Manipal Health Enterprises, backed by Temasek and Dr Ranjan Pai, is launching a ₹9,275 crore IPO on July 29, with the offer closing July 31. The issue comprises a fresh equity issue of ₹8,000 crore and an offer-for-sale of 2.16 crore shares worth ₹1,275.2 crore. The price band is ₹560-₹590 per share, valuing the company at around ₹77,607 crore and positioning it as one of the year's largest healthcare listings. Proceeds are earmarked for deleveraging—prepaying borrowings—and for expansion, including a minority stake acquisition in Sahyadri Hospitals. The offer includes an anchor book opening July 28 for qualified investors, with allotments expected by early August and a market debut around August 5. Manipal Hospitals operates about 49 hospitals with over 12,600 beds, making it one of India's largest multispecialty hospital networks.