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

Manipal Health Enterprises Ltd (1217834D IN)

<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?

Global Healthcare Analyst

Tina Banerjee

Equity Capital Markets

Manipal Health Enterprises Ltd / Equity Capital Markets

<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

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analysed the earning revision of component stocks of NIFTY in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on HDFC Bank, InterGlobe Aviation, Tata Motors Passenger Vehicles, Asian Paints, ICICI Bank, Coal India, Oil &amp; Natural Gas.</li>
</ul>


We analysed the earning revision of component stocks of NIFTY in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on HDFC Bank, InterGlobe Aviation, Tata Motors Passenger Vehicles, Asian Paints, ICICI Bank, Coal India, Oil &amp; Natural Gas.


NIFTY Index Earning Revision (Jun): HDFC Bank, InterGlobe Aviation, Tata Motors Passenger Vehicles

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.


<ul>
<li>We analysed the earning revision of component stocks of NIFTY in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on Bharti Airtel, Oil &amp; Natural Gas, Grasim Industries, State Bank of India, Hindalco Industries, InterGlobe Aviation.</li>
</ul>


We analysed the earning revision of component stocks of NIFTY in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on Bharti Airtel, Oil &amp; Natural Gas, Grasim Industries, State Bank of India, Hindalco Industries, InterGlobe Aviation.


NIFTY Index Earning Revision (May): Bharti Airtel, Oil & Natural Gas, Grasim Industries

India

Max Healthcare Institute Limited is a leading Indian for-profit private hospital chain that operates 21 healthcare facilities with over 6,000 beds across North India, including Delhi NCR, Haryana, Punjab, Uttarakhand, Maharashtra, Uttar Pradesh, and Odisha. The company provides a wide range of medical and healthcare services across more than 30 specialties, including oncology, cardiac sciences, neurosciences, and orthopedics. Additionally, it offers diagnostic services through Max Lab and home healthcare services via Max@Home. Headquartered in New Delhi, India, the company was founded in 2001.

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

Max Healthcare Institute (MAXHEALT IN)

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

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

NIFTY Index Earning Revision (Jun): HDFC Bank, InterGlobe Aviation, Tata Motors Passenger Vehicles

We analyzed NIFTY's consensus for Jun 2026 and highlighted changes of EPS in HDFC Bank, InterGlobe Aviation, Tata Motors Passenger Vehicles, Asian...

Ke Yan, CFA, FRM

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

NIFTY Index Earning Revision (May): Bharti Airtel, Oil & Natural Gas, Grasim Industries

We analyzed NIFTY's consensus for May 2026 and highlighted changes of EPS in Bharti Airtel, Oil & Natural Gas, Grasim Industries, State Bank of...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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

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

NIFTY Index Earning Revision (Jun): HDFC Bank, InterGlobe Aviation, Tata Motors Passenger Vehicles

We analyzed NIFTY's consensus for Jun 2026 and highlighted changes of EPS in HDFC Bank, InterGlobe Aviation, Tata Motors Passenger Vehicles, Asian...

Ke Yan, CFA, FRM

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

NIFTY Index Earning Revision (May): Bharti Airtel, Oil & Natural Gas, Grasim Industries

We analyzed NIFTY's consensus for May 2026 and highlighted changes of EPS in Bharti Airtel, Oil & Natural Gas, Grasim Industries, State Bank of...

Ke Yan, CFA, FRM

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