India's second-largest hospital network by facility count, Manipal Health Enterprises, steps into public markets this week — not merely to raise capital, but to rebalance the weight of debt accumulated in building a 49-hospital, 12,600-bed presence across the subcontinent. Backed by Singapore's Temasek and entrepreneur Ranjan Pai, the Rs 9,275 crore offering reflects a broader moment in Indian healthcare: a sector maturing from growth-at-any-cost toward the discipline that public ownership demands. The listing, expected August 5, will test whether investors see in Manipal's scale a foundation