Mumbai: Manipal Health Enterprises Pvt. , which runs the Manipal Hospitals chain, is likely to launch its initial public offering as early as next month, according to people familiar with the matter.
The Temasek Holdings Pte. -backed company has completed investor meetings and is targeting a valuation of about $10 billion, the people said, asking not to be identified as the information is private.
Deliberations are ongoing and details of the offering, including its size and timing, could still change, the people said. A representative for Manipal Hospitals didn’t immediately respond to requests for comment.
Manipal’s planned offering could be India’s first billion-dollar IPO of the year. A successful listing may also help build momentum after a slow start to equity capital markets, coming off two record-setting years. Companies in India have raised about $3.6 billion through first-time share sales so far in 2026.
Manipal Hospitals filed its draft prospectus with India’s market regulator in March. The proposed share sale includes a secondary offering of as many as 43.23 million shares, or about a 3.66% stake, by existing investors, as well as a fresh issue of shares worth about 80 billion rupees, according to the filing.
The company is working with advisers including Kotak Mahindra Capital Co., Axis Capital Ltd., and the local units of Goldman Sachs Group Inc., JPMorgan Chase & Co., Jefferies Financial Group Inc., UBS Securities and DBS Bank Ltd. on the potential listing, according to the prospectus.
