.

Onward to IPO: The pharma firm has appointed JM Financial and JPMorgan Chase as advisers for its listing and plans to enlist more banks in the coming days. The listing is expected in early 2027.

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