Paras Healthcare IPO is a Mainboard Book Built public issue by Paras Healthcare Limited. The ₹1,450 crore public issue comprises a fresh issue of equity shares worth ₹500 crore and an Offer for Sale (OFS) worth ₹950 crore by existing shareholders. Following the completion of the IPO process, the company’s equity shares are proposed to be listed on both the BSE and NSE.
The company intends to utilise the net proceeds from the fresh issue primarily for repayment or prepayment of outstanding borrowings and general corporate purposes. The Offer for Sale will allow existing shareholders to sell a portion of their holdings, with the corresponding proceeds going to the selling shareholders rather than the company.
Paras Healthcare Limited operates under the Paras Health brand and provides tertiary and quaternary healthcare services through a network of multi-specialty hospitals. Its hospitals serve patients across North India, Bihar and Jharkhand, offering specialised medical services supported by experienced doctors, nursing professionals and modern healthcare infrastructure.
The company provides treatment across several medical specialties, including cardiac sciences, oncology, neurosciences, gastro sciences, orthopaedics, renal sciences, critical care and other specialised healthcare services. Its business model focuses on delivering advanced medical treatment through hospitals with established clinical capabilities and specialised facilities.
India’s organised healthcare industry continues to benefit from increasing healthcare awareness, rising demand for specialised treatment, expanding medical insurance coverage and growing investment in hospital infrastructure. These factors provide long-term opportunities for established hospital operators. However, investors should also assess Paras Healthcare’s profitability, borrowings, expansion plans, valuation and competitive position before making an investment decision.
Table of Contents
Paras Healthcare IPO Details
| IPO Details | Information |
|---|---|
| IPO Name | Paras Healthcare IPO |
| Company Name | Paras Healthcare Limited |
| IPO Type | Book Built Issue |
| IPO Category | Mainboard IPO |
| Face Value | ₹1 Per Equity Share |
| Price Band | ₹660 to ₹693 Per Share |
| Issue Size | ₹1,450 Crore |
| Fresh Issue | ₹500 Crore |
| Offer for Sale | ₹950 Crore |
| IPO Open Date | 21 October 2026 |
| IPO Close Date | 23 October 2026 |
| Anchor Investor Bidding | 19 October 2026 |
| Basis of Allotment | 26 October 2026 |
| Refund Initiation | 27 October 2026 |
| Shares Credited to Demat Account | 27 October 2026 |
| Listing Date | 28 October 2026 |
| Listing Exchange | BSE & NSE |
| Lot Size | 21 Equity Shares |
| Minimum Investment | ₹14,553 |
| Registrar | MUFG Intime India Private Limited |
| Book Running Lead Managers | JM Financial Limited, BofA Securities India Limited and Nuvama Wealth Management Limited |
The company intends to utilise ₹375 crore from the net proceeds of the fresh issue towards repayment or prepayment of certain borrowings. The remaining proceeds from the fresh issue are intended for general corporate purposes. The ₹950 crore Offer for Sale proceeds will be received by the respective selling shareholders.
Paras Healthcare IPO Dates
| IPO Event | Date |
|---|---|
| Anchor Investor Bidding | 19 October 2026 |
| IPO Opening Date | 21 October 2026 |
| IPO Closing Date | 23 October 2026 |
| Basis of Allotment | 26 October 2026 |
| Refund Initiation | 27 October 2026 |
| Shares Credited to Demat Account | 27 October 2026 |
| Listing Date | 28 October 2026 |
After the allotment process is completed, successful applicants are expected to receive the allotted shares in their demat accounts before trading begins on the stock exchanges. Investors should check the registrar’s website for the final allotment result and any changes to the tentative schedule.
Paras Healthcare IPO Reservation
| Investor Category | Reservation |
|---|---|
| Qualified Institutional Buyers (QIB) | Not More Than 75% of the Net Offer |
| Non-Institutional Investors (NII) | Not Less Than 15% of the Net Offer |
| Retail Individual Investors (RII) | Not Less Than 10% of the Net Offer |
The final allocation to each investor category will depend on the offer structure, valid applications received and the applicable IPO allocation rules.
Paras Healthcare IPO Lot Size
The minimum application is based on 21 equity shares. The following table shows the application amounts calculated using the upper price band of ₹693 per share.
| Application | Shares | Amount |
|---|---|---|
| Retail Minimum | 1 Lot (21 Shares) | ₹14,553 |
| Retail Maximum | 13 Lots (273 Shares) | ₹1,89,189 |
| S-HNI Minimum | 14 Lots (294 Shares) | ₹2,03,742 |
The application amounts are calculated using the upper price band of ₹693 per equity share. Investors should verify the applicable application limits and bid details in the final offer documents before submitting an application.
About Paras Healthcare Limited
Paras Healthcare Limited is an Indian healthcare services provider operating multi-specialty hospitals under the Paras Health brand. The company focuses on tertiary and quaternary healthcare, providing specialised treatment for complex medical conditions through a network of hospitals across North India, Bihar and Jharkhand.
Its hospital network includes facilities in Gurugram, Panchkula, Patna, Darbhanga, Ranchi, Udaipur, Srinagar and Kanpur. The company offers inpatient and outpatient services supported by doctors, nurses, medical technology and specialised clinical departments.
Paras Healthcare has developed its business around high-acuity medical specialties, including cardiac sciences, oncology, neurosciences, gastro sciences, orthopaedics and renal sciences. These specialties require specialised equipment, experienced medical teams and coordinated treatment facilities.
The company continues to focus on expanding its hospital capacity and improving the utilisation of its existing facilities. Its proposed expansion projects in Gurugram and Ludhiana are intended to increase bed capacity and strengthen its presence in the Indian healthcare market.
Business Operations
Paras Healthcare Limited operates a hospital network providing specialised healthcare services through multiple clinical departments.
- Multi-Specialty Hospitals: The company operates hospitals offering a range of medical services, from general healthcare to advanced tertiary and quaternary treatment.
- Cardiac Sciences: The company provides diagnosis and treatment for heart-related conditions, including specialised cardiac procedures and surgical interventions.
- Oncology: Its oncology services cover the diagnosis and treatment of cancer through specialised medical teams and treatment facilities.
- Neurosciences: The company provides care for neurological disorders, brain and spine conditions, and other complex neurological diseases.
- Gastro Sciences: The hospital network offers medical and surgical treatment for digestive system disorders and related conditions.
- Orthopaedics: Its orthopaedic services include treatment for bone and joint conditions, trauma, sports injuries and other musculoskeletal problems.
- Renal Sciences: The company provides healthcare services for kidney-related diseases and other renal conditions.
- Critical Care and Emergency Services: Its hospitals provide emergency treatment and critical care for patients requiring close medical monitoring and specialised support.
- Inpatient and Outpatient Services: The company earns revenue through hospital admissions, consultations, diagnostics, procedures and other patient-care services.
- Hospital Expansion: The company plans to increase its bed capacity through new hospital projects and investments in healthcare infrastructure.
Industry Overview
India’s healthcare industry is supported by increasing demand for quality medical treatment, a growing need for specialised healthcare, rising awareness of preventive care and improvements in medical infrastructure. The organised hospital sector is positioned to benefit from demand for advanced treatment and greater access to healthcare services.
Specialised hospital operators can benefit from increasing demand for complex procedures and improved access to medical insurance. At the same time, the sector requires substantial investment in buildings, medical equipment, technology and skilled professionals.
Hospital operators also face challenges such as rising operating costs, competition for qualified doctors, regulatory compliance requirements and the need to maintain high standards of patient care. These factors can affect profitability and the pace of expansion.
Business Strategy
Paras Healthcare Limited focuses on strengthening its hospital network, expanding bed capacity and developing its specialised medical services. The company aims to increase the utilisation of its existing hospitals while investing in new facilities to address demand for advanced healthcare.
Its planned hospital projects in Gurugram and Ludhiana are expected to contribute to future capacity expansion. The company also seeks to improve operating efficiency, strengthen clinical capabilities and provide a wider range of specialised treatment options.
The success of this strategy will depend on the timely execution of expansion projects, recruitment and retention of medical professionals, effective cost management and the ability to attract patients to both existing and new facilities.
Paras Healthcare IPO Financial Information
A company’s financial performance provides insights into revenue growth, profitability, operating efficiency and financial stability. Reviewing financial results over multiple years can help investors understand whether business growth is translating into sustainable earnings.
Paras Healthcare Financial Summary
| Particulars | FY2024 | FY2025 | FY2026 |
|---|---|---|---|
| Revenue from Operations | ₹1,129.04 Crore | ₹1,294.06 Crore | ₹1,605.95 Crore |
| Total Income | ₹1,151.02 Crore | ₹1,314.21 Crore | ₹1,628.78 Crore |
| EBITDA | ₹154.41 Crore | ₹156.46 Crore | ₹335.58 Crore |
| Profit Before Tax (PBT) | ₹6.63 Crore | -₹50.04 Crore | ₹76.03 Crore |
| Profit After Tax (PAT) | -₹15.33 Crore | -₹57.98 Crore | ₹43.83 Crore |
| Net Worth | ₹338.51 Crore | ₹280.49 Crore | ₹394.94 Crore |
| Total Borrowings | ₹547.53 Crore | ₹727.93 Crore | ₹854.10 Crore |
The company’s revenue from operations increased from approximately ₹1,129 crore in FY2024 to ₹1,605.95 crore in FY2026. It also returned to profitability in FY2026 after reporting losses in the preceding two financial years. EBITDA increased to ₹335.58 crore in FY2026, indicating an improvement in operating performance.
Despite this improvement, investors should consider the company’s historical losses, debt obligations, operating margins and expansion requirements. Sustainable profitability will depend on revenue growth, hospital utilisation, cost control and the successful execution of its business strategy.
Paras Healthcare IPO Key Performance Indicators (KPIs)
Key Performance Indicators help investors assess profitability, capital efficiency and valuation. The following indicators should be read alongside the company’s financial statements and offer price.
| KPI | Value |
|---|---|
| Return on Equity (ROE) | To be verified |
| Return on Capital Employed (ROCE) | To be verified |
| Return on Net Worth (RONW) | 12.98% |
| EBITDA Margin | Approximately 20.89% |
| PAT Margin | Approximately 2.73% |
| Debt-to-Equity Ratio | To be verified |
| Earnings Per Share (EPS) | ₹4.34 |
| Net Asset Value (NAV) Per Share | ₹39.11 |
| Price to Earnings (P/E) | Approximately 159.68x* |
*Indicative P/E calculated as ₹693 divided by reported EPS of ₹4.34. The final valuation should be checked against the precise earnings and share-count basis disclosed in the offer documents.
The reported figures indicate an improvement in operating profitability in FY2026. However, the relatively low PAT margin compared with the EBITDA margin highlights the importance of evaluating interest costs, depreciation, taxes and other expenses. Investors should also assess the valuation against the company’s earnings history and listed hospital-sector peers.
Objects of the Paras Healthcare IPO
Paras Healthcare Limited intends to utilise the net proceeds from the fresh issue for the following purposes:
- Repayment or prepayment of certain outstanding borrowings, estimated at ₹375 crore.
- General corporate purposes.
The Offer for Sale component of ₹950 crore will be received by the selling shareholders. It does not represent fresh capital raised by the company. The fresh issue proceeds are expected to support the company’s financial position, while the planned repayment of borrowings may reduce its debt-servicing burden.
Paras Healthcare IPO Listing Performance
The listing performance reflects how a company’s shares trade when they begin trading on the stock exchanges. Actual listing gains or losses depend on the issue price, market demand, overall market conditions and investor sentiment.
| Particular | Value |
|---|---|
| Listing Exchange | BSE & NSE |
| Listing Date | 28 October 2026 |
| Issue Price | ₹693 Per Share (Upper Price Band) |
| Listing Price | To be updated |
| Listing Gain | To be updated |
| Listing Gain (%) | To be updated |
The listing price and listing gain will be available only after the company’s shares commence trading. The grey market premium, where quoted, is unofficial and should not be treated as a guaranteed indication of listing performance.
Paras Healthcare IPO Review
Paras Healthcare Limited operates in India’s organised hospital sector, providing tertiary and quaternary healthcare services through its Paras Health network. Its focus on specialised medical treatment and complex clinical services gives it exposure to healthcare segments that require advanced facilities, experienced doctors and specialised equipment.
The company reported revenue growth and returned to profitability in FY2026 after losses in the previous two financial years. Its improving operating performance and proposed hospital expansion projects are important factors for investors to evaluate. The planned use of part of the fresh issue proceeds for debt repayment may also help strengthen its financial position.
However, investors should consider the company’s previous losses, capital-intensive operations, dependence on qualified medical professionals, regulatory requirements and execution risks associated with expansion. The valuation at the IPO price band should also be assessed against the company’s earnings, net asset value, growth prospects and comparable listed hospital operators.
Overall, Paras Healthcare IPO offers exposure to a specialised healthcare business with an expanding hospital network and improving recent financial performance. Investors should carefully evaluate its financial history, valuation and future growth strategy before making an investment decision.
Paras Healthcare IPO Strengths
- Established hospital network operating under the Paras Health brand.
- Focus on tertiary and quaternary healthcare services.
- Specialised clinical capabilities across cardiac sciences, oncology, neurosciences, gastro sciences, orthopaedics and renal sciences.
- Revenue growth during FY2024–FY2026.
- Return to profitability in FY2026 after losses in the preceding two financial years.
- Proposed expansion of hospital capacity in Gurugram and Ludhiana.
- Exposure to long-term demand for organised and specialised healthcare services.
Paras Healthcare IPO Risk Factors
- The company reported losses in FY2024 and FY2025 before returning to profitability in FY2026.
- Hospital operations require substantial investment in buildings, medical equipment and technology.
- Expansion projects may face delays, cost overruns or slower-than-expected patient demand.
- The business depends on recruiting and retaining qualified doctors, nurses and other healthcare professionals.
- Changes in healthcare regulations, licensing requirements and compliance standards may affect operations.
- Competition from established hospital chains and other healthcare providers may put pressure on margins.
- Borrowings and financing costs may affect future profitability.
- The IPO valuation may leave limited room for error if earnings growth does not meet expectations.
Paras Healthcare IPO Promoters
Paras Healthcare Limited was founded and is promoted by Dr. Dharminder Kumar Nagar. The company has developed its hospital network through investments in healthcare infrastructure and the expansion of specialised medical services.
Existing investors also include financial investors and other shareholders. The IPO’s Offer for Sale allows certain existing shareholders to sell part of their holdings.
Paras Healthcare IPO Promoters Details :
| Promoter / Shareholder | Designation |
|---|---|
| Dr. Dharminder Kumar Nagar | Promoter |
| Commelina Limited | Selling Shareholder |
| 360 ONE investment entities | Existing Financial Investors |
The table distinguishes the promoter from other existing shareholders and investors. Commelina Limited and the 360 ONE investment entities should not be described as promoters solely because they hold shares in the company.
Paras Healthcare IPO Management Team
Paras Healthcare Limited is led by an experienced team responsible for hospital operations, clinical services, financial management and corporate governance. The management team plays an important role in improving hospital utilisation, maintaining clinical standards and implementing the company’s expansion strategy.
| Name | Designation |
|---|---|
| Dr. Dharminder Kumar Nagar | Managing Director |
| Dr. Kapil Garg | Whole-Time Director |
| Dilip Bidani | Group Chief Financial Officer |
| Rahul Kumar | Company Secretary and Compliance Officer |
Investors should review the company’s offer documents for the complete list of directors, key managerial personnel and their respective responsibilities.
Paras Healthcare IPO Registrar Details
The registrar manages IPO applications, coordinates the basis of allotment, processes refunds and share credits, and provides allotment-related investor services.
| Particular | Details |
|---|---|
| Registrar Name | MUFG Intime India Private Limited |
| Website | https://in.mpms.mufg.com |
| IPO Allotment Status | https://in.mpms.mufg.com/Initial_Offer/public-issues.html |
| Email ID | [email protected] |
| Contact Number | +91 810 811 4949 |
Paras Healthcare IPO Lead Manager Details
The Book Running Lead Managers coordinate the public issue, manage the book-building process and assist with regulatory compliance and issue-related activities.
| Particular | Details |
|---|---|
| Lead Managers | JM Financial Limited, BofA Securities India Limited and Nuvama Wealth Management Limited |
Paras Healthcare Limited Contact Details
| Particular | Details |
|---|---|
| Company Name | Paras Healthcare Limited |
| Registered Office | 1st Floor, Tower B, Paras Twin Towers, Golf Course Road, Sector 54, Gurugram – 122002, Haryana, India |
| Website | https://www.parashospitals.com |
How to Check Paras Healthcare IPO Allotment Status
Investors can check the allotment status after the basis of allotment is finalised. The registrar’s website is the primary place to check whether shares have been allotted against an application.
Through MUFG Intime India Private Limited
- Visit the official MUFG Intime IPO allotment portal.
- Select Paras Healthcare IPO from the available IPO list.
- Choose the relevant identification option, such as PAN, application number or DP/Client ID.
- Enter the required details.
- Submit the information to view the allotment status.
Through BSE
- Visit the official BSE website and open its IPO allotment section.
- Select Paras Healthcare IPO from the list, once available.
- Enter your PAN or application details as requested.
- Complete any verification process.
- Submit the details to view the allotment result.
The allotment status will become available after the registrar finalises the basis of allotment. Applicants should use their correct application details and refer to official portals for the final result.
Paras Healthcare IPO Conclusion
Paras Healthcare IPO provides investors with an opportunity to invest in a hospital operator focused on tertiary and quaternary healthcare services. The company has built a network of specialised hospitals and plans to expand its capacity to serve growing demand for advanced medical treatment.
Revenue growth and the return to profitability in FY2026 are encouraging developments. However, the company’s historical losses, debt obligations, capital-intensive business model and planned expansion require careful evaluation. Investors should also consider whether the IPO valuation is justified by the company’s current earnings and future growth prospects.
A balanced assessment of the company’s financial performance, clinical capabilities, expansion plans, risk factors and valuation can help investors determine whether Paras Healthcare IPO suits their investment objectives and risk tolerance.
Paras Healthcare IPO FAQs
What is Paras Healthcare IPO?
Paras Healthcare IPO is the Mainboard public issue of Paras Healthcare Limited, a hospital operator providing tertiary and quaternary healthcare services under the Paras Health brand.
What is the price band of Paras Healthcare IPO?
The price band is ₹660 to ₹693 per equity share.
What is the issue size of Paras Healthcare IPO?
The total issue size is ₹1,450 crore, comprising a ₹500 crore fresh issue and a ₹950 crore Offer for Sale.
When will Paras Healthcare IPO open?
The IPO is scheduled to open for subscription on 21 October 2026.
When will Paras Healthcare IPO close?
The IPO is scheduled to close on 23 October 2026.
What is the lot size of Paras Healthcare IPO?
The minimum lot size is 21 equity shares, requiring an investment of ₹14,553 at the upper price band of ₹693 per share.
On which stock exchanges will Paras Healthcare shares be listed?
The company’s equity shares are proposed to be listed on the BSE and NSE.
Who is the registrar for Paras Healthcare IPO?
MUFG Intime India Private Limited is the registrar to the issue.
What is the face value of Paras Healthcare IPO shares?
The face value of each equity share is ₹1.
What are the objects of Paras Healthcare IPO?
The company intends to use ₹375 crore from the fresh issue proceeds towards repayment or prepayment of certain borrowings, with the remaining proceeds intended for general corporate purposes.
