Will India’s Healthcare IPO boom in 2026 redefine hospital, IVF and medical tourism growth?

Synopsis:- India is set for a major healthcare IPO surge in 2026, with public issues worth nearly ₹20,000 crore. After ₹1.77 lakh crore raised in 2025, strong demand in hospitals and IVF, growing 18–20% annually, is attracting investors amid sector consolidation and rising healthcare awareness.

India’s primary market is gearing up for a major healthcare-led IPO wave in 2026, with hospital chains and IVF platforms planning public issues worth nearly ₹20,000 crore. Strong operating momentum, improving margins, favourable valuations, and rising demand from underpenetrated healthcare, medical tourism, and fertility services are driving promoters and private equity funds to tap public markets.

Record-Breaking Fundraising Expected

India’s IPO market has already made history in 2025, raising a record ₹1.77 lakh crore. Now, 2026 is expected to be even bigger, with a projected pipeline of around $20 billion. Healthcare companies, particularly hospital chains and IVF centres, are leading this charge alongside technology and financial services firms.

Hospital Giants Enter the Market

The biggest news in healthcare IPOs is Manipal Hospitals’ plan to file for a $1 billion public offering in January 2026. The company is targeting a valuation of up to $13 billion, which would make it the largest hospital IPO in Indian history. Manipal has grown rapidly through strategic acquisitions, including the recent purchase of Sahyadri Hospitals for over ₹6,000 crore. After this deal, Manipal now operates around 12,000 beds, making it India’s largest hospital chain.

This growth shows strong confidence in India’s healthcare sector. Investors are betting on rising demand for quality medical services, especially as the country’s middle class continues to expand.

IVF Sector Attracts Major Investment

The fertility treatment industry is another hot area for IPO activity. Indira IVF Hospital, one of India’s leading fertility service providers, has filed confidential IPO papers worth ₹3,500 crore. Though the company withdrew its initial filing in March 2025, it has now refiled through SEBI’s confidential route, showing renewed interest in going public.

India’s IVF market is valued at approximately $1.2-1.5 billion and growing at an impressive 18-20% annually. The sector is expected to cross 500,000 IVF cycles by 2030, up from around 250,000 today. This growth is driven by several factors: more people delaying parenthood, rising awareness about fertility treatments, improved success rates, and better technology.

Currently, India has only about 210 IVF cycles per million people, compared to 1,200 in the United States and over 2,000 in Europe. This huge gap represents a massive opportunity for growth as more Indians seek fertility treatments.

Why Healthcare Companies Are Going Public Now

The timing of this healthcare IPO surge isn’t coincidental. Several factors are coming together at the right moment, making this the perfect time for healthcare companies to go public.

Firstly, the COVID-19 pandemic fundamentally changed how people view healthcare. There’s increased awareness about quality medical care, preventive health, and the importance of accessible hospitals. This has translated into higher patient volumes and better revenue visibility for healthcare companies, making them attractive IPO candidates.

Finally, consolidation in the healthcare sector is accelerating. Larger chains need capital to acquire smaller hospitals and expand their footprint. Public listing provides access to funds needed for aggressive expansion strategies. Manipal’s recent acquisition of Sahyadri Hospitals is a prime example of this trend.

Conclusion

India’s healthcare IPO wave in 2026 reflects a sector entering a new growth phase. Record fundraising, rising demand for quality care, and rapid consolidation are pushing hospitals and IVF players to tap public markets. Together, these listings could reshape healthcare delivery, scale, and accessibility across the country.

Written by Abhishek Singh

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