Manipal Health IPO Day 2: GMP ₹9 (₹-22)
Well, folks, we’re halfway through the Manipal Health IPO subscription period, and Day 2 has brought us some interesting, albeit quiet, movement. As of today, July 30th, 2026, the mainboard IPO on the NSE, which opened yesterday, is yet to see significant traction across the board. The issue price remains firm at ₹590 per share, and while the expected listing price hints at a modest gain, the subscription numbers are currently telling a different story.
| Date | GMP | Est. Listing |
|---|---|---|
| 04 Aug | +₹6 | ₹596 |
| 03 Aug | +₹7 | ₹597 |
| 01 Aug | +₹8 | ₹598 |
| 31 Jul | +₹8 | ₹598 |
| 30 Jul | +₹9 | ₹599 |
Subscription Status
Let’s dive into the numbers, or rather, the current lack thereof. On Day 2, we’re seeing 0x subscription across all categories – Retail Individual Investors (RIIs), High Net-worth Individuals (HNIs), and Qualified Institutional Buyers (QIBs). This means the total subscription is also at 0x. Now, don’t panic just yet. For an IPO of this size and stature, it’s not entirely uncommon to see a slower start, especially in the initial days. However, the complete absence of bids across all segments is something to keep an eye on.
Typically, by Day 2, you’d expect at least some interest from retail investors, who often jump in early. The fact that even they haven’t put in their bids yet could indicate a wait-and-watch approach from the market. For HNIs and QIBs, who usually have larger ticket sizes and more sophisticated investment strategies, a lack of subscription on Day 2 might suggest they’re holding back, possibly waiting for more clarity or perhaps evaluating other opportunities. The bottom line is, the market is currently showing subdued demand, and this is certainly a point of observation for potential applicants.
| Category | Subscription | Progress |
|---|---|---|
| Retail | 0.98x | |
| NII / HNI | 1.06x | |
| QIB | 8.54x | |
| Total | 8.54x |
GMP Update
Now, let’s talk about the Grey Market Premium (GMP). This is where things get a bit more dynamic and, frankly, a little concerning. Yesterday, the GMP for Manipal Health IPO stood at a healthy ₹31. However, today, it has seen a sharp decline, settling at ₹9. That’s a significant drop of ₹22 in just 24 hours. This kind of downward movement in GMP can sometimes reflect investor sentiment or potential concerns about the IPO’s performance.
A GMP of ₹9 suggests that the market is currently expecting a listing price of around ₹599 (₹590 issue price + ₹9 GMP). While this still indicates a potential gain, the drastic fall from ₹31 is a clear signal that market makers are revising their expectations downwards. It’s a stark reminder that GMP is a volatile indicator and shouldn’t be the sole basis for investment decisions. That said, a positive GMP, however small, is still a positive sign, but the sharp dip warrants caution.
Should You Apply?
So, the million-dollar question: should you be applying for the Manipal Health IPO at this stage? It’s a tough call with the current data. On one hand, we have a company with a strong brand presence in the healthcare sector, and the issue price of ₹590, with an expected listing of ₹599, offers a modest potential upside. On the other hand, the complete lack of subscription on Day 2 and the significant drop in GMP are red flags that can’t be ignored.
The absence of retail interest could mean that investors are finding the issue price too high or are waiting for more concrete signs of demand. The falling GMP certainly adds to this uncertainty. Remember, the IPO period runs until July 31st, 2026, so there’s still time for things to change. However, it’s crucial to conduct your own due diligence. The Securities and Exchange Board of India (SEBI) advisors often recommend a balanced approach, considering both the company’s fundamentals and market sentiment.
For now, a conservative approach might be wise. If you’re an aggressive investor looking for quick listing gains, the current scenario might not be the most attractive. If you’re a long-term investor focused on the company’s intrinsic value, then the current subscription levels might present a buying opportunity if you believe in Manipal Health’s future. It’s a classic risk-reward calculation. We’ll be keeping a close watch on the final day’s subscription numbers and any further GMP movements.