Manipal Health Enterprises opened its Rs 9,275 crore initial public offering to investors on Tuesday, one day ahead of the main subscription window. The company set its price band at Rs 560 to Rs 590 per share, valuing one of the country's biggest IPOs of the year.

The offering comprises a Rs 8,000 crore fresh issue and an offer for sale by existing shareholders, according to the company's red herring prospectus filed with the Securities and Exchange Board of India. Proceeds from the fresh issue are earmarked for debt reduction, capital expenditure and general corporate purposes. The anchor book, which allocates shares to institutional investors before the retail window, was expected to be finalised on Tuesday.

Manipal, backed by Temasek Holdings and the Manipal Education and Medical Group, operates a network of hospitals across India and has expanded through acquisitions in recent years. The listing follows growing investor interest in Indian healthcare, driven by rising demand for private medical care and higher insurance penetration.

Analysts at domestic brokerages have pointed to the sector's growth trajectory while cautioning on valuations. The IPO's reception is seen as a barometer for appetite among institutional and retail investors, who have absorbed a heavy pipeline of Indian offerings in 2026.

A Manipal Health spokesperson said the funds would strengthen the company's balance sheet and support bed-capacity expansion. The issue is scheduled to remain open through the end of the week, with shares expected to list on the BSE and National Stock Exchange in early August. Market participants said grey-market activity and anchor allocations on Tuesday would offer the first indication of demand.