Manipal Health Enterprises IPO Day 2: Retail Interest Builds While Institutions Stay OnThe Sidelines

Mumbai, July 30: Investor participation in the Manipal Health Enterprises IPO picked up on the second day of bidding, but the pace remained measured as institutional investors continued to hold back. Retail investors returned with higher participation compared to Day 1, while the employee quota crossed the fully subscribed mark, providing some momentum to the ₹9,275.22 crore public issue.

As of 10:56 AM, the IPO had been subscribed 0.18 times, improving from 0.15 times on the opening day. While the increase indicates growing interest, subscription levels remain modest for a mainboard IPO, with many institutional investors and high-net-worth individuals typically choosing to place bids closer to the closing hours.

With the issue scheduled to close on July 31, all eyes are now on the final day’s bidding activity, which often determines the overall success of large public offerings.

Retail Investors Continue To Drive The Subscription

Unlike institutional investors, retail applicants continued to steadily add bids on Day 2. Their participation improved noticeably from the previous day, reflecting cautious but increasing interest in the issue. The employee portion also turned oversubscribed, suggesting healthy participation from eligible employees.

Institutional investors, however, remained selective. The Qualified Institutional Buyers (QIB) portion was largely unchanged from Day 1, while the Non-Institutional Investor (NII) segment recorded only a marginal rise.

According to exchange data available at 10:56 AM on July 30, the subscription stood at:

The IPO had received 1,27,048 applications at the time of the latest update.

A Large Public Issue With Fresh Capital And OFS

Manipal Health Enterprises plans to raise ₹9,275.22 crore through a mix of fresh equity issuance and an offer for sale.

The issue comprises:

• Fresh Issue:13.56 crore equity shares aggregating ₹8,000 crore
• Offer For Sale:2.16 crore equity shares aggregating ₹1,275.22 crore

The IPO is priced in a band of ₹560 to ₹590 per share. Retail investors can bid for a minimum of 25 shares, requiring an investment of ₹14,750 at the upper price band.

Employees applying under the reserved category are eligible for a discount of ₹56 per share.

Before opening for public subscription, the company had already secured ₹4,167.10 crore from anchor investors.

What Investors Will Watch On The Final Day

Day 2 numbers often provide only a partial picture for large mainboard IPOs. Institutional investors, especially domestic mutual funds and foreign portfolio investors, frequently submit a significant portion of their bids on the final day.

The same trend is visible in the Manipal Health Enterprises IPO so far. Retail demand has gradually improved, but stronger participation from QIBs and NIIs will likely determine the final subscription figures when bidding closes on July 31.

Key Dates

• IPO Opens: July 29, 2026
• IPO Closes: July 31, 2026
• Expected Allotment: August 3, 2026
• Refunds: August 4, 2026
• Shares Credited To Demat Accounts: August 4, 2026
• Expected Listing: August 5, 2026 on the BSE and NSE

About Manipal Health Enterprises

Manipal Health Enterprises is among India’s largest private healthcare providers, operating a nationwide network of multi-speciality hospitals, clinics and diagnostic centres. The company offers advanced healthcare services across specialties including oncology, cardiology, neurosciences, organ transplantation, orthopaedics and critical care.

As of March 31, 2026, the hospital chain operated 49 hospitals with 13,037 licensed beds, making it one of the country’s leading integrated healthcare platforms.

Conclusion

The Manipal Health Enterprises IPO has shown a gradual improvement in demand on Day 2, but the subscription story is still unfolding. Retail investors and employees have provided the initial support, while institutional participation remains muted. Since large mainboard IPOs often witness a surge in bidding during the final trading session, the market will closely watch Friday’s subscription trend to assess the overall investor appetite for one of the year’s biggest healthcare public offerings.

Source:

• https://www.chittorgarh.net/reports/anchor-investor/manipal-health-ipo-anchor-list.pdf