Paras Healthcare IPO is a ₹1,450 crore book-built issue scheduled to open for subscription on October 21, 2026, and close on October 23, 2026. The IPO comprises a fresh issue of ₹500 crore and an offer for sale (OFS) of ₹950 crore. The price band is ₹660–₹693 per share, with a face value of ₹1 per equity share.
Retail investors can apply for a minimum of 21 shares, requiring an investment of ₹14,553 at the upper price band. The tentative listing date is October 28, 2026, on BSE and NSE.
Paras Healthcare operates a network of hospitals across North India, Bihar and Jharkhand. The company reported an aggregate capacity of 2,135 beds as of March 31, 2024, and operates hospitals under the Paras Health brand. Investors may evaluate the IPO by examining its hospital network, financial performance, debt levels, valuation, issue objectives and industry outlook.
The dates are tentative and subject to change. Investors should check the final offer documents and exchange announcements for confirmed dates.
Paras Healthcare IPO GMP Today
As of October 15, 2026, the supplied grey market data reports a GMP of ₹120 per share. At the upper price band of ₹693, this implies an estimated listing price of ₹813 per share.
At the reported GMP, the estimated gain for one lot of 21 shares would be ₹2,520 before charges and taxes, assuming a listing price equal to the estimate.
GMP disclaimer: Grey market premium is unofficial, unregulated and subject to change. It does not guarantee the listing price or investment returns. Investors should not make decisions based on GMP alone.
Paras Healthcare IPO Subscription Status
The IPO is scheduled to open on October 21, 2026. Therefore, live subscription data is not available yet as of October 15, 2026.
Investor Category
Subscription Status
Qualified Institutional Buyers (QIB)
To be updated after bidding opens
Non-Institutional Investors (NII)
To be updated after bidding opens
Retail Individual Investors
To be updated after bidding opens
Overall Subscription
Not available yet
Subscription figures should be updated during the bidding period using official exchange data.
Paras Healthcare IPO Day-wise Subscription Trend
The day-wise subscription trend will be available after bidding begins.
IPO Day
Date
Subscription Status
Day 1
October 21, 2026
To be updated
Day 2
October 22, 2026
To be updated
Day 3
October 23, 2026
To be updated
Category-wise subscription can help investors understand demand from retail investors, non-institutional investors and institutional buyers. However, subscription levels alone do not establish the company's long-term investment potential.
Paras Healthcare IPO Current Subscription Data
Current status: Subscription not open yet.
Category
Shares Offered
Shares Bid
Bid Amount (₹ Cr.)
QIB
To be Updated
To be Updated
To be Updated
NII
To be Updated
To be Updated
To be Updated
• Small NII
To be Updated
To be Updated
To be Updated
• Big NII
To be Updated
To be Updated
To be Updated
Retail
To be Updated
To be Updated
To be Updated
Emp.
To be Updated
To be Updated
To be Updated
Total
To be Updated
To be Updated
To be Updated
Applications are expected to be accepted from October 21 to October 23, 2026. Live subscription data, including category-wise demand and the overall subscription multiple, should be added once bidding starts.
Paras Healthcare IPO Lot Size
The minimum application is 21 shares, and applications must be made in multiples of the lot size. The following amounts are calculated using the upper price band of ₹693 per share.
Investor Category
Lots
Shares
Investment Amount
Retail Minimum
1
21
₹14,553
Retail Maximum
13
273.00
₹1,89,189
Small HNI Minimum
14
294
₹2,03,742
Small HNI Maximum
68
1,428.00
₹9,89,604
Big HNI Minimum
69
1,449
₹10,04,157
Actual allotment depends on the final subscription and allotment process. Applying for shares does not guarantee an allotment.
Paras Healthcare IPO Reservation
Investor Category
Reservation
Qualified Institutional Buyers (QIB)
Not more than 75% of the net offer
Retail Individual Investors
Not less than 10% of the offer
Non-Institutional Investors (NII)
Not less than 15% of the offer
The final allocation should be verified against the Red Herring Prospectus (RHP), including the treatment of any permitted sub-categories.
About Paras Healthcare Limited
Paras Healthcare Limited, operating under the Paras Health brand, was incorporated in 1987 and provides hospital-based healthcare services across North India and eastern Indian markets.
As of March 31, 2024, the company had an aggregate capacity of 2,135 beds. Based on the supplied company information, this made it the fifth-largest healthcare provider by bed capacity among its peers in the specified regions at that time.
The company operates eight hospitals located in Gurugram and Panchkula in Haryana; Patna and Darbhanga in Bihar; Kanpur in Uttar Pradesh; Udaipur in Rajasthan; Ranchi in Jharkhand; and Srinagar in the Union Territory of Jammu and Kashmir.
Paras Healthcare expanded its bed capacity from 1,250 beds in March 2022 to 2,135 beds in March 2024. Its medical team comprised 1,091 doctors and 1,509 nurses across its hospitals as of March 31, 2024, according to the supplied information.
Business Model and Operations
Paras Healthcare operates through a network of multi-speciality hospitals that provide medical consultations, diagnostics, inpatient care, surgical procedures and other healthcare services. Its hospital-based business model depends on factors such as bed occupancy, patient volumes, clinical expertise, medical infrastructure, payer mix and the ability to attract experienced doctors. Expansion of existing hospitals and the development of additional capacity can support revenue growth, but may also require substantial capital expenditure. Geographic Presence
The company's presence across multiple cities gives it access to regional healthcare markets where demand for organised hospital services may increase. Its network includes both established urban centres and markets where the availability of specialised healthcare services can be an important factor for patients. Geographic expansion can diversify revenue sources, but hospital operators must also manage local competition, staffing requirements, equipment costs and regulatory obligations.
Paras Healthcare IPO Objectives
The IPO comprises a fresh issue of ₹500 crore and an offer for sale of ₹950 crore. According to the supplied issue details, the company intends to use the net proceeds from the fresh issue primarily for debt repayment and general corporate purposes.
Issue Objective
Estimated Amount
Repayment or prepayment of certain company borrowings
₹320.90 crore
Investment in wholly owned subsidiary PMHPL for repayment or prepayment of its borrowings
₹54.10 crore
General Corporate Purposes
Balance of the fresh issue proceeds, subject to the final offer documents
Total Fresh Issue
₹500 crore
Offer for Sale
₹950 crore
Total IPO Size
₹1,450 crore
The two specified debt-related allocations total ₹375 crore. The remaining amount from the fresh issue is expected to cover general corporate purposes and any other permitted allocation specified in the final offer documents.
Paras Healthcare IPO Financial Performance
The following restated consolidated figures are in ₹ crore. Particulars
Particulars
June 30, 2026
FY2026
FY2025
FY2024
Total Assets
2,202.88
2,071.14
1,810.45
1,477.66
Total Income
478.75
1,629
1,314.21
1,151.02
Profit After Tax
49.68
43.83
-57.98
-15.33
EBITDA
113.48
336
156.46
154.41
Net Worth
444.96
394.94
280.49
338.51
Reserves and Surplus
434.86
385
270.73
328.75
Total Borrowings
1,429.49
1,393.86
1,232.12
923.92
Note: June 30, 2026 figures cover a three-month period, while FY2026, FY2025 and FY2024 figures cover full financial years. They should not be compared directly without accounting for the different reporting periods.
Paras Healthcare IPO Key Performance Indicators
KPI
June 30, 2026
March 31, 2026
Return on Equity (ROE)
11.83%
12.98%
Return on Capital Employed (ROCE)
4.23%
10.76%
Debt / Equity
3.21*
3.53*
Return on Net Worth (RoNW)
11.83%
12.98%
PAT Margin
10.38%
2.69%
EBITDA Margin
23.70%
20.60%
Price-to-Book Value
15.73x
17.72x
The source labels the Debt/Equity values as percentages. Confirm whether these are ratios expressed in times or percentages before publishing.
Paras Healthcare IPO Valuation
Metric
Pre-IPO
Post-IPO
EPS (₹)
4.34
18.37
P/E Ratio
159.68x
37.72x
Promoter Holding
72.80%
0.00%
Market Capitalisation
₹7,498.34 crore
To be confirmed
The supplied valuation data contains inconsistencies that require verification. In particular, the reported pre-IPO and post-IPO EPS figures do not align intuitively with the corresponding P/E figures, and the post-IPO promoter holding is shown as 0%.
Before publishing a valuation conclusion, verify the EPS basis, post-issue share count, promoter classification and post-issue ownership from the RHP. The P/E ratio should be calculated using a consistent earnings period and the relevant issue price.
Paras Healthcare IPO Promoter Holding
The supplied promoter name is Dharminder Kumar Nagar. The IPO data reports promoter holding of 72.80% before the issue and 0.00% after the issue.
A post-IPO promoter holding of zero is a significant claim and should be verified carefully against the RHP. It may reflect a data-entry issue or a specific ownership classification in the source.
Investors should check the final shareholding pattern, identify all selling shareholders and review the promoter group's remaining ownership and applicable lock-in requirements before relying on these figures.
Paras Healthcare IPO Peer Comparison
Company
Basic EPS (₹)
Diluted EPS (₹)
NAV (₹)
P/E
RoNW
Yatharth Hospital and Trauma Care Services
18.20
18.20
184.79
55.16x
10.36%
Narayana Hrudayalaya
39.67
40
222.02
43.41x
19.74%
Max Healthcare Institute
14.83
14.76
109.53
62.10x
14.33%
Manipal Health Enterprises
7.71
7.67
63.26
87.00x
12.37%
Krishna Institute of Medical Sciences
6.03
6.03
56.17
116.41x
11.01%
Jupiter Lifeline Hospitals
5.92
6
47.10
42.92x
13.41%
Global Health
20.71
20.66
147.06
64.46x
15.15%
Fortis Healthcare
13.8
13.8
131.07
55.43x
11.08%
Apollo Hospitals Enterprise
135.04
134.94
657.58
59.36x
21.95%
Aster DM Quality Care
7.53
7.52
88.32
91.89x
9.70%
Paras Healthcare
4.34
4.34
39.11
Not provided
12.98%
Peer figures are reproduced from the supplied source and should be checked for consistent reporting periods and valuation dates.
Competitive Strengths of Paras Healthcare
Established hospital network: The company operates eight hospitals across several cities, providing a presence in multiple regional healthcare markets.
Growing bed capacity: Reported bed capacity expanded from 1,250 in March 2022 to 2,135 in March 2024.
Improving annual income: Total income rose by approximately 23.9% between FY2025 and FY2026, based on the supplied financial figures.
Recovery in reported profitability: The company moved from a PAT loss in FY2025 to a reported profit in FY2026.
Use of fresh proceeds for debt repayment: The proposed allocation toward repayment of company and subsidiary borrowings may support financial flexibility, subject to the final issue terms and actual use of funds.
Risks Investors Should Consider
High borrowings: The company reported borrowings of ₹1,393.86 crore at March 31, 2026. Debt servicing and future capital requirements warrant close attention.
Historical losses: The company reported PAT losses in FY2024 and FY2025 before returning to a profit in FY2026. Investors should assess whether the improvement is sustainable.
Capital-intensive operations: Hospitals require investment in buildings, medical equipment, staffing, technology and regulatory compliance.
Expansion and execution risk: Adding beds and entering new markets can take time to reach target occupancy and profitability.
Valuation data requires confirmation: The supplied EPS, P/E and promoter-holding figures contain inconsistencies. These should be verified before drawing conclusions about the IPO's valuation.
Healthcare regulation and staffing: Hospital operations depend on regulatory compliance, quality standards, experienced doctors, nurses and other healthcare professionals.
Offer-for-sale component: ₹950 crore of the issue is an OFS. Proceeds from this portion go to selling shareholders rather than the company.
Should You Invest in Paras Healthcare IPO?
Paras Healthcare offers exposure to the organised hospital sector through a network of hospitals across several regional markets. Its FY2026 income growth and return to reported profitability may attract investor attention. The proposed use of fresh issue proceeds for debt repayment could also be relevant to the company's balance sheet.
However, the business remains capital-intensive, borrowings are substantial, and the company reported losses in the previous two financial years. The supplied valuation and promoter-holding figures also require confirmation before an informed assessment can be made.
As of October 15, 2026, the supplied grey market data reports a GMP of ₹120 per share. At the upper price band of ₹693, this implies an estimated listing price of ₹813 per share.
Paras Healthcare IPO Allotment Status
The tentative allotment date is October 26, 2026. Once allotment information becomes available, investors can check the status through the registrar's official IPO allotment service.
Paras Healthcare IPO is a ₹1,450 crore book-built issue comprising a ₹500 crore fresh issue and a ₹950 crore offer for sale. The IPO is scheduled to open from October 21 to October 23, 2026, at a price band of ₹660–₹693 per share.
The minimum retail application is 21 shares, requiring ₹14,553 at the upper price band. The company operates a network of eight hospitals and reported total income of ₹1,628.78 crore and PAT of ₹43.83 crore for FY2026 in the supplied figures.
The supplied data reports a GMP of ₹120 as of October 15, 2026. At the upper price band, this implies an estimated listing price of ₹813. GMP is unofficial and does not guarantee listing performance.
Investors should consider its hospital network, recent financial improvement, borrowings, valuation and the proposed use of issue proceeds while reviewing the offer documents before making an investment decision.
Frequently Asked Questions (FAQs)
1. When will Paras Healthcare IPO open?
The IPO is scheduled to open on October 21, 2026, and close on October 23, 2026.
2. What is the price band of Paras Healthcare IPO?
The price band is ₹660–₹693 per share.
3. What is the minimum investment required for Paras Healthcare IPO?
The minimum retail application is one lot of 21 shares, requiring ₹14,553 at the upper price band of ₹693.
4. What is the total 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.
5. What is the latest GMP of Paras Healthcare IPO?
The supplied data reports a GMP of ₹120 as of October 15, 2026. At the upper price band, this implies an estimated listing price of ₹813. GMP is unofficial and does not guarantee listing performance.
6. What is the expected listing date of Paras Healthcare IPO?
The tentative listing date is October 28, 2026, on BSE and NSE.
7. Who is the registrar of Paras Healthcare IPO?
MUFG Intime India Pvt. Ltd. is the listed registrar for the IPO.
8. How will Paras Healthcare use the fresh issue proceeds?
The supplied objectives include ₹320.90 crore for repayment or prepayment of certain company borrowings and ₹54.10 crore for investment in its wholly owned subsidiary PMHPL to repay or prepay borrowings. The remaining allocation should be confirmed from the final offer documents.
9. Is Paras Healthcare IPO entirely an offer for sale?
No. The issue comprises a ₹500 crore fresh issue and a ₹950 crore OFS. The fresh issue raises capital for the company, while the OFS proceeds go to selling shareholders.
Disclaimer: This article is for informational and educational purposes only and should not be considered investment advice. IPO dates, financial data, valuation figures, promoter holdings and GMP may change or require confirmation from the final offer documents. Investors should conduct independent research and consult a qualified financial adviser if needed before making investment decisions.
Author: Komal Bhatt
Komal Bhatt is a finance content writer at InvestKraft, specialising in well-researched articles on financial products, stock markets, and investment opportunities, with a particular focus on unlisted shares.
She holds a Master’s degree in Commerce from the University of Delhi, which gives her a solid academic foundation in finance and business. With over three years of hands-on experience in creating digital finance content, Komal has developed a clear understanding of investor needs through her work on wealth management, NISM certification programs, and market education materials.
Komal is passionate when it comes to breaking down complex financial concepts into simple, accurate and actionable insights. Her goal is to help everyday investors understand markets better and make more informed decisions based on reliable, research-backed information.
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