Aug 5 (Reuters) – India’s Manipal Health Enterprises made its market debut at a 10.5% premium on Wednesday, valuing the hospital chain at 857.63 billion rupees ($9.03 billion).
Its shares opened at 652 rupees on the National Stock Exchange of India, compared with the issue price of 590 rupees.
The IPO is India’s second-largest this year, behind SBI Funds Management’s listing in July.
Temasek-backed Manipal Health is India’s largest multispecialty hospital network by bed capacity, operating more than 13,000 beds across 49 hospitals.
Manipal Health is betting on rapidly growing demand for specialised healthcare options, which analysts and industry insiders say will form the bedrock of growth in the Indian healthcare market. The sector is also booming with increasing private and foreign investments from the likes of Blackstone, Novo Nordisk and KKR.
Apollo Hospitals, its closest listed rival with a market capitalisation of around 1.30 trillion rupees, has nearly 10,000 beds and aims to expand its capacity to 13,000 beds by fiscal 2029-2030.
Max Healthcare and Fortis Healthcare have a market cap of 1.04 trillion rupees and 704.22 billion rupees, respectively.
Manipal Health plans to spend 40 billion rupees to increase its bed capacity by over 18% in the next few years, adding 2,400 beds to its existing 13,037 capacity within three to four years.
The company is valued at 84.65 times its fiscal 2026 earnings at the upper end of the IPO price band of 560–590 rupees, brokerage Angel One said in a note. Apollo, Fortis and Max Healthcare are valued between 66.15x and 74.55x.
($1 = 94.9725 Indian rupees)
(Reporting by Urvi Dugar and Surbhi Misra in Bengaluru; Editing by Janane Venkatraman and Sonia Cheema)
