Market regulator SEBI has approved initial public offerings (IPOs) of Manipal Health Enterprises and Rentomojo, marking significant developments in India's primary market. The hospital operator Manipal Health Enterprises has received approval to raise ₹10,000 crore via fresh shares, while existing shareholders have proposed to sell 4.32 crore equity shares through offer-for-sale. The company filed its IPO papers with SEBI on March 25, 2026, and received approval on July 6, 2026. The offering is expected to be one of the largest IPOs by an Indian healthcare company, with the SEBI issuing its observations on the draft papers on July 3, paving the way for the company to launch its IPO within the next one year. As first reported by NDTV Profit, the proposed IPO is expected to be close to $1 billion, though the final issue size could change depending on market conditions and ongoing discussions. According to The Times of India, this approval comes as India's IPO pipeline is gathering momentum, with the National Stock Exchange (NSE) targeting a ₹30,000-crore IPO in September that could value the exchange at over ₹5 lakh crore. The IPO market is showing signs of recovery after a relatively slow start to 2026, though it faces headwinds from geopolitical risks with overseas investors offloading $29.2 billion worth of shares.
According to the latest SEBI observations, Manipal Health Enterprises is now looking to raise ₹10,000 crore via issuance of fresh shares, while existing shareholders have proposed to sell 4.32 crore equity shares via offer-for-sale. The company may also consider raising funds up to ₹1,600 crore in pre-IPO round, which would reduce the fresh issue size accordingly. The selling shareholders include Imperius Healthcare Investments, Manipal Education and Medical Group India, along with investors TPG SG Magazine, Seventy Second Investment Company, Ammar Sdn Bhd, Novo Holdings Invest Asia, and Phoenix Bear Investments. The hospital chain operates 38 hospitals with 10,761 licensed beds across 14 states and union territories, with plans to utilize net fresh issue proceeds for loan repayment, acquisition of minority stake in step-down subsidiary Sahyadri Hospitals, and general corporate purposes. As per Mint, a large part of the fresh capital raised in the IPO is expected to be used to repay debt from the company's acquisition of Sahyadri Hospitals chain for around ₹6,400 crore using a line of credit from KKR's insurance business. The company plans to use ₹5,378 crore to repay or prepay borrowings of subsidiary Manipal Hospitals Pvt. Ltd., while ₹574 crore will be used to acquire a minority stake in step-down subsidiary Sahyadri Hospitals Pvt. Ltd.
Bengaluru-based furniture and appliance rental start-up Rentomojo has also received SEBI approval to raise ₹150 crore via fresh issue along with offer-for-sale of 2.8 crore equity shares by existing investors and promoter. Founded by Geetansh Bamania in 2012, the company intends to use proceeds from the net fresh issue for repayment of certain debt, payment of lease rental or license fee for warehouses and experience stores and general corporate purposes. This marks a significant milestone for the rental platform as it prepares to go public amid India's evolving startup ecosystem.
Manipal Health Enterprises has significantly expanded its network capacity after acquiring Sahyadri Hospitals in October 2025, adding 1,606 licensed beds to reach a total pro forma capacity of 12,631 licensed beds as of December 31, 2025. The company commenced operations at its 49th hospital in Bengaluru in November 2025, taking its licensed bed capacity to 12,631 beds. As of September 30, 2025, it operated 38 hospitals with 10,761 licensed beds across 14 states and union territories. The company operates a pan-India network of multispecialty hospitals offering services ranging from outpatient care to tertiary and quaternary interventions, with locations spanning cities including Bengaluru, Mangaluru, Mysore, Vijayawada, Salem, Dwarka, Palamvihar, Goa, Jaipur, Ghaziabad, Patiala, Pune and Kolkata. For fiscal 2025, the company reported pro forma revenue from operations of ₹9,263.6 crore, making it one of the highest-grossing private hospital chains in India.
Manipal Health Enterprises reported strong financial performance for the six months ending September 30, FY26, with net profit of ₹571.8 crore against operating revenue of ₹4,713 crore in the same period. The company has significantly expanded its network capacity after acquiring Sahyadri Hospitals in October 2025, adding 1,606 licensed beds to reach a total pro forma capacity of 12,631 licensed beds as of September 30, 2025. As per Mint, according to an India Ratings report of December 2025, Manipal's consolidated revenue grew 34% year-on-year to ₹8,242 crore in FY25 and ₹4,721 crore in the first half of FY26. Its earnings before interest, tax, depreciation and amortization, or Ebitda, grew to ₹2,127 crore as against ₹1,683 crore in FY24 and ₹1,251 crore in the first half of FY26. The approvals come as equity capital market activity shows signs of recovering after a relatively slow start to 2026, though the IPO market faces headwinds from geopolitical risks. Overseas investors have offloaded $29.2 billion worth of shares so far this year, pushing the benchmark Nifty 50 index down about 7%. However, according to Abhinav Bharti, Managing Director and Head of India Equity Capital Markets (ECM) at JPMorgan, India's primary market could witness one of its busiest second halves, with seven to eight initial public offerings (IPOs) of $1 billion or more expected to raise $10-15 billion.
