{"id":89657,"date":"2026-05-15T00:00:00","date_gmt":"2026-05-15T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/mena-india\/?p=89657"},"modified":"2026-05-15T10:43:22","modified_gmt":"2026-05-15T10:43:22","slug":"this-afternoon-mubadala-backed-manipal-hospitals-gears-up-for-usd-1-bn-listing","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/mena-india\/2026\/05\/15\/this-afternoon-mubadala-backed-manipal-hospitals-gears-up-for-usd-1-bn-listing\/","title":{"rendered":"THIS AFTERNOON: Mubadala-backed Manipal Hospitals gears up for USD 1 bn listing"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Good afternoon, wonderful people. <\/strong>Today\u2019s issue is all about hedging, as the war weighs on India\u2019s heavily import-reliant economy. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The government is firing on all fronts<\/strong>, as we note in our Big Story Today, with plans to potentially slash taxes on foreign investors investing in sovereign bonds, tighten gold flows to prevent a USD exodus, and as the government secures workarounds for oil imports through GCC partnerships and for phosphate through a potential industrial base in Egypt. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>There\u2019s also a big aviation theme this <\/strong><strong>morning<\/strong>, as we look at how the war has jolted India\u2019s international aviation model, forcing local airlines to pull back from long-haul routes and exposing vulnerabilities in the air hub model that has historically relied heavily on Middle East hubs for traffic. <strong>Plus:<\/strong> Several sovereign wealth funds are reportedly eyeing an investment in Adani Airport Holding. <\/p>\n<p class=\"tag-border-left\">One of India\u2019s largest healthcare listings gathers pace<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt1\"><\/a> <strong>Mubadala<\/strong><strong>-backed Indian hospital operator Manipal Hospitals network<\/strong><strong>, is set to begin formal investor marketing for its over USD 1 bn IPO <\/strong>as early as next week, <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2026-05-14\/manipal-hospitals-said-to-start-marketing-1-billion-ipo-soon?srnd=phx-india-v2\" style=\"\">Bloomberg<\/a> quotes people in the know as saying. The company filed its <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/mena-india\/2026\/03\/25\/mubadala-backed-manipal-health-seeks-usd-1-17-bn-in-upcoming-ipo\/\" style=\"\">draft prospectus<\/a> with India\u2019s market regulator in March.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Heavy sovereign backing: <\/strong>Mubadala, alongside two other funds, <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/mena-india\/2026\/03\/25\/mubadala-backed-manipal-health-seeks-usd-1-17-bn-in-upcoming-ipo\/\" style=\"\">purchased a minority stake of 8% in Manipal Health<\/a> from Singapore\u2019s Temasek in 2024 for an undisclosed amount. It will not be selling any of its stake during the IPO.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The details: <\/strong>The proposed IPO includes a fresh INR 80 bn (USD 960 mn) issue alongside a secondary sale of a 3.66% stake by existing investors. Key selling shareholders include global investors such as TPG, Temasek, Novo Holdings and others. The firm is targeting a valuation of around USD 12 bn. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Why it matters: <\/strong>The offering comes as Indian equity markets stabilize after a period of volatility linked to the war, with improving sentiment supporting activity. If the USD 12 bn valuation holds, it would validate Manipal\u2019s aggressive M&A-led expansion that it deployed to scale rapidly across India \u2014 a model increasingly being studied and replicated by healthcare players in MENA. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Advisors: <\/strong>The offering is being managed by Kotak Mahindra Capital, Axis Bank, Goldman Sachs, JPMorgan, UBS and DBS, positioning it among the largest healthcare listings in India.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">Twin moves to defend the INR <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt2\"><\/a> <strong> India is pulling two levers at once to defend the INR as the oil shock weighs on the<\/strong><strong> external account:<\/strong> Easing taxes to pull foreign capital in, and tightening gold flows to slow stymie the exit of USD. The INR is down more than 6% YTD, making it Asia\u2019s weakest-performing currency. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#1- Tax cut for FPIs:<\/strong> India is mulling a reduction in taxes levied on foreign investors on sovereign bonds, as policymakers seek to align with global norms and attract capital inflows, <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2026-05-14\/india-considers-reducing-taxes-on-bond-investments-by-foreigners?srnd=phx-india-v2\" style=\"\">Bloomberg<\/a> reports, citing sources with knowledge of the matter. Recommended by the Reserve Bank of India, the proposal is being actively considered by the Finance Ministry.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Despite India\u2019s inclusion in global bond indices, foreign investors hold only around 3% of <\/strong><strong>the USD 1.3 <\/strong><strong>tn sovereign<\/strong><strong> debt market.<\/strong> Currently, foreign investors face capital gains taxes and about 20% tax on interest income, significantly higher than peer emerging markets such as Indonesia and Malaysia. A concessional 5% tax rate on interest income expired in 2023, further dampening inflows. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2: Tightening export-link gold channel:<\/strong> New Delhi is capping dutyfree gold imports for jewelry exporters at 100kg per license, according to a <a target=\"_blank\" href=\"https:\/\/ent.news\/2026\/5\/887.pdf\" style=\"\">government order<\/a>, narrowing the advance authorization route just days after raising bullion duties. Exporters will get fresh licenses only after fulfilling 50% of earlier export obligations, with first-time applicants facing physical inspections and existing holders filing fortnightly reports. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>SOUND SMART-<\/strong> Gold is the import line India can squeeze fastest without hitting industrial inputs such as crude, gas, fertilizers, or metals. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Why these moves matter for the corridor:<\/strong> Gulf investors like the Abu Dhabi Investment Authority and Public Investment Fund have navigated the current FPI regime through complex tax treaty structures \u2014 a simplified framework would reduce friction and unlock fresh allocations into Indian sovereign debt. On the gold side, Dubai is where the pressure begins to show: The UAE is a key bullion trading and re-export hub for India, and tighter licensing plus higher duties change the economics of formal flows. If official channels slow too sharply, demand could shift to informal routes just as Delhi is trying to conserve USD and defend the INR.<\/p>\n<p class=\"tag-border-left\"> JSW raises capex into infra cycle<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt3\"><\/a> <strong><a target=\"_blank\" href=\"https:\/\/www.jswsteel.in\/\" style=\"\">JSW<\/a><\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.jswsteel.in\/\" style=\"\">Steel<\/a><\/strong><strong> is raising capex as India\u2019s infrastructure cycle keeps demand supported, even <\/strong><strong>as the Middle East conflict adds input-cost risk<\/strong>. The Mumbai-based steelmaker expects to spend INR 220-240 bn (USD 2.3-2.5 bn) in FY 2027, up from INR 155.9 bn (USD 1.6 bn) in FY 2026, according to its <a target=\"_blank\" href=\"https:\/\/ent.news\/2026\/5\/888.pdf\" style=\"\">earnings release<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The guidance tracks India\u2019s public spending cycle<\/strong>; the company cited the Union budget\u2019s INR 12.2 tn FY 2027 capex allocation, up 11.5% y-oy. The spending plan also follows 7.9% growth in India\u2019s full-year steel consumption to 164 mn tonnes. JSW plans to raise capacity to 48.8 mtpa from 31.9 mtpa by FY 2030, with key additions at Dolvi, Vijayangar, and the new JSW Utkal plant in Odisha. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The demand story is domestic, but the cost risk is global.<\/strong> JSW flagged the Middle East conflict as a source of supply disruption, energy-led inflation, and pressure on growth. For steelmakers, higher energy, freight and raw material costs can still squeeze margins even when Indian demand is firm. For Gulf investors and suppliers, India\u2019s infrastructure cycle keeps steel demand visible, but the war-led commodity shock remains the near-term risk.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">Adani Airport might get a USD 1.3 bn shot in the arm <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>INVESTMENT \u2014 Adani US settlement to help unlock global capital for the firm after months of controversy?<\/strong> Sovereign heavyweights including Singapore\u2019s Temasek and UAE investor Alpha Wave Global, are in talks to inject USD 1.3 bn into Adani Airport Holdings (AAHL), the <a target=\"_blank\" href=\"https:\/\/economictimes.indiatimes.com\/industry\/transportation\/airlines-\/-aviation\/global-investors-temasek-alpha-wave-global-eye-1-3-bn-investment-in-adani-airports\/articleshow\/131102325.cms?from=mdr\" style=\"\">Economic Times<\/a> reports, citing unnamed sources. The transaction, which would be the first external equity raise for the group\u2019s airport unit, values India\u2019s largest private airport operator at an estimated USD 18-20 bn.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The potential investment comes as this week Adani Chairman Gautam Adani and his nephew Sagar <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.reuters.com\/legal\/government\/us-set-drop-criminal-fraud-case-against-indias-gautam-adani-sources-say-deal-2026-05-15\/\" style=\"\">agreed to a settlement<\/a><\/strong><strong> in the US<\/strong> that will see them pay USD 18 mn to get their criminal fraud charges dropped. The move should help clear Adani for a wave of capital raising that had been on pause after months of legal limbo. That includes a potential <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2026-05-15\/adani-group-revives-plan-to-seek-1-billion-with-dollar-bond\" style=\"\">USD 1 bn USD-denominated bond<\/a> for Adani Group. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>There\u2019s still caveats to iron out:<\/strong> Negotiations for the Adani Airport investment are still ongoing, with differences over valuation expectations emerging as a key hurdle. The Adani Group is reportedly seeking a premium valuation exceeding USD 20 bn, while some investors have pushed for structured returns, terms the group has resisted. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Who\u2019s Alpha Wave? <\/strong>Alpha Wave is owned <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/mena-india\/2026\/04\/01\/ihc-gets-the-ball-rolling-on-usd-1-bn-acquisition-of-sammaan-capital\/\" style=\"\">by Abu Dhabi\u2019s International Holding Company<\/a> \u2019s Judan Financial, chaired by Abu Dhabi\u2019s Deputy Ruler Tahnoon bin Zayed, a key Adani backer. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Adani Airports operates eight airports<\/strong>, including Mumbai and Navi Mumbai, handling roughly 23% of India\u2019s passenger traffic. The group is accelerating expansion, with INR 400 bn (USD 4.8 bn) in planned capex through FY 2027. Strong traffic growth expectations underpin investor interest, despite rising leverage and balance sheet pressures.<\/p>\n<div class=\"row\">\n<div class=\"col-md-12 subscribe-box-panel\">\n<div class=\"\">\n<div class=\"title\">\n<h4 class=\"fw-lighter mb-10\">   Get <b style=\"font-weight: 700\">Enterprise<\/b> daily   <\/h4>\n<\/p><\/div>\n<p class=\"mb-10\">The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n<p>  <a target=\"_blank\" href=\"\/egypt\/en\/user\/NewsLetters\" type=\"button \" class=\"btn-green px-3 d-flex align-items-center\">Subscribe here<\/a>  <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">***<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>YOU\u2019RE READING EnterpriseAM MENA - India, your C-suite briefing<\/strong> on the movement of trade, investment, people, and ideas along one of the world\u2019s most exciting corridors. Every Monday, Wednesday, and Friday at 2:30pm UAE, we dive deep into the business, finance, economy, and policy headlines and trendlines that will move markets and set the tone for your day. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Were you forwarded this briefing? <\/strong><a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/mena-india\/newsletters\/\" style=\"\">Tap or click here to sign up without charge for your own<\/a><a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/mena-india\/newsletters\/\" style=\"\">copy<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">***<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Plus: India pulls on all levers to defend the INR<\/p>\n","protected":false},"author":1,"featured_media":89658,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2403],"tags":[2457,2402,2419,2804,2615,2401],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-89657","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-what-were-tracking-today","tag-adani-group","tag-enterpriseam-india","tag-ipo-watch","tag-mubadala","tag-rbi","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"73c2e336-674e-4efb-8b7b-73007415ef74","order":"2","is_powered_by":false,"story_type":"4","photo_url":"https:\/\/ent.news\/2024\/10\/1699.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Manipal to join the league of India\u2019s biggest healthcare listings","related_issue":[89655],"teaser":"Plus: India pulls on all levers to defend the INR"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>THIS AFTERNOON: Mubadala-backed Manipal Hospitals gears up for USD 1 bn listing - MENA India Corridors<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/mena-india\/2026\/05\/15\/this-afternoon-mubadala-backed-manipal-hospitals-gears-up-for-usd-1-bn-listing\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"THIS AFTERNOON: Mubadala-backed Manipal Hospitals gears up for USD 1 bn listing\" \/>\n<meta property=\"og:description\" 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