Manipal Hospitals nears record IPO after revenue jumps 70% to ₹8,242 Cr in FY25

Manipal Hospitals (MHEL) is finalizing what would be the largest healthcare IPO in Indian history, targeting a $10 billion valuation. Founded as a single medical unit in 1953, the group's growth accelerated under Ranjan Pai, who combined clinical operations with private-equity-style financial discipline.

The expansion was built on a roll-up strategy: seven acquisitions completed in five years. The largest deals included Columbia Asia for ₹2,100 Cr, AMRI for ₹2,400 Cr, and the Sahyadri network for ₹6,400 Cr.