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 about US$1bn 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>In this note, we talk about the not-so-positive aspects of the deal.</li>
</ul>



Manipal Health Enterprises (MHEL) is looking to raise about US$1bn 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.
In this note, we talk about the not-so-positive aspects of the deal.


Aequitas: Manipal Hospitals Pre-IPO - The Negatives - Growth Mostly Via Acquisitons

<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</a> (MHEL) is looking to raise about US$1bn 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>In this note, we talk about the positive aspects of the deal.</li>
</ul>



Manipal Health (MHEL) is looking to raise about US$1bn 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.
In this note, we talk about the positive aspects of the deal.


Aequitas: Manipal Hospitals Pre-IPO - The Positives - Strong Earnings Growth

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>Manipal Health has filed DRHP for its upcoming India IPO. The IPO consists of fresh issue of INR80B (~$1B) and offer for sale of up to 43M equity shares.</li>
<li>Promoter Imperius Healthcare Investments (Temasek subsidiary), promoter group Manipal Education and Medical, and investor TPG are among the selling shareholders. The IPO is expected to hit market by late 2026.</li>
<li>The company intends to utilize the net proceeds of the fresh issue for repayment/ prepayment of certain outstanding borrowings and acquisition of minority stake in stepdown subsidiary, Sahyadri Hospitals.</li>
</ul>


Manipal Health has filed DRHP for its upcoming India IPO. The IPO consists of fresh issue of INR80B (~$1B) and offer for sale of up to 43M equity shares.
Promoter Imperius Healthcare Investments (Temasek subsidiary), promoter group Manipal Education and Medical, and investor TPG are among the selling shareholders. The IPO is expected to hit market by late 2026.
The company intends to utilize the net proceeds of the fresh issue for repayment/ prepayment of certain outstanding borrowings and acquisition of minority stake in stepdown subsidiary, Sahyadri Hospitals.


Manipal Health Pre-IPO: Pai to Pie Patiently Aggressive Inorganic Growth Story Is Unfolding

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC IPOs & Placements

<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 Ltd (1217834D IN)</a> is looking to raise about US$1bn in its upcoming India IPO. The deal will be run by Axis, Jefferies, Kotak, JPM, UBS,DBS and GS.</li>
<li>Manipal Health Enterprises Ltd (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>According to CRISIL, MHEL was the largest pan-India multispecialty hospital network by bed capacity and the second largest hospital chain by number of hospitals as of Sep 30, 2025.</li>
</ul>



Manipal Health Enterprises Ltd (1217834D IN) is looking to raise about US$1bn in its upcoming India IPO. The deal will be run by Axis, Jefferies, Kotak, JPM, UBS,DBS and GS.
Manipal Health Enterprises Ltd (MHEL) operates a pan‑India network of multispecialty hospitals delivering a range of care services, from outpatient services to complex tertiary and quaternary interventions.
According to CRISIL, MHEL was the largest pan-India multispecialty hospital network by bed capacity and the second largest hospital chain by number of hospitals as of Sep 30, 2025.


Aequitas: Manipal Health Enterprises Ltd Pre-IPO Tearsheet

SHEIN Global Holdings / Equity Capital Markets

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, <a href="https://www.smartkarma.com/entities/sbi-funds-management-ltd" target="_blank" data-smartkarma-citation="entities:48001:1" rel="noopener">SBI Funds Management</a> didn't deliver a blockbuster listing but managed to get the India ECM pipeline moving along.</li>
<li>Goverment of India too jumped on the ECM revivial in India to offload a large chunk of <a href="https://www.smartkarma.com/entities/life-insurance-corp-of-india" target="_blank" data-smartkarma-citation="entities:28829:1" rel="noopener">Life Insurance of India (LICI IN)</a>. </li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, SBI Funds Management didn't deliver a blockbuster listing but managed to get the India ECM pipeline moving along.
Goverment of India too jumped on the ECM revivial in India to offload a large chunk of Life Insurance of India (LICI IN). 


Aequitas ECM Weekly (10 August 2026)- HK Trip Notes, Innolight, Shein, Manipal, Leap, LIC, Bizlink

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Manipal Health Enterprises Ltd (1217834D IN)

Aequitas: Manipal Hospitals Pre-IPO - The Negatives - Growth Mostly Via Acquisitons

Manipal Health Enterprises (MHEL) is looking to raise about US$1bn in its upcoming India IPO. In this note, we talk about the not-so-positive...

Sumeet Singh

Aequitas: Manipal Hospitals Pre-IPO - The Positives - Strong Earnings Growth

Manipal Health (MHEL) is looking to raise about US$1bn in its upcoming India IPO. In this note, we talk about the positive aspects of the deal.

Sumeet Singh

Manipal Health Pre-IPO: Pai to Pie Patiently Aggressive Inorganic Growth Story Is Unfolding

Manipal Health is looking to raise ~$1B via India IPO mainly for debt repayment. Marquee global investors Temasek and TPG will also offload partial...

Tina Banerjee

Aequitas: Manipal Health Enterprises Ltd Pre-IPO Tearsheet

Manipal Health Enterprises Ltd (MHEL) is looking to raise about US$1bn in its upcoming India IPO. The deal will be run by Axis, Jefferies, Kotak,...

Akshat Shah

Aequitas ECM Weekly (10 August 2026)- HK Trip Notes, Innolight, Shein, Manipal, Leap, LIC, Bizlink

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)