Temasek-backed Manipal Health gets SEBI nod for India IPO, eyes July listing

India’s Manipal Health Enterprises, backed by Singapore’s Temasek, has received approval from market regulator Sebi for its stock market listing, two sources familiar with the matter told Reuters on Friday.

The hospital chain is targeting a market debut in late July or early August, said the sources, who asked not to be named because the information has not yet been released.

The offering is expected to be one of the largest IPOs by an Indian healthcare company.

Manipal filed for an initial public offering of up to $1.2 billion in March, betting on growing demand for critical care.

The listing comes as Iran war-driven geopolitical risks have fueled record selling by foreign investors, leading to a slowdown in the IPO market as companies take a more cautious approach.

Foreign investors have offloaded shares worth $29.2 billion so far this year, pushing the benchmark Nifty 50 index down nearly 7%.