Bengaluru-headquartered Manipal Hospitals' valuation has jumped by at least $1 billion (over 8,000 crore) after the acquisition of Sahyadri Hospitals, reaching around $13 billion (over 1.1 trillion), according to multiple sources familiar with the development.
This marks more than a threefold increase from the $3 billion (around 25,000 crore) valuation reported in 2021.Manipal Hospitals announced last week that it had acquired Sahyadri Hospitals from the Ontario Teachers' Pension Plan, a global investor with net assets of $194 billion. The size of the deal is reportedly over 6,000 crore.
"This 6,000 crore, plus an upside value of over 2,000 crore, will now increase Manipal's valuation by over 8,000 crore," said an industry source.
The company has acquired four major hospitals -- Medica, Columbia Asia, AMRI, and Vikram Hospitals -- since 2020.The Sahyadri deal cements Manipal as the largest hospital chain in India, with its total bed capacity rising to about 12,000, up from just 4,500 beds before the pandemic.
A source added that the company is expected to go for an IPO in 2026. Though a $1 billion IPO is expected, none of the major investors -- Temasek, Mubadala Investment Company, TPG, or the founder family of Ranjan Pai -- are likely to fully exit during the listing.
-- Shine Jacob, Sohini Das, Business Standard