Manipal Hospitals said it would file for a $1 billion initial public offering in India in January

Manipal Health Enterprises Pvt. plans to file for a $1 billion initial public offering in January, according to people familiar with the matter, paving the way for the largest stock market listing of a hospital operator in India.The company is targeting a valuation of as much as $13 billion, the people said, asking not to be identified because the information is private. The IPO will include a new issuance of shares as well as an offer for sale by existing investors, they said, adding that final details could change as discussions are ongoing.

The Bengaluru-based hospital chain has partnered with advisors including Kotak Mahindra Capital Co., Axis Bank Ltd., and the local units of Goldman Sachs Group Inc., JPMorgan Chase & Co. and Jefferies Group LLC on the potential sale, the people said.

A representative for Manipal and other banks said to be involved in the deal did not respond to requests for comment. JPMorgan and Axis Bank declined to comment.

Manipal, backed by Singaporean state investor Temasek Holdings Pte., could become India’s most valuable healthcare provider after the listing. The offering underlines growing investor interest in healthcare platforms in India. Manipal has expanded rapidly through acquisitions, most recently Sahyadri Hospitals Pvt.

In June, KKR said it was providing $600 million in financing to help Manipal accelerate its growth plans. The same month, Bloomberg reported that Manipal had asked bankers to pause work on the IPO while the company was busy with the IPO acquisition from Sahyadri, Maharashtra’s largest hospital chain, from Ontario Teachers’ Pension Planning Board.

Manipal, part of a conglomerate with interests in healthcare, education and insurance, has more than 10,500 operational beds, according to its report. website.

Max Healthcare Institute Ltd. is currently India’s most valuable hospital chain, with a market capitalization of approximately $12 billion. The last major hospital IPO in India was Dr. Agarwal’s Health Care’s $350 million offering early this year.