Manipal Hospitals said to file $1 billion India IPO in January

Company Overview - Manipal Health Enterprises Pvt. is planning to file for a $1 billion initial public offering (IPO) in January, aiming for a valuation of up to $13 billion, which would make it the largest listing by a hospital operator in India [1][9] - The IPO will include a fresh issue of shares and an offer for sale by existing investors, with final details subject to change as discussions are ongoing [1][9] - The company is backed by Singaporean state-owned investor Temasek Holdings Pte. and has rapidly expanded through acquisitions, including the recent purchase of Sahyadri Hospitals Pvt. [4][9] Market Position - If successful, Manipal may become the most valuable healthcare operator in India, currently held by Max Healthcare Institute Ltd. with a market capitalization of approximately $12 billion [4][9] - The offering reflects a growing investor appetite for healthcare platforms in India, indicating a positive trend in the sector [4][9] Financial Backing - In June, KKR provided $600 million in financing to support Manipal's growth plans, highlighting the financial backing and confidence in the company's expansion strategy [6][9] - The company is working with several advisers, including Kotak Mahindra Capital Co., Axis Bank Ltd., and local units of Goldman Sachs, JPMorgan Chase, and Jefferies Group on the potential sale [9]