Mubadala-backed Manipal Hospitals heads for USD 1.2 bn listing

Manipal gets SEBI green light: Mubadala-backed Manipal Hospitals — India’s largest hospital operator by bed count — secured approval from the Securities and Exchange Board of India to proceed with its IPO plans, Reuters reports, citing sources familiar with the matter. The offering includes a fresh issue of INR 80 bn (c. USD 838.3 mn) plus a secondary sale of 43.2 mn shares by existing investors. The group is reportedly targeting a market debut in late July or early August.

REMEMBER- Manipal filed draft papers in March to raise up to USD 1.2 bn, placing the listing among India’s largest-ever healthcare IPOs. Mubadala, alongside two other funds, bought an 8% minority stake in Manipal from Singapore’s Temasek (which holds a majority stake) for an undisclosed sum back in 2024. However, Mubadala is not offloading its stake.

Why it matters: Manipal’s performance will serve as a test for investor appetite for specialty healthcare amid the geopolitical volatility brought on by the Iran war. Foreign portfolio investors have pulled a record USD 29.2 bn from Indian equities this year, dragging the Nifty benchmark down 7%, according to the newswire.

IN CONTEXT- India’s medical tourism sector is growing. Future Market Insights sizes the market at USD 20.4 bn in 2026, forecasting it will climb to USD 65.1 bn by 2036, with international patients accounting for 82% of that revenue and patients from the Middle East, Africa, and South Asia representing the largest share of inbound medical tourism to India.

ADVISORS- Kotak Mahindra Capital, Axis Capital, Goldman Sachs Securities, Jefferies India, JPMorgan India, UBS Securities India, and DBS Bank India are bookrunning lead managers, with KFin Technologies as registrar to the issue.