Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Manipal Health Enterprises Ltd / Equity Capital Markets

Manipal Health Enterprises Ltd (1217834D IN)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/manipal-health-enterprises-ltd" target="_blank" data-smartkarma-citation="entities:48013:1" rel="noopener">Manipal Health Enterprises </a> (MHEL) is looking to raise up to US$960m in its upcoming India IPO.</li>
<li>MHEL operates a pan‑India network of multispecialty hospitals delivering a range of care services, from outpatient services to complex tertiary and quaternary interventions.</li>
<li>We have looked at the past performance in our previous note. In this note, we talk about the RHP updates and valuations.</li>
</ul>



Manipal Health Enterprises  (MHEL) is looking to raise up to US$960m in its upcoming India IPO.
MHEL operates a pan‑India network of multispecialty hospitals delivering a range of care services, from outpatient services to complex tertiary and quaternary interventions.
We have looked at the past performance in our previous note. In this note, we talk about the RHP updates and valuations.


Aequitas: Manipal Health IPO - RHP Updates and Thoughts on Valuations

Global Healthcare Analyst

Tina Banerjee

Thematic (Sector/Industry)

<ul>
<li>With the declining number of daily new infections, most countries in APAC region are in process to relax their COVID-related restrictions and border re-opening.</li>
<li>While hospitals are the prime beneficiaries of re-opening, medical devices companies will also benefit from the resumption of elective surgeries. Monkeypox is not expected to have big adverse effect.</li>
<li>Investment thesis for four top picks in APAC healthcare sector remains intact, and their recent quarterly results depict their continued growth momentum.</li>
</ul>


With the declining number of daily new infections, most countries in APAC region are in process to relax their COVID-related restrictions and border re-opening.
While hospitals are the prime beneficiaries of re-opening, medical devices companies will also benefit from the resumption of elective surgeries. Monkeypox is not expected to have big adverse effect.
Investment thesis for four top picks in APAC healthcare sector remains intact, and their recent quarterly results depict their continued growth momentum.


APAC Healthcare – Good Bet on Re-Opening; Continued Strong Recovery in Top Picks

<ul>
<li>Manipal Health will launch its India IPO on July 29. The IPO consists of fresh issue of INR80B (~$829M) and OFS of up to 22M shares aggregating to INR13B.</li>
<li>The IPO price band is set at INR560 to INR590 per share. The IPO subscription will close on July 31, with expected listing on August 5.</li>
<li>Manipal Health proposes to utilize the net proceeds mainly for repayment/ prepayment of certain outstanding borrowings. As of May 31, 2026, the company had outstanding borrowings of INR112B.</li>
</ul>


Manipal Health will launch its India IPO on July 29. The IPO consists of fresh issue of INR80B (~$829M) and OFS of up to 22M shares aggregating to INR13B.
The IPO price band is set at INR560 to INR590 per share. The IPO subscription will close on July 31, with expected listing on August 5.
Manipal Health proposes to utilize the net proceeds mainly for repayment/ prepayment of certain outstanding borrowings. As of May 31, 2026, the company had outstanding borrowings of INR112B.


Manipal Health IPO: Poised for Long-Term Growth with Massive Scale and Several Margin Levers

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bumrungrad-hospital-public-co-ltd" target="_blank" data-smartkarma-citation="entities:883:1" rel="noopener">Bumrungrad Hospital (BH TB)</a> shares advanced 27% over the last one year, while its larger peer <a href="https://www.smartkarma.com/entities/bangkok-dusit-medical-services-public-co-ltd" target="_blank" data-smartkarma-citation="entities:875:1" rel="noopener">Bangkok Dusit Medical Services (BDMS TB)</a> shares fell 8% over the same period.</li>
<li>Financial performance of these two companies justifies their respective share price movements. BH maintained its financial performance superiority to BDMS in recent times.</li>
<li>Share price movement is not expected to change direction soon. BH shares are trading at EV/EBITDA of 12.6x, higher than BDMS (11.4x). Higher growth and superior profitability justify premium valuation.</li>
</ul>



Bumrungrad Hospital (BH TB) shares advanced 27% over the last one year, while its larger peer Bangkok Dusit Medical Services (BDMS TB) shares fell 8% over the same period.
Financial performance of these two companies justifies their respective share price movements. BH maintained its financial performance superiority to BDMS in recent times.
Share price movement is not expected to change direction soon. BH shares are trading at EV/EBITDA of 12.6x, higher than BDMS (11.4x). Higher growth and superior profitability justify premium valuation.


Bumrungrad Versus Bangkok Dusit Medical: Will the Divergent Trend Continue?

<ul>
<li>In this Original, we have provided an analysis of why we believe APAC healthcare sector is poised for stellar growth in long-term, mainly driven by its favorable demographics.</li>
<li>We have handpicked four APAC healthcare companies, with market cap of $5 billion+ and ADTV of $5 million+ and analyzed their long-term growth stories and fundamentals.</li>
<li>In additions, we have also provided a table for stocks of interest in APAC healthcare sector.</li>
</ul>


In this Original, we have provided an analysis of why we believe APAC healthcare sector is poised for stellar growth in long-term, mainly driven by its favorable demographics.
We have handpicked four APAC healthcare companies, with market cap of $5 billion+ and ADTV of $5 million+ and analyzed their long-term growth stories and fundamentals.
In additions, we have also provided a table for stocks of interest in APAC healthcare sector.


Smartkarma Originals: APAC Healthcare Series - Top Picks Are Poised for Multi-Year Growth

India

Apollo Hospitals Enterprise Limited owns and operates hospitals in India.  The Company also runs a 24-hour pharmacy network via over 120 outlets across India. Apollo Hospitals also runs clinics and offer managed care and family health plans. The Company has a variety of locations in Chennai, Hyderabad, Delhi, Dubai, Vizag, Bilaspur and Chengannur.

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Apollo Hospitals Enterprise (APHS IN)

Aequitas: Manipal Health IPO - RHP Updates and Thoughts on Valuations

Manipal Health Enterprises (MHEL) is looking to raise up to US$960m in its upcoming India IPO. In this note, we talk about the recent updates and...

Sumeet Singh

APAC Healthcare – Good Bet on Re-Opening; Continued Strong Recovery in Top Picks

Amid the declining new COVID infections and economy re-opening, top picks in APAC healthcare sector are poised to benefit. Their recent quarterly...

Tina Banerjee

Manipal Health IPO: Poised for Long-Term Growth with Massive Scale and Several Margin Levers

Manipal Health will launch its India IPO on July 29. The IPO price band is set at INR560 to INR590 per share. The IPO subscription will close on...

Tina Banerjee

Bumrungrad Versus Bangkok Dusit Medical: Will the Divergent Trend Continue?

Bumrungrad Hospital shares advanced 27%, while its larger peer Bangkok Dusit Medical Services shares fell 8% over the last one year. Financial...

Tina Banerjee

Smartkarma Originals: APAC Healthcare Series - Top Picks Are Poised for Multi-Year Growth

APAC healthcare is among the world’s fastest growing markets, thereby gaining importance from investors. We have highlighted 4 APAC healthcare...

Tina Banerjee

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