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) raised around US$960m in its 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 trading dynamics.</li>
</ul>



Manipal Health Enterprises  (MHEL) raised around US$960m in its 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 trading dynamics.


Aequitas: Manipal Health IPO Trading - Lukewarm Demand

India focused: IPO, special situations, Stylus Holdings

Himanshu Dugar

India focused: IPO, special situations

Stylus Holdings

Stylus Holdings is a buy-side equity research firm. We offer bottom-up investment ideas as well as provide on demand equity research and portfolio tracking. 
At Stylus, our focus is to identify market dislocations that can generate 20+% IRR with a reasonable margin of safety. As part of our research process, we do a deep dive into the fundamentals of the company, evaluate their competitive positioning and assess their valuation.
Our investment team is led by Himanshu Dugar. Himanshu is a Chartered Accountant and a CFA charter holder. He has 10+ years of active experience in the stock market with stints at CRISIL Research, a S&P Global copmany and Miras Investments, a single family office based in Dubai.

Equity Research Firm

Event-Driven

Manipal Health Enterprises Ltd / Event-Driven

<ul>
<li>Manipal Health Enterprises operates 49 hospitals with 13,037 licensed beds across 14 states, generating nearly ₹11,000 crore in revenue via aggressive acquisitions and brownfield expansion opportunities.;</li>
<li>Leading in CONGO-R specialties, Manipal boasts high ARPOB (₹66,145) and low ALOS (2.8 days), backed by lean opex, high EBITDA per employee, and strong institutional governance.</li>
<li>Priced at ₹560–590 (FY26 EV/EBITDA 30.5x), the IPO offers limited listing gains. Long-term upside hinges on brownfield bed operationalization, doctor retention, and navigating Metro overcapacity.</li>
</ul>


Manipal Health Enterprises operates 49 hospitals with 13,037 licensed beds across 14 states, generating nearly ₹11,000 crore in revenue via aggressive acquisitions and brownfield expansion opportunities.;
Leading in CONGO-R specialties, Manipal boasts high ARPOB (₹66,145) and low ALOS (2.8 days), backed by lean opex, high EBITDA per employee, and strong institutional governance.
Priced at ₹560–590 (FY26 EV/EBITDA 30.5x), the IPO offers limited listing gains. Long-term upside hinges on brownfield bed operationalization, doctor retention, and navigating Metro overcapacity.


Manipal Health IPO: Skip the Listing, Buy the Dips?

<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

<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

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<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>, a leading private hospital chain in India, is seeking to raise about US$1.1 billion.    </li>
<li>Founded in 2010, Manipal Hospitals focuses on key areas such as cardiology, oncology, transplants, neurosciences, orthopaedics, emergency, and critical care.</li>
<li>The investment case rests on peer-leading revenue growth driven by top-tier KPIs, headroom to sustain growth momentum, peer-leading EBITDA margins, and cash generation.</li>
</ul>



Manipal Health Enterprises Ltd (1217834D IN), a leading private hospital chain in India, is seeking to raise about US$1.1 billion.    
Founded in 2010, Manipal Hospitals focuses on key areas such as cardiology, oncology, transplants, neurosciences, orthopaedics, emergency, and critical care.
The investment case rests on peer-leading revenue growth driven by top-tier KPIs, headroom to sustain growth momentum, peer-leading EBITDA margins, and cash generation.


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Manipal Health Enterprises Ltd (1217834D IN)

Aequitas: Manipal Health IPO Trading - Lukewarm Demand

Manipal Health Enterprises (MHEL) raised around US$960m in its India IPO. In this note, we talk about the trading dynamics.

Sumeet Singh

Manipal Health IPO: Skip the Listing, Buy the Dips?

Manipal Health Enterprises is a leading hospital operator with strong financials and growth potential, but the IPO may not offer immediate gains...

Himanshu Dugar

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

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

Manipal Health IPO: The Investment Case

Manipal Health, a leading private hospital chain in India, is seeking to raise about US$1.1 billion. In this note, I discuss the investment case.

Arun George

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Aequitas: Manipal Health IPO Trading - Lukewarm Demand

Manipal Health Enterprises (MHEL) raised around US$960m in its India IPO. In this note, we talk about the trading dynamics.

Sumeet Singh

Manipal Health IPO: Skip the Listing, Buy the Dips?

​Manipal Health Enterprises is a leading hospital operator with strong financials and growth potential, but the IPO may not offer immediate gains...

Himanshu Dugar

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

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

Manipal Health IPO: The Investment Case

Manipal Health, a leading private hospital chain in India, is seeking to raise about US$1.1 billion. In this note, I discuss the investment case.

Arun George

Manipal Health Enterprises is a leading hospital operator with strong financials and growth potential, but the IPO may not offer immediate gains...