Manipal makes premium debut

Manipal Health Enterprises made its BSE debut today, listing at Rs. 655 against the discovered price of Rs. 590. At around 10:10 am, the stock was trading at Rs. 644.95, up Rs. 54.95 or 9.31% over the discovered price, though down 1.53% from its listing/opening level.

The stock opened at Rs. 655, touched an intraday high of Rs. 660 and slipped to a low of Rs. 634.55, showing some early profit booking after the listing premium. Market depth, however, showed buy quantity of 6,58,291 against sell quantity of 4,07,435, indicating that buying interest remained stronger despite the stock cooling off from the day’s high.

The IPO had seen moderate demand, with overall subscription at 4.92 times. QIB subscription stood at 8.25 times, while HNI subscription was just 1.02 times and retail was undersubscribed at 0.93 times, suggesting that institutional interest was stronger than broader investor appetite.

Manipal Health is India’s second-largest private hospital chain after Apollo Hospitals, with 49 hospitals and 13,037 licensed beds, including 9,252 owned beds.

Despite its scale and Rs. 10,900 crore revenue base, the listing response appears measured because investors remain watchful on IPO pricing, shareholding structure and operating metrics.

In our IPO Analysis, we had concluded - Manipal Health offers no incentive to investors in terms of key operating matrix, IPO pricing or shareholding structure. Hence, skip the IPO.