New Delhi, July 17 -- India's Manipal Health Enterprises Ltd. is seeking a lower valuation of about Rs.80,000 crore in its planned initial public offering, according to people familiar with the matter.

The operator of Manipal Hospitals backed by Temasek Holdings Pte is planning to raise as much as Rs.11,000 crore through an IPO that's likely to be launched in the week starting 27 July, the people said, asking not to be identified as the information is private.

The targeted valuation is below the $10 billion to $12 billion marketed range floated in April, the people said, reflecting cautious investor sentiment toward large public offerings as latest tensions in the Middle East spark turbulence in global financial markets.

Still, Manipal...