Manipal Health debuts 10.5% above IPO price on Indian exchange

Shares of Manipal Health Enterprises, one of India's largest private hospital chains, began 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. The IPO raised 80 billion rupees, marking it as the second-largest of the year in India. Manipal Health Enterprises, which operates approximately 50 hospitals, intends to use 5,378 crore rupees from the IPO proceeds to settle outstanding debt. The offering saw strong demand, closing with an overall subscription rate of 4.92 times, driven by institutional investors.