Manipal Health IPO closes 4.89x subscribed, signals 1% listing gain
Manipal Health Enterprises’ ₹9,275-crore IPO closed with an overall subscription of 4.89 times on the final day of bidding, according to data from the National Stock Exchange. The public issue received bids for 37.30 crore shares against 9.01 crore shares on offer, with the qualified institutional buyers (QIB) segment driving the demand.
QIBs Lead Demand, Retail Investors Stay on the Sidelines
The QIB portion was subscribed 8.25 times, while the Non-Institutional Investor (NII) category was booked 0.99 times. The Retail Individual Investor (RII) category, however, was subscribed only 0.80 times.
Investors placed bids for roughly 8.25 times the shares reserved for qualified institutional buyers, a segment that usually sets the tone for large-cap listings. This heavy institutional backing suggests that the stock is likely to attract significant interest from mutual funds and large asset managers. The retail portion, often a barometer of mass market sentiment, failed to keep pace, indicating a cautious approach from smaller investors.
The IPO was priced in the range of ₹560-590 per share and comprised a fresh issue of 13.56 crore equity shares worth ₹8,000 crore along with an offer for sale (OFS) of 2.16 crore equity shares by existing shareholders, including promoter group entities, TPG and Novo Holdings.
The offer for sale was reduced from the 4.32 crore shares proposed in the draft red herring prospectus filed earlier this year.
Listing Date and Financial Performance
Retail investors could apply for a minimum of one lot comprising 25 shares, requiring an investment of ₹14,750 at the upper price band. The IPO opened for subscription on July 29 and closed on July 31.
The basis of allotment is expected to be finalised on August 3, while the shares are scheduled to list on the BSE and NSE on August 5.
For the financial year ended March 31, 2026, Manipal Health Enterprises reported revenue from operations of ₹10,335.75 crore, compared with ₹8,242.25 crore in the previous financial year. The company reported a net profit of ₹892.32 crore in FY26.
The grey market premium (GMP) remained subdued on the final day of bidding, with shares commanding a GMP of ₹5 over the upper end of the price band on Friday morning. Based on the upper price band of ₹590 per share, the grey market indicates a likely listing price of around ₹595, implying a potential listing gain of about 1%. This muted sentiment contrasts with the Coal India supply surge seen earlier in the month, where production figures jumped by 18%.
