Paras Healthcare IPO
Paras Healthcare IPO 2026 is a Mainboard book-built issue of ₹1,450 crore, comprising a fresh issue of ₹500 crore and an Offer for Sale (OFS) of ₹950 crore. The company has fixed the price band at ₹660 to ₹693 per share, with a reported lot size of 21 sha
Paras Healthcare IPO Details
Paras Healthcare IPO is the initial public offering of Paras Healthcare Limited, a hospital services company operating under the Paras Health brand. The IPO is scheduled to open for public subscription on October 21, 2026, and close on October 23, 2026. The reported allotment date is October 26, 2026, while the tentative listing date is October 28, 2026. Investors should refer to the final Red Herring Prospectus and exchange notices for the latest issue information.
Paras Healthcare IPO Timeline (Tentative)
Paras Healthcare IPO is scheduled to open for subscription on October 21, 2026, and close on October 23, 2026. The basis of allotment is expected to be finalised on October 26. Refund initiation and credit of shares to successful applicants' Demat accounts are tentatively scheduled for October 27, followed by listing on BSE and NSE on October 28, 2026.
| Event | Tentative Date |
|---|---|
| IPO Open Date | Wed, Oct 21, 2026 |
| IPO Close Date | Fri, Oct 23, 2026 |
| Basis of Allotment | Mon, Oct 26, 2026 |
| Initiation of Refunds | Tue, Oct 27, 2026 |
| Credit of Shares to Demat | Tue, Oct 27, 2026 |
| Listing Date | Wed, Oct 28, 2026 |
Paras Healthcare IPO Lot Size
The reported lot size for Paras Healthcare IPO is 21 shares. At the upper price band of ₹693 per share, one lot requires an investment of ₹14,553. The minimum and maximum application amounts below use the reported lot size and upper price band; investor-category limits should be checked against the final exchange-approved issue terms.
| Application | Lots | Shares | Amount (₹) |
|---|---|---|---|
| Retail (Min) | 1 | 21 | 14,553 |
| Retail (Max) | 13 | 273 | 1,89,189 |
| S-HNI (Min) | 14 | 294 | 2,03,742 |
| S-HNI (Max) | 66 | 1,386 | 9,60,498 |
| B-HNI (Min) | 67 | 1,407 |
Paras Healthcare IPO Reservation
Paras Healthcare IPO has a reported reservation structure of up to 75% of the net issue for Qualified Institutional Buyers (QIBs), not less than 15% for Non-Institutional Investors (NIIs), and not less than 10% for Retail Individual Investors (RIIs), subject to the applicable allocation rules and final offer document. The final share counts for each category should be entered once confirmed from the RHP or exchange disclosures.
Paras Healthcare IPO Subscription
Paras Healthcare IPO subscription figures will be updated after bidding opens on October 21, 2026. As of October 15, the public subscription window has not opened, so final category-wise subscription multiples are not yet available. Anchor investor bidding is reported to be scheduled for October 19, 2026.
| Category | Subscription (times) |
|---|---|
| QIB | |
| NII | |
| RII | |
| Total |
About Paras Healthcare
Paras Healthcare Limited is a healthcare services provider operating a network of hospitals under the Paras Health brand. The company was incorporated in 1987 and is headquartered in Gurugram, Haryana. It provides tertiary and quaternary healthcare services, with a focus on complex medical conditions requiring specialist treatment, advanced diagnostic facilities and multidisciplinary clinical teams.
As of June 30, 2026, the company operated eight hospitals across Gurugram, Panchkula, Patna, Darbhanga, Kanpur, Udaipur, Ranchi and Srinagar, with a total capacity of 2,211 beds. Its principal clinical specialties include cardiac sciences, oncology, neurosciences, gastro sciences, orthopaedics and sports injury, and renal sciences. The company serves patients through inpatient and outpatient services and aims to expand access to specialist healthcare in underserved markets.
Paras Healthcare plans to expand its hospital network with new facilities in Gurugram and Ludhiana. The proposed additions are expected to increase its total bed capacity to approximately 3,011 by March 2028. The IPO comprises a fresh issue of ₹500 crore and an OFS of ₹950 crore. A portion of the fresh issue proceeds is intended for repayment of borrowings, while the balance will be used for general corporate purposes.
Strengths
- Established hospital network: Paras Healthcare operates eight hospitals under the Paras Health brand across several cities in North India, Bihar and Jharkhand.
- Focus on specialist treatment: The company offers complex medical services in cardiac sciences, oncology, neurosciences, gastro sciences, orthopaedics and renal sciences.
- Existing bed capacity: Its reported capacity of 2,211 beds provides an established platform for treating patients across its network.
- Expansion opportunities: Planned hospitals in Gurugram and Ludhiana could increase capacity and broaden the company's reach.
- Revenue growth: Reported revenue from operations increased from approximately ₹1,129 crore in FY2024 to ₹1,606 crore in FY2026.
- Potential balance-sheet improvement: The proposed repayment of borrowings using fresh issue proceeds could reduce debt and related interest costs, depending on the final utilisation of funds.
Risks to Consider
- High capital requirements: Hospitals require substantial investment in buildings, medical equipment, technology, staffing and ongoing maintenance.
- Debt exposure: The company reported consolidated outstanding fund-based debt of approximately ₹888.9 crore as of June 2026. Debt repayment and interest costs remain important considerations.
- Expansion execution: New hospitals require approvals, recruitment, equipment installation and time to build patient volumes. Delays or cost overruns could affect returns.
- Regulatory and compliance requirements: Hospital operations are subject to healthcare regulations, licensing, clinical standards and other legal requirements.
- Dependence on specialist staff: The availability and retention of experienced doctors, nurses and other medical professionals can affect service delivery and costs.
- Competition: Paras Healthcare competes with established hospital groups, regional providers and other multi-specialty hospitals.
- Profitability fluctuations: The company's reported earnings have varied, including a loss in FY2025 followed by a profit in FY2026. Investors should examine the reasons for this change and the sustainability of future earnings.
- OFS component: A substantial portion of the issue is an offer for sale, meaning those proceeds go to selling shareholders rather than directly funding the company's operations.
Paras Healthcare Financials (₹ Cr)
Paras Healthcare reported revenue from operations of ₹1,129.04 crore in FY2024, ₹1,294.06 crore in FY2025 and ₹1,605.95 crore in FY2026. The company reported a net loss of ₹15.33 crore in FY2024 and ₹57.98 crore in FY2025, before returning to profitability with a reported PAT of ₹43.83 crore in FY2026. Its total assets stood at ₹2,071.14 crore and net worth at ₹394.94 crore as of March 31, 2026.
| Period | Revenue | PAT | Total Assets | Net Worth |
|---|---|---|---|---|
| FY2024 | 1,129.04 | -15.33 | 1,477.66 | 338.51 |
| FY2025 | 1,294.06 | -57.98 | 1,810.45 | 280.49 |
| FY2026 | 1,605.95 | 43.83 | 2,071.14 | 394.94 |
| Quarter ended June 2026 | 478.75 | 49.68 | 2,202.88 | 444.96 |
KPIs & Valuation
Paras Healthcare's FY2026 financial performance showed a recovery in profitability after losses in the previous two financial years. Reported FY2026 basic EPS was ₹4.34, net asset value was ₹39.11 per share, return on net worth was approximately 12.98%, and return on capital employed was 10.76%. These indicators should be evaluated alongside the company's borrowing levels and planned capital expenditure.
Objects of the Issue
Paras Healthcare's IPO comprises a fresh issue of ₹500 crore and an Offer for Sale of ₹950 crore. The company intends to use part of the net proceeds from the fresh issue to repay borrowings, with the remaining proceeds allocated to general corporate purposes. The OFS component allows existing shareholders to sell part of their holdings and does not represent fresh capital raised by the company. The reported objects of the fresh issue are:
- Repayment or prepayment of borrowings: Approximately ₹375 crore is intended for repayment or prepayment of certain borrowings.
- General corporate purposes: The remaining net proceeds will be used for general corporate requirements, within the limits specified in the final offer document.
Promoters, Lead Managers & Registrar
Paras Healthcare Limited is promoted by Dr. Dharminder Kumar Nagar, who founded and leads the hospital group. The reported book-running lead managers for the IPO are JM Financial Limited, BofA Securities India Limited and Nuvama Wealth Management Limited. MUFG Intime India Private Limited is identified as the registrar to the issue.
Promoters
Lead Managers (BRLM)
Registrar
| Name | MUFG Intime India Private Limited |
|---|---|
| Phone | +91 810 811 4949 |
| parashealthcare.ipo@in.mpms.mufg.com | |
| Website | https://www.in.mpms.mufg.com/ |
Paras Healthcare IPO Review
Paras Healthcare has an established presence in the hospital sector, operating eight hospitals with a reported capacity of 2,211 beds. Its focus on specialist and complex medical care, alongside its presence across multiple cities, provides a platform for continued growth. The proposed expansion in Gurugram and Ludhiana could increase capacity, but the benefits will depend on successful execution and the ability of new facilities to attract patients and reach sustainable utilisation levels.
The company's reported financial performance improved in FY2026, with revenue from operations reaching approximately ₹1,605.95 crore and profit after tax of ₹43.83 crore, following a reported loss in FY2025. The proposed use of ₹375 crore from the fresh issue for debt repayment may help reduce borrowings and financing costs. Investors should also review the company's operating cash flows, hospital-level profitability, debt obligations and the costs associated with planned expansion.
The IPO has a reported issue size of ₹1,450 crore and a price band of ₹660–₹693 per share. Its valuation should be considered alongside its recent earnings recovery, asset base, debt, expansion plans and listed hospital-sector peers. Investors should read the final RHP, assess the risks disclosed by the company and make decisions based on their financial goals and risk tolerance. This review is informational and does not constitute a definitive investment recommendation.
How to Apply
Investors can generally apply for Paras Healthcare IPO through the ASBA facility offered by participating banks or through a stockbroker's UPI-enabled IPO application facility, where available. The reported minimum application is 21 shares, requiring ₹14,553 at the upper price band of ₹693 per share. Applications should be submitted during the official subscription window and in accordance with the final issue terms.
Through UPI
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Log in to your stockbroker's app or website.
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Open the IPO section.
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Select Paras Healthcare IPO during the subscription period.
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Enter the number of lots you want to apply for.
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Select the permitted bid price. Retail investors may choose the cut-off option when available.
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Enter your valid UPI ID.
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Submit the IPO application.
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Open your UPI app when the mandate request arrives.
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Approve the mandate using your UPI PIN before the deadline.
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The application amount will be blocked in your bank account. If shares are allotted, the required amount will be debited; otherwise, the blocked amount will be released according to the applicable process.
Prospectus & Documents
Investors can refer to Paras Healthcare's official IPO documents for details about the issue structure, business operations, financial performance, risk factors, promoter holdings and proposed utilisation of funds. The company's investor-relations website provides access to the DRHP and other IPO-related documents. The final RHP and Prospectus should be linked to this page when their official URLs are available.
Last updated Oct 15, 2026.