New Delhi: Manipal Health Enterprises Pvt. is planning to file for a $1 billion initial public offering in January, according to people familiar with the matter, setting the stage for the biggest such listing by a hospital operator in India. The company is targeting a valuation of as much as $13 billion, the people said, asking not to be identified because the information is private.
The IPO will comprise a fresh issue of shares as well as an offer for sale by existing investors, they said, adding that final details may still change as discussions are ongoing, Bloomberg reported.
The Bengaluru-based hospital chain is working with advisers including Kotak Mahindra Capital Co., Axis Bank Ltd., and the local units of Goldman Sachs Group Inc., JPMorgan Chase & Co. and Jefferies Group LLC on the potential sale, the people said.
Manipal, backed by Singaporean state-owned investor Temasek Holdings Pte., may become the most valuable health-care operator in India after the listing. The offering underscores rising investor appetite for health-care platforms in India. Agencies