Shares of Manipal Health Enterprises, which made a strong stock market debut on Wednesday, fell nearly 6% to an intraday low of Rs 626 on Thursday, down from the previous close of Rs 666 on the BSE.

The stock had listed at Rs 655, a premium of nearly 11% over its issue price of Rs 590. The debut was well above grey market expectations, where the stock had indicated a listing gain of only around 1% ahead of its market debut.

Also Read |Manipal Health shares list at 11% premium to beat GMP estimates. What should allotted investors do?

Shivani Nyati, Head of Wealth at Swastika Investmart, said that despite the positive listing, the stock is trading at a premium valuation with limited margin of safety. A major portion of the IPO proceeds will be used to repay acquisition debt, leaving limited funds for future expansion, while the company also remains highly dependent on Karnataka, which contributes nearly 46–60% of its revenue.

She further said that, “Investors who received the allotment can continue to hold the stock, while fresh investors should wait for better entry levels or signs of further debt reduction before buying. Maintain a stop-loss at Rs 620 to protect listing gain.”

The company’s Rs 9,275 crore IPO was subscribed 4.92 times overall. The public issue comprised a fresh issue of 13.56 crore equity shares worth Rs 8,000 crore and an offer for sale of 2.16 crore shares aggregating Rs 1,275.22 crore, taking the total issue size to Rs 9,275.22 crore.
SBI Securities, which has assigned a Subscribing for long term rating, said the company is India’s largest multi specialty healthcare provider by bed capacity and holds leadership positions across key metro cities.It also mentioned Manipal Health’s strong track record of strategic acquisitions, which have helped expand scale, improve operating leverage, widen its geographic presence and strengthen its competitive position.

The company plans to allocate a significant portion of the fresh issue proceeds towards strengthening its financial position.

Around Rs 5,378 crore from the IPO proceeds will be used for debt repayment, helping reduce borrowing costs and improve the balance sheet. Another Rs 574 crore is planned for acquiring a minority stake in its step-down subsidiary, Sahyadri Hospitals. The remaining funds will be utilised for general corporate purposes and supporting future expansion plans.

Over FY26 to FY30, the company plans to add 2,426 beds, including 1,943 through greenfield projects and 483 through brownfield expansion. SBI Securities also expects profitability to improve on the back of the Sahyadri Group integration and lower interest costs following debt repayment using 69% of the IPO proceeds.

Also Read | Manipal Health Enterprises shares list at 11% premium over IPO price on BSE, NSE

Angel One, however, believes the valuation remains stretched. At the upper price band of Rs 590, the issue is valued at a post-issue FY26 P/E of 84.65x, which the brokerage considers expensive. While it acknowledged the company’s strong pan-India hospital network, leadership in key markets and favourable long-term industry prospects, it believes much of the expected growth is already priced in.

As a result, Angel One recommends a Neutral stance for medium- to long-term investors despite the company’s strong fundamentals.

Founded in 2010, Manipal Health Enterprises has emerged as one of India’s leading healthcare providers, with a wide network of multi-speciality hospitals, clinics and diagnostic centres.

The company provides advanced tertiary and quaternary healthcare services across key specialties, including oncology, cardiology, neurology, orthopaedics, organ transplantation and preventive healthcare.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)

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BTS’s decision to withdraw from consideration at the 2027 Grammy Awards has generated a wave of commentary since the K-pop group announced its withdrawal on July 29, but a closer look at who has actually spoken out reveals that the loudest voices so far have come primarily from within the K-pop world and the broader Asian entertainment community, rather than from mainstream American pop stars.

BTS’s seven members posted identical statements to their individual Instagram accounts announcing they would not submit music for consideration at the 69th Grammy Awards, set for Feb. 7, 2027, saying they hoped their music could be heard and loved for what it is rather than divided by region or language. The statement was widely interpreted as a response to the Recording Academy’s June 16 announcement of a new Best Asian Pop Music Performance category, which critics argue effectively walls K-pop off from the ceremony’s marquee general-field categories like Album of the Year.

Who Has Actually Spoken Out

Among the most visible reactions has come from Tablo, frontman of the Korean hip-hop group Epik High, who shared a story from BTS leader RM’s Instagram and added the message “ARIRANG > Grammys,” referencing the title of BTS’s new album. Bang Yong-guk, of the K-pop group B.A.P, similarly shared a news story about the boycott with his followers, as did Korean American actor Daniel Dae Kim, who also hosts CNN’s “K-Everything” series. Maggie Kang, the Korean Canadian co-director of Netflix’s animated hit “KPop Demon Hunters,” shared a news article about the boycott online along with a clapping emoji.

Beyond individual artists, American academics and music industry observers have offered some of the more pointed public commentary. Matthew Pellegrino, a music teacher at NYU Steinhardt and a K-pop expert, told CNN that the new Asian pop category, while framed with good intentions, effectively places Asian artists into a separate category that makes them unequal to mainstream American pop artists. Separately, a fan and observer named David Scragg told CNN he was disappointed and a little confused when he heard the Grammys planned to launch an Asian music category, saying he felt it functioned as a way to keep BTS out of the more prestigious main categories.

Notably Quiet: Mainstream American Pop Stars

Despite the volume of online commentary surrounding the boycott, a review of major entertainment coverage as of early August shows that few, if any, top-tier American pop stars, artists like Taylor Swift, Ariana Grande, Olivia Rodrigo, Doja Cat or Halsey, have issued direct, on-record statements specifically addressing BTS’s 2026 Grammy withdrawal. That relative silence stands in contrast to the amount of attention the story has received across entertainment media and social platforms, and several outlets covering the controversy have noted that celebrity reaction videos and social media roundups have circulated widely online even where the underlying substance of any individual celebrity’s comments remains difficult to verify.

A History of Crossover Between BTS and American Pop

The absence of major American pop star commentary this time around is notable given BTS’s extensive history of collaboration with, and support from, artists in the American pop mainstream. Halsey featured on BTS’s 2019 hit “Boy With Luv,” and the group’s Grammy nomination history includes featured credits alongside Coldplay for the 2022 song “My Universe.” At the 64th Annual Grammy Awards in 2022, BTS shared the stage with Olivia Rodrigo during a widely discussed live performance moment, and the band’s nominations that year came in categories that included Justin Bieber and Benny Blanco, Coldplay, and Tony Bennett and Lady Gaga as fellow nominees.

Other Artists Have Boycotted the Grammys Before, for Different Reasons

While direct comment on BTS’s specific situation from major American pop stars has been limited, the broader history of artists criticizing or boycotting the Grammys offers useful context for how the industry has previously responded to similar disputes. The Weeknd publicly boycotted the ceremony for several years after his 2020 album “After Hours” received no nominations, before ending his boycott in 2025 to perform at the show. Zayn Malik criticized the Grammys’ nomination process directly on social media in 2021, saying the system allowed favoritism, racism and networking politics to influence voting outcomes. Halsey spoke out the same year after her album “Manic” was not nominated, saying on social media that she and The Weeknd deserved better and describing what she characterized as an opaque nomination process built on relationships and favor-trading. Nicki Minaj has separately criticized the Academy for placing her song “Super Freaky Girl” in a pop category rather than a rap category, arguing it reduced her chances of winning.

The Recording Academy’s Response

Recording Academy CEO Harvey Mason Jr. addressed BTS’s decision directly, saying in a statement that he was saddened to hear the group had chosen not to participate in this year’s Grammy process, while adding that he understood and respected the decision as a fellow music creator. Mason has said the new Asian pop category was created to celebrate the depth, diversity and extraordinary growth of pop artistry coming out of Asia, and has separately noted that submitting music in a genre category does not exclude an artist from also being considered in the ceremony’s general field, which includes Album of the Year, Record of the Year and Song of the Year.

With submissions for Best Asian Pop Music Performance and other Grammy categories remaining open through Aug. 28, and nominees not expected until mid-November, there remains a window in which additional artists, American or otherwise, could weigh in publicly on the controversy. For now, the most substantive reactions have come from within the K-pop community, Asian American entertainment figures, and academic observers rather than from the mainstream American pop stars whose past collaborations and shared awards-show history with BTS might otherwise have made them a natural source of public commentary on the group’s decision.

KKR-backed supply chain solutions provider LEAP India Ltd. completed its Rs 371.3 crore pre-IPO placement on Thursday. In consultation with the IPO’s book-running lead managers, the company privately placed 23,351,100 equity shares at an issue price of Rs 159 per share, including a premium of Rs 158.

The pre-IPO placement round saw participation from Matyas Possessiones, in which the company’s promoter Sunu Mathews holds 99% stake, as well as Singapore-based wealth fund GIC’s subsidiary Gamnat Pte Ltd. Leading hedge fund Dymon Asia Multi-Strategy Investment (Singapore) also participated in the pre-IPO round.

Gamnat Pte Ltd was allocated 17,610,000 equity shares of the company on August 3, 2026, for Rs 159 per equity share, each aggregating to Rs 279.99 crore.

Dymon Asia Multi-Strategy Investment (Singapore) Pte Ltd was allotted 3,144,600 equity shares each at Rs 159 per equity share each aggregating to Rs 49.99 crore. Matyas Possessiones Private Limited was allotted 1,446,500 shares each at Rs 159 per equity share each aggregating to Rs 22.99 crore.

KKR-backed LEAP India will open its Rs 2,480 crore IPO for subscription on August 7, with a price band of Rs 151-159 per share. The issue comprises a Rs 480 crore fresh issue and a Rs 2,000 crore OFS. The company plans to use proceeds to repay debt and for general corporate purposes.

JM Financial Ltd. is serving as the book-running lead manager for the IPO, while MUFG Intime India Pvt. Ltd. has been appointed as the registrar for the issue.
Backed by KKR, supported by a diversified customer base, and benefiting from rising demand for efficient logistics infrastructure, LEAP India’s IPO is expected to draw attention from investors seeking exposure to India’s growing logistics and supply chain market.

Shares of Allcargo Logistics rallied over 15% to Rs 9.45 on the BSE on Thursday after the company reported a 258% year-on-year jump in profit before tax (PBT) to Rs 31 crore for Q1FY27.

According to a regulatory filing with the BSE, the logistics provider reported its highest-ever quarterly revenue across both its Express Distribution and Contract Logistics businesses, supported by pricing stability and healthy volume growth.

The Express Distribution business posted 13.5% year-on-year revenue growth in Q1FY27, driven by improved operational performance and enhanced service quality. Meanwhile, the Contract Logistics business recorded 6% year-on-year revenue growth during the June quarter, supported by efficiency-led growth, 99% service quality adherence, a strong customer retention rate, expansion across diverse industry sectors, and new business opportunities.

Managing Director and CEO Ketan Kulkarni said the Q1FY27 performance reflects the strength of disciplined execution across the company’s businesses.

“Beyond achieving our highest-ever quarterly revenue in both Express Distribution and Contract Logistics, what is particularly encouraging is that this growth has been driven by a healthy combination of higher shipment volumes, stronger customer relationships and sustained operational improvements,” he said.

Kulkarni added that the company’s service equation-led pricing approach improved yields during the quarter, while over 99% service quality adherence resulted in a strong customer retention rate.
He also said the company is progressively leveraging AI-driven analytics and data-led decision-making to enhance demand forecasting, optimise network planning, improve shipment visibility, and enable faster, more informed operational decisions across its logistics network.Building on the momentum achieved during the first quarter, Allcargo Logistics expects business activity to strengthen further in the second and third quarters, particularly during the upcoming festive season, according to the BSE filing.

“Continuous network optimisation, improved routing efficiencies, disciplined cost management and better asset utilisation have strengthened our operating leverage and profitability. Going forward, we will continue to accelerate the use of AI, digital technologies and data intelligence across our operations and build a more agile and resilient supply chain,” Kulkarni added.

The company said it remains focused on sustaining profitable growth through disciplined pricing, superior customer experience, operational excellence and deeper market penetration across both its Express Distribution and Contract Logistics businesses, while maintaining a prudent growth strategy.

(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of The Economic Times.)

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