Shares of Paras Healthcare are set to list on the BSE and NSE on Wednesday October 28, with subdued grey market sentiment. The IPO is currently commanding a grey market premium (GMP) of around 2%, indicating expectations of a modest positive listing above the issue price.
The Rs 1,450-crore IPO comprised a fresh issue of 72.15 lakh shares worth Rs 500 crore and an offer for sale (OFS) of 1.37 crore shares aggregating to Rs 950 crore. The company fixed the price band at Rs 660–693 per share, with a lot size of 21 shares. At the upper end of the price band, retail investors applying for one lot were required to invest a minimum of Rs 14,553.
The IPO opened for subscription on October 21 and closed on October 23, 2026. It was subscribed 2.23 times overall. The retail investor portion was subscribed 2 times, while the qualified institutional buyers (QIB) category saw 3.09 times subscription. The non-institutional investor (NII) segment was subscribed 0.66 times, or 66%.
JM Financial Ltd., BofA Securities India Ltd. and Nuvama Wealth Management Ltd. acted as the book-running lead managers for the issue, while MUFG Intime India Pvt. Ltd. was the registrar.
Paras Healthcare raised Rs 652.5 crore from anchor investors on October 19, a day before the IPO opened for public subscription. The anchor book included investors such as Abu Dhabi Investment Authority, BlackRock Global Funds, Eastspring Investments, Government Pension Fund Global, Natixis International Funds, Integrated Core Strategies (Asia) and Citigroup Global.
Paras Healthcare IPO: Objects of the Issue
The company plans to utilise Rs 320.90 crore from the net proceeds of the IPO to prepay or repay, either fully or partially, certain outstanding borrowings availed by the company. Additionally, Rs 54.10 crore will be invested in its wholly owned subsidiary, PMHPL, which operates a hospital in Srinagar, to facilitate the full or partial repayment or prepayment of its outstanding borrowings.
The remaining proceeds will be allocated towards general corporate purposes. Of the total IPO proceeds of Rs 375 crore, the primary objective is to reduce the company's debt burden, strengthen its financial position and support its overall corporate requirements.
Paras Healthcare Ltd. reported a 24% year-on-year increase in total income to Rs 1,629 crore in FY26, compared with Rs 1,314 crore in FY25. The company also turned profitable, posting a profit after tax (PAT) of Rs 44 crore in FY26, against a loss of Rs 58 crore in the previous financial year.
Incorporated in 1987, Paras Healthcare Limited is a leading clinical specialty-led hospital platform providing tertiary and quaternary healthcare services across North India, Bihar, and Jharkhand under the "Paras Health" brand. The company operates eight hospitals with an aggregate bed capacity of 2,211 beds across Gurugram, Panchkula, Patna, Darbhanga, Kanpur, Udaipur, Ranchi, and Srinagar as of June 30, 2026.
It specializes in cardiac sciences, oncology, neurosciences, gastro sciences, orthopedics & sports injury, and renal sciences (CONGOR specialties), which contributed 75.30% of revenue in Fiscal 2026. Paras Healthcare has over 20 years of operating history and follows a balanced growth strategy through mature, emerging, and new hospitals. The company plans to expand its network with a 300-bed hospital in Gurugram and a 500-bed hospital in Ludhiana, increasing total capacity to 3,011 beds by March 2028. As of March 31, 2026, it had 4,670 employees, including 1,084 doctors and 1,937 nurses.
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