Last updated: Mon, Oct 19, 2026, 7:46 PM IST
- IPO dates: Wed, Oct 21, 2026 to Fri, Oct 23, 2026
- Price band: ₹660 to ₹693 per share
- Lot size: 21 shares (₹14,553 at the upper band)
- Issue size: ₹1,522 crore
Paras Healthcare Ltd., a clinical specialty-led hospital platform providing tertiary and quaternary healthcare services, is raising ₹1,522 crore through its IPO, which opens on Wed, Oct 21, 2026 and closes on Fri, Oct 23, 2026 at a price band of ₹660 to ₹693 per share. Here is everything you need to know about the Paras Healthcare IPO.
Paras Healthcare IPO Details
| Field | Value |
|---|---|
| IPO date | Wed, Oct 21, 2026 to Fri, Oct 23, 2026 |
| Listing date | To be announced |
| Face value | ₹1 per share |
| Price band | ₹660 to ₹693 per share |
| Lot size | 21 shares |
| Total issue size | 2,09,23,520 shares (₹1,522 crore) |
| Listing at | NSE & BSE |
| Lead managers | JM Financial Ltd., BofA Securities India Ltd., Nuvama Wealth Management Ltd. |
| Registrar | MUFG Intime India Pvt Ltd. |
Paras Healthcare IPO Timeline
| Event | Date |
|---|---|
| Anchor bidding | Tue, Oct 20, 2026 (tentative) |
| IPO opens | Wed, Oct 21, 2026 |
| IPO closes | Fri, Oct 23, 2026 |
| UPI mandate cut-off | Fri, Oct 23, 2026, 5 PM |
| Basis of allotment | Mon, Oct 26, 2026 (tentative) |
| Refunds initiated | Tue, Oct 27, 2026 (tentative) |
| Shares credited to demat | Tue, Oct 27, 2026 (tentative) |
| Listing date | Wed, Oct 28, 2026 (tentative) |
Dates other than IPO open, close and listing follow SEBI’s standard T+3 listing schedule (T = the close date) and can shift for exchange holidays.
Paras Healthcare IPO Lot Size and Minimum Investment
| Application | Lots | Shares | Amount (₹, at upper band) |
|---|---|---|---|
| Retail (minimum) | 1 | 21 | 14,553 |
| Retail (maximum) | 13 | 273 | 1,89,189 |
| sNII (minimum) | 14 | 294 | 2,03,742 |
| sNII (maximum) | 68 | 1,428 | 9,89,604 |
| bNII (minimum) | 69 | 1,449 | 10,04,157 |
For example, at the upper price band of ₹693, one lot of 21 shares needs ₹14,553 (21 × ₹693). Retail investors can apply for up to 13 lots (₹1,89,189), within the ₹2 lakh retail limit.
About Paras Healthcare
Paras Healthcare Ltd. is a clinical specialty-led hospital platform providing tertiary and quaternary healthcare services. As per the DRHP, the company operates a network of eight hospitals with an aggregate capacity of 2,211 beds across North India, Bihar, and Jharkhand as of June 30, 2026. The company established its first hospital in Gurugram, Haryana in 2006 with a vision to provide accessible, high-quality healthcare services. It operates as a single business segment, Healthcare services, and earns revenue through three primary payor categories: self-pay, insurance and third party administrator, and government schemes and public sector undertakings.
The company designs its hospitals to deliver tertiary and quaternary care with deep clinical capabilities across CONGOR specialties. Its clinical model is anchored around experienced and nationally recognised doctors, supported by modern infrastructure and institutional clinical governance frameworks. The company also leverages digital technology to enhance clinical effectiveness and patient experience. The Managing Director, Dr. Dharminder Kumar Nagar, has pioneered the commissioning of all hospitals over the last 20 years, and the company is managed by a doctor-led professional management team with proven execution capabilities.
Paras Healthcare Financial Performance
| Metric | FY 2025-26 | FY 2024-25 | FY 2023-24 |
|---|---|---|---|
| Revenue from operations (₹ crore) | 1,605.95 | 1,294.06 | 1,129.04 |
| Total income (₹ crore) | 1,628.78 | 1,314.21 | 1,164.41 |
| Profit after tax (₹ crore) | 43.83 | -57.98 | -15.33 |
| Net worth (₹ crore) | 394.94 | 280.49 | 338.51 |
| Total borrowings (₹ crore) | 323.43 | 227.55 | 148.38 |
| EPS (₹) | 4.34 | -5.94 | -1.57 |
- Revenue from operations grew 14.6% in FY 2024-25 from ₹1,129.04 crore to ₹1,294.06 crore, followed by 24.1% growth in FY 2025-26 to ₹1,605.95 crore, indicating a consistent upward trend in top-line performance.
- Profit after tax fell 278.2% in FY 2024-25 to ₹-57.98 crore from ₹-15.33 crore in FY 2023-24, before recovering to ₹43.83 crore in FY 2025-26, reflecting significant volatility in bottom-line results.
- The PAT margin moved from -1.36% in FY 2023-24 to -4.48% in FY 2024-25, eventually reaching 2.73% in FY 2025-26, showing a shift from losses to profitability in the most recent fiscal year.
- Total borrowings rose from ₹227.55 crore to ₹323.43 crore in FY 2025-26, resulting in a debt-to-equity ratio of 0.82x, which highlights the company’s reliance on debt to fund its expansion and operations.
Paras Healthcare IPO Valuation and Key Ratios
| Metric | Value |
|---|---|
| Return on equity, FY 2025-26 (%) | 12.99 |
| Debt-to-equity, FY 2025-26 (x) | 0.82 |
| PAT margin, FY 2025-26 (%) | 2.73 |
The company reported a return on equity of 12.99% and a PAT margin of 2.73% for FY 2025-26, with a debt-to-equity ratio of 0.82x. The DRHP lists several listed peer companies for valuation comparison, including Aster DM Quality Care Limited, Apollo Hospitals Enterprise Limited, Fortis Healthcare Limited, Global Health Limited, Jupiter Lifeline Hospitals Limited, Krishna Institute of Medical Sciences Limited, Manipal Health Enterprises Limited, Max Healthcare Institute Limited, Narayana Hrudayalaya Limited, and Yatharth Hospital and Trauma Care Services Limited. For instance, Apollo Hospitals Enterprise Limited reported a return on net worth of 21.95%, while Narayana Hrudayalaya Limited reported 19.74% and Jupiter Lifeline Hospitals Limited reported 13.41%.
Promoters and Shareholding
Promoters: Dharminder Kumar Nagar.
| Holder | Pre-issue % | Post-issue % |
|---|---|---|
| Promoter & promoter group | 75.32% | — |
| Public | 24.68% | — |
The promoter of the company is Dharminder Kumar Nagar. Before the issue, the promoter and promoter group held 75.32% of the company, while the public held 24.68%. The IPO will change this structure as new shares are issued and existing shares are offered for sale.
Objects of the Issue
| Purpose | Amount (₹ crore) |
|---|---|
| Prepayment or scheduled re-payment of a portion of certain outstanding borrowings availed by our Com | 320.90 |
| Investment in our wholly owned Subsidiary, PMHPL (which also operates our hospital in Srinagar) | 54.10 |
The company intends to use ₹320.90 crore of the net proceeds for the prepayment or scheduled repayment of certain outstanding borrowings. Additionally, ₹54.10 crore will be invested in its wholly owned subsidiary, PMHPL, to support the repayment or prepayment of its borrowings. This allocation aims to reduce the company’s overall debt burden and interest costs.
Strengths and Risks
Strengths
- The company is one of the largest healthcare providers in North India, Bihar, and Jharkhand with 2,211 beds across eight hospitals as of June 30, 2026.
- It maintains a strong focus on tertiary and quaternary care with deep clinical capabilities across CONGOR specialties.
- The clinical model is supported by modern infrastructure and institutional clinical governance frameworks, with the Managing Director having pioneered the commissioning of all hospitals over 20 years.
- The company leverages digital technology to enhance clinical effectiveness and patient experience, managed by a doctor-led team.
Risks
- The top 10 suppliers accounted for 26.51% to 37.40% of total supplies and equipment in recent periods, indicating significant reliance on third-party vendors.
- There are outstanding litigations against the company, its subsidiaries, promoter, and directors, including criminal complaints alleging medical negligence and cheating.
- The company operates in a highly regulated industry subject to pricing norms like NPPA/DPCO and potential GST rate changes.
- Hospitals are susceptible to operational risks including fire, natural disasters like floods, and medical negligence claims.
Things Investors Should Know
- The minimum investment for retail investors is ₹14,553 for one lot of 21 shares at the upper price band.
- The IPO is managed by JM Financial Ltd., BofA Securities India Ltd., and Nuvama Wealth Management Ltd.
- The registrar for the issue is MUFG Intime India Pvt Ltd.
- There are criminal complaints filed against the promoter and various hospitals, though no disciplinary action has been taken by SEBI or stock exchanges in the last five years.
- Investors can track the issue through the ThePip IPO calendar.
- The issue consists of both a fresh issue and an offer for sale.
How to Check Paras Healthcare IPO Allotment Status
- Registrar: open the IPO allotment status page of MUFG Intime India Pvt Ltd. (https://in.mpms.mufg.com/), select Paras Healthcare, and enter your PAN, application number or DP/client ID.
- BSE: on bseindia.com, open the IPO allotment status page, choose “Equity”, select the issue name, and enter your application number and PAN.
- NSE: look up the issue on nseindia.com and use its application status option with your application number and PAN.
- Broker or UPI app: most brokers and UPI apps also show whether your application was allotted.
If you are not allotted shares, the amount blocked in your bank account through ASBA or your UPI mandate is released after the refund date. No money is debited.
Paras Healthcare IPO Listing Details
| Field | Value |
|---|---|
| Exchanges | NSE & BSE |
Paras Healthcare IPO FAQs
What is the Paras Healthcare IPO price band?
The Paras Healthcare IPO price band is set between ₹660 and ₹693 per share. Retail investors typically bid at the upper price band of ₹693 per share to increase their chances of allotment. The face value of each equity share is ₹1.
When does the Paras Healthcare IPO open and close?
The Paras Healthcare IPO is scheduled to open for subscription on Wed, Oct 21, 2026. The issue will remain open for three days and is set to close on Fri, Oct 23, 2026. Investors must ensure their UPI mandates are submitted by 5 PM on the closing date.
What is the Paras Healthcare IPO lot size and minimum investment?
The lot size for the Paras Healthcare IPO is 21 shares. This means you must apply for at least 21 shares or in multiples thereof. At the upper price band of ₹693 per share, the minimum investment required for one lot is ₹14,553.
What is the Paras Healthcare IPO allotment date and how do I check allotment status?
The tentative basis of allotment for the Paras Healthcare IPO is Mon, Oct 26, 2026. Once the allotment is finalized, you can check your status on the registrar’s website, MUFG Intime India Pvt Ltd., or through the portal of the stock exchanges where the shares will be listed.
Who are the promoters of Paras Healthcare and how much will they hold after the IPO?
The promoter of Paras Healthcare is Dharminder Kumar Nagar. Before the IPO, the promoter and promoter group held a 75.32% stake in the company. The post-issue shareholding pattern will be disclosed in the final documents once the subscription process is completed and the shares are allocated.
How will Paras Healthcare use the IPO money?
Paras Healthcare plans to use ₹320.90 crore from the fresh issue for the prepayment or scheduled repayment of certain outstanding borrowings. Additionally, ₹54.10 crore will be invested in its wholly owned subsidiary, PMHPL, to support the repayment or prepayment of its own borrowings.
Who is the registrar and lead manager of the Paras Healthcare IPO?
The registrar for the Paras Healthcare IPO is MUFG Intime India Pvt Ltd. The lead managers appointed for the issue are JM Financial Ltd., BofA Securities India Ltd., and Nuvama Wealth Management Ltd. These entities are responsible for managing the IPO process and ensuring regulatory compliance.
Is the Paras Healthcare IPO a fresh issue or an offer for sale?
The Paras Healthcare IPO consists of both a fresh issue and an offer for sale. The fresh issue involves the company creating new shares to raise capital, while the offer for sale allows existing shareholders to sell their stakes. The proceeds from the fresh issue go to the company.
What are the key risks of the Paras Healthcare IPO?
Key risks include reliance on third-party suppliers, with the top 10 suppliers accounting for up to 37.40% of supplies. The company also faces outstanding litigation, including criminal complaints against the promoter, and is subject to strict healthcare regulations and operational risks like fire or medical negligence claims.
This article is for information only and is not investment advice. Business, risk and litigation details are as per the company’s DRHP; issue, financial and exchange data are from ThePip’s IPO database as of Mon, Oct 19, 2026, 7:46 PM IST. IPO investments are subject to market risks; read the offer document carefully before investing.