Severeconcentrationpage 39
Karnataka revenue concentration 46-60%
We derived 46.40%, 51.55%, and 59.98%, of our revenue from operations in Fiscals 2026, 2025 and 2024, respectively, from our hospitals in Karnataka.
3 days leftMainboardHospital & Healthcare ServicesMANIPALHOS
Manipal Health Enterprises IPO
Manipal Health Enterprises IPO is a mainboard IPO raising ₹9,275 Cr at ₹560 – ₹590 a share. The smallest application you can make is 25 shares, costing ₹14,750 at the top of the band. Bidding closes on 31 Jul 2026 and the shares list on 5 Aug 2026. So far it has been subscribed 0.00× in total.
₹560 – ₹590
Price band
₹14,750
Minimum to apply (25 shares)
₹9,275 Cr
Issue size
31 Jul 2026
Bidding closes
0.00×Subscribed · all exchanges
No bids yet
populated partly populated we hold nothing here — the tab says why
What the prospectus says could go wrong
Read from the 717-page prospectus. Indian prospectuses list hundreds of risk factors, most of them generic boilerplate. These are the 12 specific to this company; 233 generic ones were skipped. Every one is quoted verbatim with its page, so you can check it against the document.
Severeconcentrationpage 51
49% of gross inpatient revenue from insurance/TPA
We derived 49.68%, 49.18% and 49.45% of our gross inpatient revenue from insurance and third-party administrators in Fiscals 2026, 2025 and 2024, respectively.
Severeregulatorypage 65
DGHS order to halt operations at Dwarka hospital
The DGHS further issued an order dated April 8, 2026 against the Hospital for alleged violation of Sections 5(1)(a) and 5(1)(d) of the Delhi Nursing Homes Registration Act, 1953 and directed inter alia that no nursing home activities are to be carried out at the Hospital
Severelitigationpage 58
Title defects and third-party claims on multiple hospital lands
the land underlying our hospital at Manipal Hospital (Whitefield) Private Limited has been leased and is subject to a partition suit to which we are not a party. Further, the land underlying our hospitals at Varthur Road in Bengaluru (Karnataka), Mysore (Karnataka), and Nashik (Maharashtra) are subject to third-party claims
Severeregulatorypage 87
DPCO violation notice to subsidiary on drug pricing
Our Subsidiary, Manipal Hospitals Private Limited has received a notice from the Food and Drugs Administration alleging sale of medicines at increased prices in violation of the DPCO.
Severelitigationpage 46
MHJ kidney transplant case with ED summons
a chargesheet dated July 19, 2024 was filed... against a former doctor and a former transplant coordinator of MHJ... the Directorate of Enforcement, Jaipur Zonal Office, issued summons to Ranjan Thakur, hospital director at MHJ under the Prevention of Money Laundering Act, 2002
Severeoperationalpage 69
Data breach exposed patient/doctor personal data
on October 24, 2024, there was a data breach whereby certain sensitive data in relation to appointment details and personal data of approximately 1,200 to 1,500 doctors and patients was compromised
Severepromoterpage 82
USD 600M facility creates change-of-control risk for promoter MGHS
loan aggregating up to USD 600,000,000... In the event of enforcement, there may be a change in control of our Promoter, Manipal Global Health Services
Severepromoterpage 97
Multiple PE/VC shareholders exiting via Offer for Sale
Imperius Healthcare Investments Pte. Ltd. ... Up to 10,808,861 Equity Shares ... Manipal Education and Medical Group India Private Limited ... Up to 6,792,002 Equity Shares ... TPG SG Magazine Pte. Ltd. ... Up to 2,329,667 Equity Shares ... Novo Holdings Invest Asia A/S ... Up to 264,556 Equity Shares
Severefinancialpage 100
Borrowings more than doubled to fund Sahyadri acquisition
Borrowings 99,488.11 44,699.81 37,001.37
Severefinancialpage 100
Massive goodwill from acquisitions exposes impairment risk
Goodwill 81,205.68 33,990.19 27,595.43
Severepromoterpage 41
IPO proceeds redeeming NCDs held by promoter-affiliated BRLM
DBS Bank Ltd., which is the parent company of DBS Bank India Limited, which is deemed to be an 'associate' of Imperius Healthcare Investments Pte. Ltd. (one of our Promoters and Selling Shareholders)... DBS Bank India Limited has signed the due diligence certificate and has been disclosed as Book Running Lead Manager in this Red Herring Prospectus.
Extracted from the issuer’s own prospectus and ranked by how specific and material each risk is to this company. Severity is our assessment of the disclosure, not a prediction — and nothing here is a recommendation to apply to this issue.
What’s in court
The issuer’s own summary of outstanding legal proceedings — SEBI requires this table in every prospectus. Counts and amounts are as disclosed.
| Against | Criminal | Tax | Other material | Amount at stake |
|---|---|---|---|---|
| The company | 11 | 40 | 4 | ₹296 Cr |
| Promoters | 0 | 2 | 2 | — |
| Directors | 5 | 2 | 2 | — |
| Subsidiaries | 99 | 180 | 37 | ₹504 Cr |
case₹504 Crpage 587
Against Subsidiaries aggregate — 9 criminal, 180 tax, 30 statutory/regulatory, 3 material civil proceedings (largest single exposure)
case₹296 Crpage 587
Against Company aggregate — 1 criminal, 40 tax, 4 statutory/regulatory proceedings (mostly tax)
case₹115 Crpage 587
By Subsidiaries aggregate — 90 criminal matters (largely cheque dishonour) and 4 material civil litigations
case₹2.6 Crpage 589
Government of West Bengal demanded ₹26.18 million (transfer fee + penalty) from MHPL (Manipal Hospital Salt Lake) for alleged transfer of leasehold rights on 999-year lease land
case₹1.0 Crpage 589
Haryana State Pollution Control Board levied ₹10.44 million environmental compensation on MHPL (Manipal Hospital Gurugram) for alleged STP effluent non-compliance; paid under protest, appeal pending before Addl. Chief Secretary
Original amounts in ₹ million; converted to ₹ crore at 1 crore = 10 million. Criminal/tax/other counts and 'amount_cr' combine the 'By' and 'Against' rows of the summary table at p587; bucket amount_cr reflects the 'Against' exposure (more material risk). For Promoters, aggregate amount is stated as 'NA' for 'Against Promoters' and 'Nil' for 'By Promoters'. KMP/Senior Management shows 1 criminal case 'Against' (per p587 table; not aggregated into the four party buckets above since 'KMP' is outside the schema's party enum). Group Companies have no material pending litigation per p586.. Outstanding means unresolved — a listed case is an exposure, not a verdict.
Source documents
What the issuer and the exchanges published. Everything else on this tab is read out of these.
Prospectus on SEBI ↗
The full prospectus — business, financials, risk factors and litigation.
Bidding centres ↗
Where physical applications could be submitted.
Basis of issue price (peer ratios) ↗
The issuer's own "basis of issue price": the earnings multiples it is asking for, and the peer companies it chose to compare itself against.
Red Herring Prospectus ↗
The full prospectus — business, financials, risk factors and litigation.