Key facts
- Manipal Health Enterprises, one of India's largest private hospital chains, debuted on the National Stock Exchange.
- The company's shares opened at 590 rupees, 10.5% above the IPO offer price.
- The IPO was the second-largest of the year in India, raising 80 billion rupees.
- Manipal Health Enterprises plans to use a significant portion of the IPO proceeds to repay debt.
Shares of Manipal Health Enterprises, a prominent private hospital chain in India, commenced trading on the National Stock Exchange at a 10.5% premium to their initial public offering (IPO) price. The company's stock opened at 590 rupees, exceeding the offer price of 590 rupees. This debut marks the second-largest IPO of the year in India, having raised 80 billion rupees. Manipal Health Enterprises, which operates approximately 50 hospitals, intends to utilize 5,378 crore rupees from the IPO proceeds to settle outstanding debt. The IPO saw strong demand, closing with an overall subscription rate of 4.92 times, driven by institutional investors.