Global law firm White & Case LLP has advised the book running lead managers in connection with the INR 92.75 billion (US$975 million) Initial Public Offering (IPO) of Manipal Health Enterprises Limited on the National Stock Exchange of India Limited and BSE Limited.
"As the second-largest IPO completed in India this year, the transaction reflects strong investor demand for high-quality healthcare businesses and underscores the continued strength of India's equity capital markets," said White & Case partner Rahul Guptan, who led the Firm's deal team.
Backed by Temasek Holdings Pte. Limited, Manipal Health Enterprises Limited operates one of India's largest hospital networks. As of 31 March 2026, it was the largest pan-India multispecialty hospital platform by bed capacity and the second-largest hospital operator by number of hospitals. Following its listing, Manipal Health Enterprises Limited has become one of the largest listed hospital groups in India by market capitalization.
The book running lead managers were Kotak Mahindra Capital Company Limited, Axis Capital Limited, DBS Bank India Limited, Goldman Sachs (India) Securities Private Limited, Jefferies India Private Limited, J.P. Morgan India Private Limited and UBS Securities India Private Limited.
The White & Case team which advised on the transaction was led by Rahul Guptan (London) and Kaya Proudian (Singapore) and included associates Hilda Leung and Yuning Zhou (both Hong Kong), Nicholas Chia, Kelvin Chu and Ji Yang Lim (all Singapore) Raya El Sabbagh (Cairo) and Andreas Apostolides (New York).
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