Manipal Health Enterprises is facing a sluggish start to its initial public offering, with subscription levels remaining well below the threshold required for a successful listing.
The ₹9,275 crore ($1.1 billion) book build, which opened for public subscription on July 29, has failed to generate significant interest from investors in its first two days of trading.
The issue, priced between ₹560 and ₹590 per share, includes a fresh issue of 13.56 crore shares alongside an offer for sale by existing stakeholders.
The tepid reception is evident in the subscription data.
On the first day of the offering, the issue was subscribed just 0.15 times, indicating that demand is a fraction of the supply available.
This lack of appetite persists into the second day, raising questions about the valuation and the broader sentiment toward healthcare IPOs in the current market environment.