Temasek-backed Manipal Health to line up $1-billion IPO

Manipal Health Enterprises plans a dollar one-billion IPO with a price band announcement on July 24 and subscription window from July 29 to July 31. The issue comprises a fresh issue of up to ₹8,000 crore and an offer for sale of up to 4.32 crore shares by promoters and existing investors including TPG, Novo Holdings and Temasek-backed entities. Proceeds will primarily go toward repaying about ₹5,378 crore of debt at subsidiary Manipal Hospitals and acquiring a minority stake in Sahyadri Hospitals.