Manipal Hospitals launches $1bn+ IPO: India's largest yet, backed by Temasek and Dr. Ranjan Pai

Manipal Hospitals Limited, a leading tertiary healthcare provider in Karnataka, has filed its prospectus with the Securities and Exchange Board of India (SEBI) for an initial public offering of 12.4 billion shares, valuing the company at over $1 billion. The offering, which is slated for launch later this year, will be the biggest IPO in India’s history, surpassing Evenko’s 2020 $31m sale and the Puerto Healthcare $3.6 billion deal.

The conglomerate is backed by Singapore‑based sovereign wealth fund Temasek and entrepreneur Dr. Ranjan Pai, who has led a series of capital raises for the group’s hospitals and educational ventures. The IPO will finance expansion plans across Karnataka, including upgrades at the flagship Bangalore campus and new facilities in Udupi, the district’s growing satellite town.

Analysts say the influx of capital could accelerate the development of specialty services in Udupi, where demand for advanced diagnostics and cardiac care is rising. The listing also presents a unique opportunity for local investors to participate in a growing sector, potentially boosting economic activity in the district. Source: Google News – Manipal.