(July 17): India’s Manipal Health Enterprises Ltd, the operator of the Manipal Hospitals chain, is seeking a lower valuation of about 800 billion rupees (US$8.3 billion or RM34.0 billion) in its planned initial public offering (IPO), according to people familiar with the matter.

The Temasek Holdings Pte Ltd-backed company is planning to raise as much as 110 billion rupees through a share sale that’s likely to be launched in the week starting July 27, the people said, asking not to be identified as the information is private.

The targeted valuation is below the US$10 billion to US$12 billion marketed range floated in April, the people said, reflecting cautious investor sentiment towards large public offerings as latest tensions in the Middle East spark turbulence in global financial markets. 

Still, Manipal’s proposed listing is on track to be India’s biggest of 2026 so far, surpassing SBI Funds Management Ltd’s US$1 billion IPO this week.

Deliberations are ongoing, and details of the offering, including its valuation, size and timing, could still change, the people said. 

A representative of Manipal Hospitals didn’t respond to requests for comments.

The IPO will comprise a fresh issue of shares worth about 80 billion rupees and an offer for sale of as many as 43.23 million shares by existing shareholders including TPG Inc. The proceeds from the primary issue will be used to repay debt, fund capital expenditure and support the company’s expansion plans, according to the draft prospectus.

Manipal Health is working with Kotak Mahindra Capital Co, Axis Capital Ltd, and the Indian units of Goldman Sachs Group Inc, JPMorgan Chase & Co, Jefferies Financial Group Inc, UBS Group AG and DBS Bank Ltd on the proposed offering.

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