Last Updated: October 19, 2026 | Status: 🔴 Upcoming
Quick Summary: The Paras Healthcare public offer is a ₹1,450.00 crore book-built issue opening on October 21, 2026, and closing on October 23, 2026. The price band is set at ₹660–₹693 per share with a market lot of 21 shares. The company plans to list on both BSE and NSE on October 28, 2026.
The Paras Healthcare IPO has generated significant interest across institutional and retail desks as one of North India’s leading healthcare delivery networks prepares to tap public markets. Operating under the well-established "Paras Health" brand, the company is raising ₹1,450.00 crore through a combination of a fresh issue of ₹500.00 crore and an Offer for Sale (OFS) of ₹950.00 crore. This detailed review provides complete visibility on the issue price band, retail lot size, key dates, grey market premium trends, multi-specialty hospital operations, financials, and analyst recommendations.
📊 Key Details of the Issue
| Item | Detail |
|---|---|
| Company | Paras Healthcare Limited |
| Issue Size | ₹1,450.00 crore (2,09,23,520 Equity Shares) |
| Fresh Issue | ₹500.00 crore (72,15,007 Equity Shares) |
| Offer for Sale (OFS) | ₹950.00 crore (1,37,08,513 Equity Shares) |
| Price Band | ₹660 – ₹693 per share |
| Lot Size | 21 shares |
| Minimum Investment (Retail) | ₹14,553 (21 shares at upper band) |
| Face Value | ₹1 per share |
| Quota Allocation | QIB: 75% | NII (HNI): 15% | Retail: 10% |
| Subscription Window | October 21, 2026 – October 23, 2026 |
| Listing Date | October 28, 2026 |
| Listing Exchange | BSE & NSE (Mainboard) |
| Registrar | MUFG Intime India Pvt. Ltd. |
| Lead Managers | JM Financial, BofA Securities India, Nuvama Wealth Management |
📅 Important Dates to Remember
| Event | Date |
|---|---|
| RHP Filing | October 15, 2026 |
| Anchor Investor Bidding | October 19, 2026 (Today) |
| Bidding Opens | October 21, 2026 |
| Bidding Closes | October 23, 2026 (5:00 PM) |
| Basis of Allotment | October 26, 2026 |
| Refund Initiation | October 27, 2026 |
| Shares Credit to Demat | October 27, 2026 |
| Listing Day | October 28, 2026 |
💰 Subscription Status (Update Daily)
| Day | QIB (75%) | NII (15%) | Retail (10%) | Total |
|---|---|---|---|---|
| Day 1 (Oct 21, 2026) | Upcoming | Upcoming | Upcoming | -- |
| Day 2 (Oct 22, 2026) | Upcoming | Upcoming | Upcoming | -- |
| Day 3 (Oct 23, 2026) | Upcoming | Upcoming | Upcoming | -- |
| Final | -- | -- | -- | -- |
✅ Current Status: Anchor book allocation opened today, Monday, October 19, 2026. Public bidding begins on Wednesday, October 21, 2026. Exchange subscription figures will be updated here live during the bidding process.
📈 Grey Market Premium (GMP) Trend
| Date | GMP (₹) | Estimated Listing Price | Gain (%) |
|---|---|---|---|
| October 16, 2026 | ₹95 | ₹788 | 13.71% |
| October 17, 2026 | ₹96 | ₹789 | 13.85% |
| October 19, 2026 (Latest) | ₹75 | ₹768 | 10.82% |
⚠️ The grey market premium (GMP) is unofficial, unregulated, and indicative only. It is subject to market fluctuations and should not be used as the sole basis for investment decisions.
🏢 About the Company
Paras Healthcare Limited is one of the largest healthcare service providers in North India, Bihar, and Jharkhand. Founded by Dr. Dharminder Kumar Nagar, the company operates an established network of 8 multi-specialty hospitals with an operational capacity of over 2,211 beds across Gurugram, Patna, Panchkula, Srinagar, Kanpur, Udaipur, Ranchi, and Darbhanga under the "Paras Health" brand.
Key Highlights
- Dominant Regional Presence: Market leader in under-served Tier-2 and Tier-3 micro-markets across Northern and Eastern India, catering to high-density patient demand.
- High-Acuity Clinical Focus: Specializes in core CONGOR specialties (Cardiac Sciences, Oncology, Neuro Sciences, Gastroenterology, Orthopaedics, and Renal Sciences), which contribute nearly 75% of overall hospital revenue.
- Bed Expansion Pipeline: Plans to expand total bed capacity to 3,011 beds by FY28 through upcoming multi-specialty facilities in Gurugram (300 beds) and Ludhiana (500 beds).
📊 Financial Performance
| Metric | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue from Operations | ₹1,045 Cr | ₹1,215 Cr | ₹1,606 Cr |
| EBITDA | ₹190 Cr | ₹185 Cr | ₹336 Cr |
| PAT (Net Profit / Loss) | -₹15.33 Cr | -₹57.98 Cr | ₹43.83 Cr |
| EBITDA Margin | 18.18% | 15.23% | 20.60% |
| Net Margin | -1.47% | -4.77% | 2.69% |
| Debt/Equity Ratio | 2.85 | 3.40 | 3.53 |
| Return on Equity (ROE) | -4.1% | -18.7% | 12.98% |
🎯 Objects of the Issue
The net proceeds from the fresh capital component of ₹500.00 crore will be utilized towards the following objectives:
- Debt Repayment: Prepayment or repayment, in full or part, of certain outstanding borrowings availed by the company — ₹320.90 Cr
- Subsidiary Investment: Investment in wholly owned subsidiary PMHPL (which operates the Srinagar hospital) for prepayment of borrowings — ₹54.10 Cr
- Corporate Growth: General corporate purposes and strategic operational flexibility — ₹125.00 Cr
⚖️ Strengths & Risks
✅ Strengths
- Proven Turnaround & Margin Expansion: Strong operational recovery in FY26 as hospital occupancy touched 69.72%, driving EBITDA margins over 20% and turning bottom-line net profit positive.
- Significant De-leveraging Benefit: Deploying ₹375 crore toward debt repayment will directly lower interest finance expenses, aiding net margin expansion.
- Defensible Regional Moat: Deep penetration in high-demand, low-competition healthcare belts such as Bihar, Jharkhand, and Jammu & Kashmir.
⚠️ Risks
- Significant Offer for Sale (OFS): Out of the total ₹1,450 crore issue, ₹950 crore constitutes secondary share sale proceeds, meaning major capital goes to selling shareholders rather than company coffers.
- Thin Historical Profitability: While FY26 swung to a profit of ₹43.83 crore, the company incurred continuous net losses in FY24 and FY25 during new hospital gestation periods.
- Elevated Debt Profile: Consolidated borrowings stood at ₹1,393.86 crore as of March 2026, keeping the debt-to-equity ratio elevated at 3.53x prior to the issue.
🧑💼 What Analysts Are Saying
| Analyst / Firm | Recommendation | Rationale |
|---|---|---|
| Sushil Finance | Subscribe for Long Term | Turnaround evident in numbers, with EV/EBITDA of ~25x trading below listed peer averages and interest savings unlocking future cash flows. |
| Chola Securities | Subscribe (High Risk) | Solid regional brand power and doctor retention in Tier-2/3 belts, balanced against execution risk of upcoming Gurugram and Ludhiana expansions. |
| Univest Research | Neutral / Watchlist | Valuation looks fully priced based on historical trailing FY26 earnings, though recent quarterly momentum shows meaningful improvement. |
🏁 Listing Performance (Update After Listing)
| Exchange | Opening Price | Premium vs. Issue | Closing Price |
|---|---|---|---|
| NSE | Expected Oct 28 | -- | -- |
| BSE | Expected Oct 28 | -- | -- |
Verdict: Shares are set to list on secondary markets on Wednesday, October 28, 2026. Real-time listing performance and intraday trading range will update here following the debut bell.
❓ Frequently Asked Questions (FAQ)
Q1: What is the official price band of the Paras Healthcare IPO?
A: The price band is set at ₹660 to ₹693 per equity share with a face value of ₹1 each.
Q2: What is the minimum lot size and investment amount for retail investors?
A: The minimum lot size is 21 shares, requiring an upfront retail application outlay of ₹14,553 at the upper price band of ₹693.
Q3: What are the public subscription opening and closing dates?
A: The public bidding window opens on Wednesday, October 21, 2026, and closes on Friday, October 23, 2026, at 5:00 PM IST.
Q4: What is the latest Grey Market Premium (GMP) for Paras Healthcare IPO today?
A: The grey market premium (GMP) is quoting around +₹75, suggesting an estimated listing price of ₹768 per share (~10.82% expected listing gain).
Q5: What is the total issue size and structure of the Paras Healthcare IPO?
A: The issue totals ₹1,450.00 crore, comprising a fresh issue of ₹500.00 crore and an Offer for Sale (OFS) of ₹950.00 crore from existing shareholders.
Q6: How will the company utilize the fresh IPO proceeds?
A: Fresh capital will be utilized primarily to prepay ₹320.90 crore of company borrowings and ₹54.10 crore of borrowings in its Srinagar hospital subsidiary PMHPL, alongside general corporate purposes.
Q7: What is the quota reservation breakup across investor categories?
A: The issue allocates not more than 75% for Qualified Institutional Buyers (QIBs), not less than 15% for Non-Institutional Investors (NII/HNI), and not less than 10% for Retail Individual Investors.
Q8: How many hospitals does Paras Healthcare operate and what is their bed capacity?
A: The company operates 8 multi-specialty hospitals with over 2,211 beds across Gurugram, Patna, Panchkula, Srinagar, Kanpur, Udaipur, Ranchi, and Darbhanga.
Q9: What is the tentative allotment date and where can investors check their status?
A: The basis of allotment will be finalized on Monday, October 26, 2026. Investors can verify allotment status online via MUFG Intime India Pvt. Ltd. and exchange portals.
Q10: When will Paras Healthcare equity shares list on the stock exchanges?
A: The shares of Paras Healthcare Limited are scheduled to list on Wednesday, October 28, 2026, on both the BSE and NSE mainboard platforms.
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⚠️ Disclaimer: This article is for informational purposes only and does not constitute investment advice. Verify all information from official regulatory filings (RHP, NSE, BSE) before investing. Securities investments carry market risks.