THIS IS A PUBLIC ANNOUNCEMENT FOR INFORMATION PURPOSES ONLY. THIS IS NOT A PROSPECTUS ANNOUNCEMENT AND DOES NOT CONSTITUTE AN INVITATION OR OFFER TO ACQUIRE, PURCHASE OR SUBSCRIBE TO SECURITIES.

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, OUTSIDE INDIA.

Initial public offer of equity shares on the main board of BSE Limited ("BSE") and National Stock Exchange of India Limited ("NSE", and together with BSE, the "Stock Exchanges") in compliance with Chapter II of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, as amended ("SEBI ICDR Regulations").

MANIPAL HEALTH ENTERPRISES LIMITED

(TO BE LISTED ON THE MAIN BOARD OF BSE AND NSE)

Our Company was originally incorporated in Bengaluru, Karnataka as 'Manipal Health Enterprises Private Limited' as a private limited company under the Companies Act, 1956 pursuant to a certificate of incorporation dated February 15, 2010, issued by the RoC. Subsequently, our Company was converted to a public limited company and the name of our Company was changed to Manipal Health Enterprises Limited pursuant to a resolution passed by our Board and by our Shareholders passed on November 8, 2025 and November 20, 2025, respectively and a fresh certificate of incorporation dated December 24, 2025 was issued by the Registrar of Companies, Central Processing Centre. For details of changes in the name of our Company, see "History and Certain Corporate Matters" on page 265 of the Prospectus dated July 31, 2026 ("Prospectus") filed with the RoC.

1. Geographical Concentration Risk: As of March 31, 2026, we operated 49 hospitals in India of which we operate 19 hospitals in Karnataka. A substantial portion of our revenue from operations is derived from Karnataka. Any loss of business or disruption in the operations of these hospitals or geopolitical or policy changes in Karnataka could have a material adverse effect on our business, financial condition, results of operations, cash flows and prospects.

2. Patient Volume and Occupancy Risk: We primarily generate revenue from inpatient care at our hospitals. Patient volume and occupancy rates may be impacted by healthcare talent availability, service offerings, patient demand and competitive pressures. Any inability to maintain or improve our admissions and hospital occupancy rates could adversely affect our business, financial condition, results of operations, cash flows and prospects.

(1) Inpatient volume refers to the total number of patients discharged after clinical treatment that required the use of an inpatient or day-care bed, including patients who stay overnight as well as day-care patients who are admitted and discharged on the same day.

(2) Occupancy (%) is defined as the number of the periodic average of occupied beds divided by the number of operational beds.

3. Specialty Wise Revenue Risk: We derive a significant portion of our revenues from the CONGO-R specialties. Any negative changes in the demand for these specialties, due to unavailability of preferred doctors, shifts in patient preferences, advancements in alternative treatments, increased competition or otherwise, could adversely impact our business, results of operations and financial condition.

4. Risk related to objects of the Offer: We propose to utilize an estimated amount of Rs. 55,527.59 million from the Net Proceeds towards redemption of the outstanding Non-Convertible Debentures issued by our Subsidiary, MHPL ("MHPL NCDs"). Of these Net Proceeds, Rs. 25,201.79 million will be utilized to redeem the MHPL NCDs held by DBS Bank Ltd., the parent company of DBS Bank India Limited. DBS Bank India Limited is also deemed to be an "associate" of Imperius Healthcare Investments Pte. Ltd. (one of our Promoters and Selling Shareholders) in terms of Regulation 21A of SEBI Merchant Bankers Regulations. The MHPL NCDs have been issued in the ordinary course of business.

5. Acquisition and Integration Risk: We have in the past and may in the future acquire businesses or enter into strategic partnerships or alliances. We acquired 89.98% of the share capital of Sahyadri Hospitals Private Limited ("SHPL") between October 2025 and December 2025 and are in the process of integrating SHPL into our operations. Any delays, difficulties or failure in achieving the anticipated benefits of integration, including integration, rebranding, regulatory approvals, retention of key personnel, realization of synergies and management of unforeseen liabilities and costs, may adversely affect our business, financial condition and results of operations.

6. Legal and Regulatory risk: We are exposed to legal claims, regulatory actions and liabilities arising from the provision of healthcare services, including alleged medical negligence, operational incidents and equipment-related failures. Any such events, as well as hospital quarantines or sterilizations, may adversely affect our reputation, operations, financial condition and results of operations.

7. Regulatory Compliances Risk: We are required to obtain, renew and maintain statutory and regulatory permits, licenses and accreditations and comply with prescribed quality standards. We must obtain and continually maintain multiple approvals, licenses, registrations and permits from governmental and regulatory authorities for, among other things, the establishment and operation of hospitals, the procurement and operation of medical and other equipment, the storage and sale of drugs and to maintain our accreditations.

8. Payor mix related Risk: We derived 49.68%, 49.18% and 49.45% of our gross inpatient revenue from insurance and third-party administrators in Fiscals 2026, 2025 and 2024, respectively. Termination, non-renewal, delay or difficulties in collection or any breach of the conditions of our contracts with insurance and third-party administrators, as well as from government and other non-cash payors, could have a material adverse impact on our business, financial condition, results of operations, cash flows and prospects.

9. Subsidiaries Losses: Our Subsidiaries have incurred net losses after tax in the past and may continue to experience such losses in the future.

(1) Manipal Hospitals Eastern India Private Limited (formerly known as Medica Hospitals Private Limited) was acquired by our Company in Fiscal 2025. Accordingly, its financial information for Fiscal 2025 is for the period from July 1, 2024 to March 31, 2025, and its financial information has not been included in Fiscal 2024.

(2) HCMCT Silo is not a subsidiary of the Company, but is consolidated as a deemed separate entity under Ind AS 110. For further details, see "Restated Consolidated Financial Information - Note 1(b)(I)" on page 337 of the Prospectus

(3) Sahyadri Hospitals Private Limited and Sahyadri Karad Hospitals Private Limited were acquired by our Company on October 3, 2025. Accordingly, their financial information for Fiscal 2026 reflects the period from October 3, 2025 to March 31, 2026 and was not included in Fiscal 2025 and Fiscal 2024.

10. Doctors and Employee cost: Our business is exposed to significant employee benefit and doctor professional fee costs. Any inability to attract and retain healthcare professionals on commercially favorable terms or pass on rising personnel costs to patients, insurers and TPAs may adversely affect our margins, profitability and financial performance.

11. Offer related risk: While our Company will receive proceeds from the Fresh Issue, it will not receive any proceeds from the Offer for Sale.

12. The Offer is being made pursuant to Regulation 6(2) of the SEBI ICDR Regulations as our Company has Net Tangible Assets less than Rs. 30 million in the Fiscal 2026, on a restated and consolidated basis.

13. Pursuant to the share purchase agreement dated March 16, 2026, TPG SG Magazine Pte. Ltd., one of our Investor Selling Shareholders, has transferred 5,123,543 Equity Shares to MRMSI (member of Promoter Group) at a price of Rs. 58.45 per Equity Share on July 14, 2026, which may be significantly lower than the Offer Price.

14. Our Price/Earning (P/E) ratio based on diluted EPS for Financial Year 2026 is 73.01 and 76.92 times at the lower and upper end of the Price Band.

15. Weighted Average Return on Net Worth for Financial Year ended 2026, 2025 and 2024 is 13.80%.

16. The average cost of acquisition of Equity Shares for Selling Shareholders ranges from Rs. 68.73 per Equity Share to Rs. 355.66 per Equity Share and the Offer Price at upper end of the Price Band is Rs. 590 per Equity Share.

17. Weighted average cost of acquisition of all equity shares transacted in one year, 18 months and three years preceding the date of the Prospectus.

#As certified by Manian & Rao, Chartered Accountants (FRN: 001983S), by way of their certificate dated July 31, 2026.

@Computed based on the equity shares acquired/allotted/purchased (including acquisition pursuant to transfer). However, the equity shares disposed off have not been considered while computing number of Equity Shares acquired.

*Computed based on the allotment/acquisition of Equity Shares excluding Equity Shares acquired pursuant to the bonus issue of Equity Shares.

Notes: 1.Effect of sub-division and bonus issuance has been given while calculating weighted average cost of acquisition and effect of sub-division has been given while calculating the range of acquisition price

18. The seven BRLMs associated with the Offer have handled 77 public issues in the past three years, out of which 18 issues have closed below the issue price on the listing date

*Issues handled where there were no common BRLMs

#DBS Bank India Limited is deemed to be an "associate" of Imperius Healthcare Investments Pte. Ltd. (one of our Promoters and Selling Shareholders) in terms of Regulation 21A of SEBI Merchant Bankers Regulations and has undertaken to be associated only with respect to the marketing of the Offer in compliance with Regulation 21A of SEBI Merchant Bankers Regulations. Further, DBS Bank India Limited has signed the due diligence certificate and has been disclosed as a Book Running Lead Manager in the Prospectus

The Offer was made in terms of Rule 19(2)(b) of the SCRR read with Regulation 31 of the SEBI ICDR Regulations. The Offer was made through the Book Building Process in accordance with Regulation 6(2) of the SEBI ICDR Regulations wherein in terms of Regulation 32(2) of the SEBI ICDR Regulations, not less than 75% of the Net Offer was available for allocation on a proportionate basis to Qualified Institutional Buyers ("QIBs", and such portion, the "QIB Portion") provided that our Company in consultation with the BRLMs, allocated 60% of the QIB Portion to Anchor Investors on a discretionary basis in accordance with the SEBI ICDR Regulations ("Anchor Investor Portion"), of which 40% of such Anchor Investor Portion was reserved in the following manner (i) 33.33% was reserved for allocation to domestic Mutual Funds and (ii) 6.67% was reserved for Life Insurance Companies and Pension Funds, subject to valid Bids having been received from domestic Mutual Funds, Life Insurance Companies and Pension Funds at or above the Anchor Investor Allocation Price. In the event of under-subscription in (ii) above, the allocation was made to domestic Mutual Funds. In the event of under-subscription or non-allocation in the Anchor Investor Portion, the balance Equity Shares would have been added to the QIB Portion (excluding the Anchor Investor Portion) ("Net QIB Portion"). Further, 5% of the Net QIB Portion was available for allocation on a proportionate basis only to Mutual Funds and the remainder of the Net QIB Portion was available for allocation on a proportionate basis to all QIB Bidders (other than Anchor Investors) including Mutual Funds, subject to valid Bids being received at or above the Offer Price. However, if the aggregate demand from Mutual Funds is less than 5% of the QIB Portion, the balance Equity Shares available for allocation in the Mutual Fund Portion was added to the remaining QIB Portion for proportionate allocation to QIBs. If at least 75% of the Net Offer cannot be Allotted to QIBs, then the entire application money will be refunded forthwith. Further, not more than 15% of the Net Offer was available for allocation to Non-Institutional Bidders (the "Non-Institutional Portion") out of which (a) one-third of such Non-Institutional Portion was reserved for applicants with application size of more than Rs. 0.20 million and up to Rs. 1.00 million; and (b) two-third of such Non-Institutional portion was reserved for applicants with application size of more than Rs. 1.00 million provided that the unsubscribed Non Institutional portion in either of such sub-categories was allocated to applicants in the other sub-category of Non-Institutional Bidders in accordance with the SEBI ICDR Regulations, subject to valid Bids having been received at or above the Offer Price. The allocation to each Non-Institutional Investor was not less than the minimum application size, subject to availability of Equity Shares in the Non-Institutional Portion and the remaining available Equity Shares, if any, was allocated on a proportionate basis in accordance with the conditions specified in this regard in Schedule XIII of the SEBI ICDR Regulations. Further not more than 10% of the Net Offer was available for allocation to Retail Individual Bidders ("RIBs") in accordance with the SEBI ICDR Regulations, subject to valid Bids having been received from them at or above the Offer Price. Further, Equity Shares was allocated on a proportionate basis to Eligible Employees applying under the Employee Reservation Portion, subject to valid Bids received from them at or above the Offer Price. Further all Bidders (except Anchor Investors) were required to mandatorily participate in the Offer through the Application Supported by Blocked Amount ("ASBA") process by providing details of their respective bank accounts (including UPI ID for UPI Bidders using UPI Mechanism) (as defined hereinafter) in which the Bid amount were blocked by the SCSBs or the Sponsor Banks, under the UPI mechanism as applicable, to participate in the Offer. Anchor Investors were not permitted to participate in the Anchor Investor Portion of the Offer through the ASBA process. For details, see "Offer Procedure" beginning on page 641 of the Prospectus.

The bidding for Anchor Investor opened and closed on Tuesday, July 28, 2026. The Company received 133 applications from 89 Anchor Investors for 72,353,450 Equity Shares. The Anchor Investor Offer Price was finalized at Rs. 590 per Equity Share. A total of 70,628,768 Equity Shares were allocated under the Anchor Investor Portion aggregating to Rs. 41,607,973,120/-.

The Offer received 359,621 applications for 515,436,225 Equity Shares resulting in 3.28 times subscription as disclosed in the Prospectus. The details of the applications received in the Offer from Retail Individual Bidders, Non-Institutional Bidders, QIBs, Employee and Anchor are as under (before technical rejections):

*This excludes 2,135 applications for 90,050 Equity Shares aggregating to Rs. 53,494,800/- from Retail Individual & HNI Individuals which were not in bid book but which were banked.

The Basis of Allotment was finalized in consultation with the Designated Stock Exchange, being NSE on August 03, 2026.

The Basis of Allotment to the Retail Individual Bidders, who have bid at cut-off or at the Offer Price of Rs. 590 per Equity, was finalized in consultation with NSE. This category has been subscribed to the extent of 0.93 times. The total number of Equity Shares Allotted in Retail Individual Bidders category is 14,521,025 Equity Shares to 312,792 successful applicants. The category-wise details of the Basis of Allotment are as under:

The Basis of Allotment to the Non-Institutional Bidders (more than Rs. 0.20 million and upto Rs. 1.00 million), who have bid at the Offer Price of Rs. 590 per Equity Share or above, was finalized in consultation with NSE. This category has been subscribed to the extent of 0.92 times. The total number of Equity Shares allotted in this category is 7,216,550 Equity Shares to 17,317 successful applicants. The category-wise details of the Basis of Allotment are as under:

- Unsubscribed portion of 631,090 Equity Shares have been spilled over to NIB above Rs. 1.00 million Category.

The Basis of Allotment to the Non-Institutional Bidders (more than Rs. 1.00 million), who have bid at the Offer Price of Rs. 590 per Equity Share or above, was finalized in consultation with NSE. This category has been subscribed to the extent of 1.07 times. The total number of Equity Shares allotted in this category is 16,522,081 Equity Shares to 5,239 successful applicants. The category-wise details of the Basis of Allotment are as under: (Sample)

Please Note : 1 additional share has been allocated to Category 1700 in the ratio of 338 : 2285

- Includes spilled over of 826,799 Equity Shares from Retail and NIB above Rs. 0.20 million upto Rs. 1.00 million categories (i.e 195,709 Equity Shares from Retail Category and 631,090 Equity Shares from NIB above Rs. 0.20 million upto Rs. 1.00 million Category)

The Basis of Allotment to the Eligible Employees, who have bid at the Offer Price of Rs. 590 per Equity Share or above, was finalized in consultation with NSE. This category has been subscribed to the extent of 1.17 times. The total number of Equity Shares allotted in this category is 280,898 Equity Shares to 2,697 successful applicants. The category-wise details of the Basis of Allotment are as under:

Allotment to QIBs, who have bid at the Offer Price of Rs. 590 per Equity Share or above, has been done on a proportionate basis in consultation with NSE. This category has been subscribed to the extent of 8.36 times of Net QIB portion. As per the SEBI Regulations, Mutual Funds were allotted 5% of the Equity Shares of Net QIB portion available i.e. 2,403,220 Equity Shares (i.e., includes spilled over of 48,927 Equity Shares from Retail Category) and other QIBs and unsatisfied demand of Mutual Funds were allotted the remaining available Equity Shares i.e. 45,661,173 Equity Shares (i.e., includes spilled over of 929,620 Equity Shares from Retail Category) on a proportionate basis. The total number of Equity Shares allotted in the QIB category is 48,064,393 Equity Shares, which were allotted to 151 successful Applicants.

The Company, in consultation with the BRLMs, have allocated 70,628,768 Equity Shares to 89 Anchor Investors (through 133 Anchor Investor Application Forms) (including 21 domestic Mutual Funds through 55 schemes) at an Anchor Investor Offer Price at Rs. 590 per Equity Share in accordance with SEBI ICDR Regulations. This represents 60% of the QIB portion.

The Board of Directors of our Company at its meeting held on August 03, 2026 has taken on record the basis of allotment of Equity Shares approved by the Designated Stock Exchange, being NSE and has allotted the Equity Shares to various successful applicants. The Allotment Advice Cum Refund Intimation and/or notices have been dispatched to the address of the investors as registered with the depositories. Further, instructions to the SCSBs have been issued for unblocking of funds and transfer to the Public Offer Account on August 03, 2026 and the payments to non-syndicate brokers have been issued on August 04, 2026. In case the same is not received within ten days, investors may contact the Registrar to the Offer at the address given below. The Equity Shares allotted to the successful allottees have been uploaded on August 04, 2026 for credit into the respective beneficiary accounts subject to validation of the account details with the depositories concerned. The Company has filed the Listing application with BSE and NSE on August 04, 2026. The Company has received the listing and trading approval from BSE & NSE, and trading will commence on August 05, 2026

Note: All capitalized terms used and not defined herein shall have the respective meanings assigned to them in the Prospectus.

Bidders may note the following:

"It should be noted that the Equity Shares which were made available for allocation to Mutual Funds under the Net QIB Portion is to be read as "2,354,293 Equity Shares" instead of 2,354,923 Equity Shares as disclosed in section titled "Offer Procedure" on page 637 of the Prospectus."

The Prospectus shall be read in conjunction with this Corrigendum. The information in this Corrigendum supersedes the information provided in the Prospectus to the extent inconsistent with the information in the Prospectus.

All capitalized terms used herein shall, unless the context otherwise requires, have the meaning ascribed to such terms in the Prospectus.

All future correspondence in this regard may kindly be addressed to the Registrar to the Offer quoting full name of the First/ Sole applicant, Serial number of the Bid cum Application form number, Bidders DP ID, Client ID, PAN, date of submission of Bid cum Application Form, address of the Bidder, number of Equity Shares bid for, name of the Member of the Syndicate, place where the bid was submitted and payment details at the address given below:

KFin Technologies Limited

Selenium Tower B, Plot No. 31 and 32, Financial District, Nanakramguda, Serilingampally, Hyderabad, Rangareddy - 500 032, Telangana, India

Tel: +91 40 6716 2222/ 180 0309 4001; E-mail: manipal.ipo@kfintech.com; Website: www.kfintech.com

Investor Grievance ID: einward.ris@kfintech.com; Contact Person: M. Murali Krishna; SEBI Registration Number: INR000000221

THE LEVEL OF SUBSCRIPTION SHOULD NOT BE TAKEN TO BE INDICATIVE OF EITHER THE MARKET PRICE OF THE EQUITY SHARES ON LISTING OR THE BUSINESS PROSPECTS OF MANIPAL HEALTH ENTERPRISES LIMITED.

Manipal Health Enterprises Limited has filed a Prospectus dated July 31, 2026 with the RoC. The Prospectus is made available on the website of the SEBI at www.sebi.gov.in as well as on the website of the BRLMs i.e., Kotak Mahindra Capital Company Limited at: https://investmentbank.kotak.com, Axis Capital Limited at www.axiscapital.co.in, Goldman Sachs (India) Securities Private Limited at www.goldmansachs.com, Jefferies India Private Limited at www.jefferies.com, J.P. Morgan India Private Limited at www.jpmipl.com, UBS Securities India Private Limited at www.ubs.com/indiaoffers and DBS Bank India Limited at https://go.dbs.com/ipo, the website of the NSE at www.nseindia.com and the website of the BSE at www.bseindia.com and the website of the Company at www.manipalhospitals.com. Any potential investor should note that investment in equity shares involves a high degree of risk and for details relating to risk, seethe section titled "Risk Factors" beginning on page 34 of the Prospectus.

This announcement does not constitute an invitation or offer of securities for sale in any jurisdiction. The Equity Shares offered in the Offer have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws in the United States and unless so registered, may not be offered or sold within United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act and in accordance with any applicable U.S. state securities laws. Accordingly, the Equity Shares are being offered and sold within the United States only to "qualified institutional buyers", as defined in Rule 144A ("Rule 144A") under the U.S. Securities Act, in transactions exempt from or not subject to the registration requirements of the U.S. Securities Act, and outside the United States in "offshore transactions" as defined in, and in compliance with Regulation S ("Regulation S") under the U.S. Securities Act, and in accordance with the applicable laws of the jurisdictions where such offers and sales are being made. There will be no public offering of the Equity Shares in the United States.