India's Manipal Health Enterprises plans to spend 40 billion rupees ($414.38 million) to increase its bed capacity by over 18% in the next few years, a company ‌executive said ⁠on ⁠Friday, ahead of the launch of the hospital chain operator's IPO next week.The Temasek-backed company, one of India's largest hospital chain operators, ​plans to add 2,400 beds to its existing 13,037 capacity within three to four years, Dilip Jose, ​managing director and CEO at Manipal ⁠Health Enterprises, ‌said in a press conference.The Bengaluru-based chain operates 49 hospitals across India and competes with the ⁠likes of Apollo Hospitals Enterprise , Max Healthcare, and Fortis Healthcare.Read More: ASG shareholder approaches NCLT against co-founder, alleges oppressionThe company is also targeting ​a valuation of up to $8 billion for its $960.4 million IPO, India's second-largest primary market offering this year after SBI Funds Management's $1.03 billion issue earlier this month.Manipal Health plans to issue new shares worth $828.4 million ‌in the IPO. Existing investors including Temasek'sunit Imperius Healthcare Investments and TPG Capital will offload shares worth $132 million.The hospital chain ⁠operator said it expects to turn net debt-free with the help of the IPO proceeds.Anchor investors can bid for ​Manipal Health's shares by July 28. Public subscription will be open from July 29 to July 31.($1 = 96.5725 Indian rupees)