Manipal Health Shares Jump 11% in $960 Million IPO Debut

Manipal Health Enterprises Ltd. shares rose 11% during their debut on the National Stock Exchange in Mumbai on Wednesday, following a $960 million initial public offering. The stock opened at 655 rupees, surpassing the issue price of 590 rupees.

The listing gives the company a market capitalization of approximately 859 billion rupees. This valuation establishes it as India's third-largest listed hospital operator, trailing behind Apollo Hospitals Enterprise Ltd. and Max Healthcare Institute Ltd.

The IPO consisted of a fresh issue of 80 billion rupees and an offer for sale of up to 21.6 million shares by existing investors, including TPG Inc. The debut outperformed gray market expectations, where shares had previously traded at the issue price amid a broader cooling of India's capital markets.