Summary: Manipal Health Enterprises IPO of ₹9,275.22 crore closed its third and final day of bidding on July 31, 2026, and demand turned sharply higher through the day. After a slow start on Days 1 and 2, institutional and employee bids surged in the closing hours, pushing the issue well past full subscription overall.
Manipal Health IPO: Day 3 subscription status
The issue closed on Day 3 subscribed 5.12 times overall, a dramatic jump from 0.47x at the end of Day 2. QIB led the charge by a wide margin, with retail crossing near-full coverage and the employee quota running well past its allotment.
Live subscription data: category-wise breakdown on day 3
| Category | Subscription (Day 3, final) |
| QIB (ex-anchor) | 8.54x |
| NII | 1.06x |
| bNII (above ₹10 lakh) | 1.13x |
| sNII (up to ₹10 lakh) | 0.94x |
| Retail | 0.98x |
| Employees | 2.32x |
| Overall | 5.12x |
Final figures as of the close of bidding on July 31, 2026.
What day 3 numbers indicate
QIB moved from a modest 0.62x on Day 2 to 8.54x by the close, exactly the pattern institutional money tends to follow on mega IPOs, holding back through the early days and arriving in force once the book takes final shape. Mutual funds and FIIs clearly came in on the last day.
NII climbed from 0.15x to 1.06x, crossing full subscription but without the runaway numbers sometimes seen on smaller issues, a sign that big-ticket HNI money was more measured here given the issue's size. Retail landed just short of full coverage at 0.98x, which likely means allotment will still run close to a lottery given how narrow the margin is. Employees, who led every single day of bidding, closed at 2.32x, comfortably the strongest category on a percentage basis.
Day-wise IPO subscription trend
| Day | Overall subscription |
| Day 1 | 0.15x |
| Day 2 | 0.47x |
| Day 3 (final) | 5.12x |
The jump from under 0.5x to over 5x within the final day shows just how much institutional demand was held back for the closing stretch, a pattern that is typical for large, QIB-heavy issues like this one.
Manipal Health 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 IPO?
A few points worth weighing now that bidding has closed:
- Most of the money raised, ₹8,000 crore, goes directly into the company, mainly toward debt repayment, rather than to selling shareholders.
- QIB closed well oversubscribed at 8.54x, a strong signal of institutional confidence that showed up only in the final hours.
- Retail closed just under full subscription at 0.98x, so allotment there will likely come down to a near-lottery outcome.
- The company runs India's largest private hospital chain by bed capacity, with 49 hospitals and over 13,000 licensed beds across 14 states, backed by a healthy FY26 topline.
- With every category closing above 0.9x and QIB leading strongly, the overall picture points to broad-based demand rather than one segment carrying the issue alone.
How to apply for Manipal Health IPO
- ASBA via net banking: log into your bank's net banking, head to the IPO section, select Manipal Health Enterprises, enter quantity and bid price, then authorise.
- Physical ASBA form: submit through your bank branch if you would rather go offline.
With bidding now closed, all that is left is to track the allotment date and keep an eye on your application status.
Manipal Health 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
Day 2 closed at 0.47x overall, with employees leading at 1.54x, retail at 0.48x, QIB at 0.62x, and NII trailing at 0.15x. Day 3 saw a sharp turnaround across every category, closing at 5.12x overall as QIB surged to 8.54x, NII crossed 1x, retail neared full coverage at 0.98x, and employees closed at 2.32x.
How to check Manipal Health IPO subscription status
How to check Manipal Health IPO subscription status on NSE website
Visit the NSE India website and open the live IPO bidding section, then select Manipal Health Enterprises from the dropdown to see category-wise bid numbers.
How to check Manipal Health IPO subscription status on BSE website
Visit the BSE India IPO page, search for Manipal Health Enterprises under active issues, and click through to view bid quantity against shares reserved, split by category.
IPO subscription history
Previous-day subscription
Day 2 closed with the issue subscribed 0.47 times overall. Employees led at 1.54x, followed by retail at 0.48x, QIB at 0.62x, and NII at 0.15x.
Final subscription figures
The issue closed at 5.12x overall. QIB led at 8.54x, followed by employees at 2.32x, NII at 1.06x, and retail at 0.98x.
Conclusion
Manipal Health Enterprises IPO closed its bidding window in dramatic fashion, jumping from 0.47x on Day 2 to 5.12x by the end of Day 3. QIB's move to 8.54x was the standout, alongside a strong employee close at 2.32x and retail landing just shy of full coverage. With every category ending above 0.9x, the issue closed with broad-based demand across the board, setting up an active few days ahead of the August 5 listing.
