Portfolio Firm Targets Significant Gains in Upcoming $3.7 Billion IPO with True North and Faering on Board
In the bustling Indian healthcare sector, private equity (PE) firms are making their presence felt with a series of Initial Public Offerings (IPOs), signifying a strong interest and investment momentum in the space.
One of the notable developments is the pending IPO of Manipal Health Enterprises, a hospital chain that has been actively acquiring hospitals such as Sahyadri Hospitals. The company has garnered significant private equity backing, with Temasek Holdings investing $2 billion in 2023, before the planned listing [1].
Everstone Capital, a Singapore-based PE firm, is merging two healthcare portfolio companies—Translumina Therapeutics and Everlife Holdings—into a single entity valued around ₹6,000 crore (~$720 million). This new combined medical devices company is targeting an IPO in September or October 2025 [2]. Everstone holds substantial stakes in both companies and aims to capitalise on the growing Indian medtech market.
Notably, private equity firms True North and Faering Capital are set to realise significant returns by partially exiting their investment in an Indian healthcare company via IPO. The company, backed by these PE firms and invested in around four years ago, is anticipated to hit a valuation target of approximately $3.7 billion, indicating a large-scale public offering in 2025 [3].
Other PE firms, such as Nalanda Capital, have also been active in the Indian market. Nalanda is wrapping up an over $325 million exit, while Oman-India PE firm has surpassed the returns of its debut vehicle and is now raising funds for a new fund [4].
It's worth mentioning that True North has been making strategic monetization moves in the last two years, with Seedworks, another True North-backed company, also receiving SEBI nod for an IPO [5].
These IPOs span hospital chains, healthcare service providers, and medical device manufacturers, reflecting diverse opportunities and robust investor confidence in the Indian healthcare sector. The trend underscores the potential for substantial growth and returns in the sector, drawing the attention of both domestic and international investors.
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In the context of the Indian healthcare sector, private equity firms such as Temasek Holdings and Everstone Capital have invested heavily in companies like Manipal Health Enterprises and Translumina Therapeutics, respectively, with the aim of capitalizing on the growth and returns in the sector through Initial Public Offerings (IPOs).
Private equity firms, including True North and Faering Capital, are looking forward to significant returns as their investments in Indian healthcare companies prepare for large-scale public offerings, signifying a thriving interest in the sector's finance.
