Hyderabad/Bengaluru: India’s Manipal Health Enterprises, backed by Singapore’s Temasek, has received approval for its stock market listing from market regulator SEBI, 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 as the information has not yet been made public.
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 rising demand for complex care.
The listing comes as Iran war-driven geopolitical risks have fuelled a record selloff by foreign investors, which led to a slowdown in the IPO market as companies take a more cautious approach.
Overseas investors have offloaded $29.2 billion worth of shares so far this year, pushing the benchmark Nifty 50 index down about 7%.
(Reporting by Rishika Sadam in Hyderabad and Vivek Kumar M in Bengaluru; Editing by Joe Bavier)
