Manipal Health IPO Opens: ₹9,275 Crore Public Offer Live Today, Check Brokerage Reviews and GMP
The much-awaited public issue of Manipal Health Enterprises officially opened for subscription today, Wednesday, July 29, and will remain open until July 31. Aiming to raise ₹9,275 crore from the primary market, the healthcare giant has fixed its price band at ₹560 to ₹590 per equity share. Retail investors can bid for a minimum lot size of 25 shares, requiring a minimum investment of ₹14,750 at the upper price band. With robust interest surrounding the healthcare sector, investors are closely examining broker recommendations and gray market signals before making a move.
Gray Market Premium (GMP) and Estimated Listing Trends
Ahead of the public opening, Manipal Health shares were commanding a modest gray market premium (GMP) of ₹13.5 in the unofficial market. Based on these trends, the estimated listing price is projected around ₹603.5, indicating a potential listing gain of roughly 2.3 percent over the upper price band. However, financial experts remind investors that the GMP is entirely unofficial and subject to rapid fluctuations depending on broader market sentiment and subscription numbers.
Brokerage Views and Investment Recommendations
Major brokerage firms have shared mixed to positive perspectives on whether investors should subscribe to the issue. SBI Securities has issued a 'Subscribe' rating, highlighting the company's dominant metro footprint, aggressive expansion strategy through strategic acquisitions, a planned addition of 2,426 new beds by FY30, and margin improvements anticipated from debt reduction. On the other hand, Angel One and Arihant Capital have adopted neutral stances. While both brokerages praise Manipal Health's stellar hospital network, industry leadership, and long-term growth outlook, they caution that the current valuation is relatively expensive and fully factors in the company's strengths. Meanwhile, Emkay Global acknowledged the firm's robust pan-India presence and impressive revenue growth trajectory without assigning a formal rating.
Scale, Network, and Market Leadership
Manipal Health stands tall as India's largest private hospital chain by licensed bed capacity. As of March 31, 2026, the company boasts a massive network of 49 hospitals housing 13,037 licensed beds spread across 14 states and union territories. It also holds the position of India's second-largest private hospital network by total number of hospitals and revenue. Notably, Manipal Health enjoys an unrivalled market dominance as the only private healthcare operator holding the largest market share simultaneously across three major metropolitan hubs: Bengaluru, Kolkata, and Pune.
