Manipal Health Enterprises opened its IPO for subscription on July 29, 2026. Part of the Manipal Group founded by T.M.A. Pai, the company runs one of India's largest networks of multi-specialty hospitals, offering everything from outpatient care to tertiary and quaternary treatments like organ transplants, oncology, cardiology, and neurology. As of March 2026, it operated 49 hospitals across India with over 13,000 licensed beds.
This is a big-ticket IPO worth ₹9,275.22 crore, one of the largest to hit the market recently. It's a mix of a ₹8,000 crore fresh issue and a ₹1,275.22 crore offer for sale. So a large chunk of the money raised goes into the company itself, while the rest goes to existing shareholders selling part of their stake.
Price band is set at ₹560 to ₹590 per share. Lot size is 25 shares, so retail investors need ₹14,750 to apply at the upper end. The issue closes July 31, and listing is expected August 5 on both BSE and NSE.
Manipal Health Enterprises IPO - Day 1 Subscription Status
Live Subscription Data (Update in Real Time): Category-wise Breakdown on Day 1
Day 1 numbers show a slow start, which is typical for a mega IPO of this size. Big institutional and HNI money usually stays on the sidelines until the closing days.
| Category | Subscription (Day 1) |
| Qualified Institutional Buyers (QIB) | 0.14x |
| Non-Institutional Investors (NII) | 0.07x |
| — Big NII (bNII) | 0.06x |
| — Small NII (sNII) | 0.07x |
| Retail Individual Investors (RII) | 0.23x |
| Overall | 0.14x |
Figures as of 4:02 PM, July 29, 2026. These change through the day and will be updated as fresh bids come in.
What Day 1 Numbers Indicate
Retail is leading the way at 0.23x, the strongest category so far, though still well short of full subscription. This is a fairly normal opening for retail investors on day one of a large mainboard issue.
QIB and NII are both trailing at 0.14x and 0.07x respectively. This isn't a cause for concern at this stage. Institutional investors, mutual funds, and FIIs almost always hold back their bids until the final one or two days, once the rest of the book has taken shape. The same goes for big-ticket HNIs bidding through NBFC-funded applications.
Overall subscription of 0.14x means the issue is currently well undersubscribed. Given how the anchor round already pulled in ₹4,167 crore from marquee names like the Abu Dhabi Investment Authority, Allianz Global Investors, Morgan Stanley Asia, and several domestic mutual funds, the slow public retail and NII start isn't unusual and shouldn't be read as weak overall demand.
Day-wise IPO Subscription Trend
| Day | Overall Subscription |
| Day 1 | 0.14x |
| Day 2 | To be updated |
| Day 3 (Final) | To be updated |
Given the size of this issue and the strength of the anchor book, expect QIB and NII numbers to climb sharply only in the final stretch, closer to July 31.
Manipal Health Enterprises IPO - Allotment and Listing Date
| Event | Date |
| Basis of Allotment | August 3, 2026 |
| Refund Initiation | August 4, 2026 |
| Shares Credited to Demat | August 4, 2026 |
| Listing Date | August 5, 2026 |
Should You Apply for Manipal Health Enterprises IPO?
A few things worth weighing before you decide:
- This is a mix of fresh issue and offer for sale, with the bulk of the money, ₹8,000 crore, going directly into the company rather than to selling shareholders.
- QIB gets the lion's share of the allocation at roughly 30% (excluding the 44.92% anchor portion), while retail gets just under 10% of the total issue, a narrower slice than many mainboard IPOs, so allotment odds for retail investors could tighten if bidding accelerates later.
- FY26 revenue came in at ₹10,336 crore with a profit of ₹916.52 crore, reflecting a large, established healthcare operator rather than a newer, unproven business.
- Grey market premium is modest, sitting around ₹9 to ₹10 as of the morning of July 29, pointing to a listing gain of roughly 1.5% to 2%. GMP is unofficial and can move quickly, so don't treat it as the final word.
- The strong anchor book, featuring global institutional names alongside major domestic mutual funds, is a reasonable signal of underlying confidence in the business, even if the public issue is off to a slow start.
This is informational content, not investment advice. Weigh your own risk appetite before applying.
How to Apply for Manipal Health Enterprises IPO
You can apply through any of these routes:
- ASBA via net banking – log into your bank's net banking, go to the IPO section, select Manipal Health Enterprises, enter quantity and bid price, then authorise.
- UPI via broker app – open your broker app (Ventura, Zerodha, Kotak Neo, etc.), find the IPO under current issues, enter your UPI ID and bid details, then approve the mandate on your UPI app.
- Physical ASBA form – submit through your bank branch if you prefer the offline route.
Bid in multiples of the 25-share lot. Applying at the cut-off price improves your allotment chances since it matches the final discovered price.
Manipal Health Enterprises IPO Important Dates
| Event | Date |
| IPO Open Date | July 29, 2026 |
| IPO Close Date | July 31, 2026 |
| Basis of Allotment | August 3, 2026 |
| Refunds Initiated | August 4, 2026 |
| Demat Credit | August 4, 2026 |
| Listing Date | August 5, 2026 |
Day 2 & Day 3 Subscription Updates
This section will be updated once Day 2 and Day 3 numbers are out. For a mega IPO of this size, expect QIB and big NII bids to surge sharply in the final hours before the July 31 close, since institutional participation typically shows up late.
How to Check Manipal Health Enterprises IPO Subscription Status
How to check Manipal Health Enterprises IPO Subscription Status on NSE website
- Go to the NSE India website and open the "Live IPO Bidding" section.
- Select Manipal Health Enterprises Limited from the dropdown.
- You'll see category-wise bid numbers, updated through the trading day.
How to check Manipal Health Enterprises IPO Subscription Status on BSE website
- Visit the BSE India IPO page.
- Search for Manipal Health Enterprises under active issues.
- Click on it to view live bid quantity against shares reserved, split by category.
How to check Manipal Health Enterprises IPO Subscription Status on Ventura?
Log into your Ventura account, go to the IPO section, and select Manipal Health Enterprises from the list of live issues. You'll find the live subscription numbers along with your own application status if you've already applied.
IPO Subscription History
Previous Day Subscription
Since this is Day 1, there's no prior day data to compare. This section will carry Day 1 numbers as the base once Day 2 figures are out.
Final Subscription Figures
Final numbers will only be available after the issue closes on July 31, 2026. Check back once bidding wraps up for the complete category-wise final tally.
Conclusion
Manipal Health Enterprises' IPO has opened on a modest note, with Day 1 overall subscription at 0.14x. Retail is leading demand at 0.23x, while QIB and NII remain slow, a standard pattern for a mega issue this size, where institutional bids typically wait till the closing days. With a strong ₹4,167 crore anchor book backed by marquee global and domestic investors, and solid FY26 financials behind the business, this is one to track closely as bidding builds toward the July 31 close.
