Trilegal, Cyril Amarchand Mangaldas, Latham & Watkins, Khaitan & Co, JSA and White & Case are advising on the proposed initial public offering of Manipal Health Enterprises, which hopes to raise USD1.2 billion.
The transaction involves a fresh issue of around INR80 billion worth of shares (USD851 million) and the sale of up to 43,227,668 equity shares from existing investors.
“The proposed IPO marks a key milestone in the evolution of 含羞草社区 healthcare ecosystem, reflecting sustained institutional investor interest and the growing role of public markets in supporting capacity expansion and healthcare infrastructure,” said Vijay Parthasarathi, lead partner for Trilegal’s capital markets team.
Trilegal is advising the promoters, the MEMG Group, including Dr Ranjan Ramdas Pai, Manipal Global Health Services, MEMG International and Manipal Education and Medical Group India, the promoter group selling shareholder.
The Trilegal capital markets team had the support of associates Prajna Kariappa, Shashwat Raj Solanki, Jahnavi Jayasimha Rao, Vansh Dhoka and Joseph George. Partners Harsh Maggon and Ankit Kejriwal led the corporate team, while partners Kannan Rahul and Vidhi Sarin led the finance team.
Cyril Amarchand Mangaldas acted as Indian counsel for Manipal Hospitals. The core transaction team was led by senior partner Yash Ashar and partner Janhavi Manohar, with support from principal associate Anjali Menon, and associates Bhaskar Kumar, Tejaswi Sade, Parameswaran Chidamparam, Siddharth Kaushik alongwith legal trainees Namita Kaushik and Mohnish Khandale.
JSA Advocates & Solicitors is advising the Temasek Group (promoter) on the IPO, led by lead partner Vikram Raghani and partners Arka Mookherjee and Rishabh Gupta. They were supported by partner Siddharth Desai alongwith a team of associates.
Latham & Watkins served as international counsel to Manipal Health. Khaitan & Co advised on India law, while White & Case acted as international counsel to the bookrunning lead managers.
Manipal Health Enterprises, also known as Manipal Hospitals, filed a draft red herring prospectus with the Securities and Exchange Board on 23 March 2026.
Headquartered in Bengaluru, Manipal Health is a for-profit enterprise, operating a network of 49 hospitals in 24 cities across India.
