Indias Healthcare Sector IPO boom: Why major hospital groups, IVF centres are hitting the market
India's healthcare sector is poised for a significant IPO surge in 2026, with an estimated Rs 20,000 crore in public offerings. Major hospital groups like Manipal and rapidly growing IVF chains such as Indira IVF are driving this trend. Strong business growth, improving margins, rising patient numbers, and high public market valuations are fueling this investment boom in the Indian healthcare landscape.
New Delhi: India's primary market may see a series of listings from the healthcare sector in 2026. According to investment bankers, IPOs worth about Rs 20,000 crore are set to enter the market. This includes large hospital groups and rapidly growing IVF chains. Due to strong business growth and good valuation, companies are showing speed in bringing IPOs.
IPO lineup of big hospital groups
Manipal Hospitals, the second largest hospital chain in the country, is all set to launch an IPO of around Rs 8,500—Rs 9,000 crore. This will be one of the biggest healthcare public offerings of 2026. South India's Cauvery Hospital also wants to raise more than Rs 1,500 crore for its expansion. In addition, Asia Healthcare Holdings is also preparing to hit the market. Similarly, Paras Hospitals, which filed its papers in 2024, is expected to knock the doors of SEBI in the upcoming year. Yashoda Hospital in Hyderabad has done confidential (confidential) filing of about Rs 4,000 crore.
IPO Alert: IVF chains to raise funds
Fast-growing IVF companies are also ready to enter the market. Indira IVF has confidentially re-filed in July 2025. Its issue is believed to be worth about Rs 3,500 crore. Bengaluru's Cloudnine is also planning to raise more than Rs 1,000 crore.
Why is the IPO trend towards the healthcare sector increasing?
- Investment bankers say that today hospital chains are consistently performing better-
- The number of patients is increasing
- Margins are improving
- Consolidation is taking place fast in the sector
- Due to these reasons, investors see the future of companies more clearly.
In addition, due to the valuation of the public market being higher than the private market, companies want to benefit from the IPO. Many promoters are bringing in fresh capital to reduce debt, add new beds and expand, while private equity funds want partial exit (partial exit).
India's healthcare lagging
India still lags behind many countries in terms of healthcare-
- GDP expenditure on healthcare: 3% (lower than Sri Lanka, Malaysia)
- Hospital beds for every 10,000 people: India 16, China 50, Malaysia 20
- Due to the government scheme PMJAY, 11 crore families have got huge treatment coverage, which is increasing the demand of the hospital sector.
Huge surge in medical tourism and IVF
India is becoming a big center of medical tourism. Five years ago, this industry was worth $6 billion, it is expected to double next year. Surgery prices in India are up to 10 times cheaper than in the US. For example-
Hip Replacement in the US: $50,000, while in India it costs around $7,000.
The demand for IVF is also increasing rapidly. 15% of couples in the country have infertility problems, but now only 25% of the market uses IVF services. So there is huge scope for growth for companies.
Data Source: ET, NSE
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