(July 24): Manipal Health Enterprises Ltd is seeking to raise as much as 92.7 billion rupees (US$960 million or RM3.9 billion) in an initial public offering (IPO), continuing a run of sizeable share sales in India.

The company and existing shareholders are offering as many as 164.5 million shares at a price range of 560 rupees to 590 rupees each, according to an announcement on Friday. The Temasek Holdings Pte Ltd-backed company is targeting a valuation of US$8 billion, the announcement showed. Shareholders selling in the IPO include Imperius Healthcare Investments Pte Ltd, Manipal Education and Medical Group India Pte Ltd and TPG SG Magazine Pte Ltd.

Manipal Health will start taking investor orders on July 29 and plans to close bidding on July 31. The operator of the Manipal Hospitals chain was seeking a lower valuation over cautious investor sentiment toward large public offerings as latest tensions in the Middle East rekindle turbulence in global markets, Bloomberg News reported last week.

The initial offering would be second-largest IPO in India this year, following SBI Funds Management Ltd’s US$1 billion listing. First-time share sales have raised US$5.3 billion so far this year, compared with US$7.1 billion through the end of July 2025, according to Bloomberg-compiled data. 

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