New Delhi, July 24 -- India's largest hospital chain is eyeing a cleaner balance sheet to fuel its expansion plans after a public listing. Manipal Health Enterprises Ltd plans to use a large chunk of the fresh proceeds from its Rs.9,275 crore IPO to settle outstanding debt, which in turn will unlock further opportunities for growth, managing director and chief executive officer Dilip Jose told Mint.

The Temasek-backed hospital chain, which opens its initial public offering on Wednesday, plans to raise up to Rs.8,000 crore through a fresh issue. It has Rs.7,500 crore in net debt, Rs.10,000 crore in gross debt, and Rs.2,500 crore in cash. A large chunk of the fresh proceeds will be used to clear the debt, said Jose.

"It gives us the oppor...