Manipal Health Enterprises IPO

About this issue

Manipal Health Enterprises listed at +10.5% against its issue price of ₹590. The book is 5.12 times subscribed overall. The grey market premium is +₹7 (+1.2%), which is an informal figure and not a quoted price. Our call is Not Suggested, on 44% of our checks.

Segment

Mainboard

Price

₹590

Lot size

25 shares

One lot costs

₹14,750

Issue size

₹9,275 Cr

Grey market premium

+₹7 (+1.2%)

Subscribed

5.12x

Listed at

+10.5%

Our call

Not Suggested

What we checked

• Profitable in the latest yearPAT ₹916.52 Cr
• Profit grew year on yearPAT -15%
• Revenue grew year on yearRevenue +26%
• Borrowing under half of net worthDebt/net worth 1.25
• Return on net worth above 15%RoNW 10.6%
• Post-issue P/E under 40P/E 84.7
• Price to book under 6P/B 8.1
• Majority is fresh capital86% fresh issue
• Promoters keep at least half72.1% held post-issue
• Anchor investors participatedAnchor book placed
• Overall book more than 10× covered5.1× overall
• Lead manager above segment medianKotak Mahindra Capital Co.Ltd.: 97 past issues, +18% avg vs +9% segment median

3 further checks could not be judged, because the issue did not disclose enough. They count neither for nor against.