The Paras Healthcare IPO opens on 21 October 2026 and closes on 23 October. The hospital chain has filed its red herring prospectus for a ₹1,450 crore issue, ₹500 crore fresh and ₹950 crore offer for sale. The price band is due on 15 October.
Paras Healthcare IPO key facts
| Item | Detail |
|---|---|
| Issue size | ₹1,450 crore |
| Fresh issue | ₹500 crore |
| Offer for sale | ₹950 crore |
| Anchor bidding | 19 October |
| Opens / closes | 21 October / 23 October |
| Listing | 28 October on NSE and BSE |
| Registrar | MUFG Intime India |
Dr Dharminder Kumar Nagar, the founder, will sell shares worth ₹300 crore. Commelina, an affiliate of Malaysian private equity firm Creador, will sell ₹650 crore. The RHP was filed with the Registrar of Companies on 14 October, as per Moneycontrol. Allotment is expected by 26 October.
Why is the issue smaller?
The draft papers refiled in June 2026 proposed ₹1,800 crore. SEBI cleared them in August. The final size is ₹350 crore lower. Moneycontrol does not give a reason.
Where the money goes
Only the fresh ₹500 crore reaches the company. Our record of the offer document shows ₹320.9 crore for repaying borrowings and ₹54.1 crore for a subsidiary that runs the Srinagar hospital, to repay its debt. That is ₹375 crore for debt in all. The rest is general corporate purposes. The OFS money goes to the selling shareholders.
What does the company earn?
Paras runs eight hospitals with 2,211 beds across North India, Bihar and Jharkhand. It plans 300 beds in Gurugram and 600 in Ludhiana.
| ₹ crore | FY2024 | FY2025 | FY2026 |
|---|---|---|---|
| Revenue | 1,129.04 | 1,294.06 | 1,605.95 |
| EBITDA | 154.41 | 156.46 | 335.58 |
| Profit after tax | -15.33 | -57.98 | 43.83 |
The company swung to a profit only in FY2026. Debt is a point to read closely. Total borrowing was ₹854.10 crore in March 2026 against a net worth of ₹394.94 crore. In the June 2026 quarter it reported a net profit of ₹49.6 crore on revenue of ₹470.3 crore.
What our data shows
At ₹1,450 crore this is the 21st largest of the 100 mainboard IPOs listed in 2026. Our grey market quote is ₹83 as of 15 October, before any price band exists, so it cannot yet be read as a percentage. GMP is an unofficial dealer quote. On the last 10 mainboard listings the final GMP was off by 11 percentage points on average. Its lead managers include JM Financial, whose 24 of 33 earlier listings on our records opened above the issue price. Overall, 66 of 100 mainboard listings in 2026 opened above issue.
What happens next
The price band, lot size and minimum investment come on 15 October, and we will update this post. Track the Paras Healthcare IPO page and the daily GMP page for changes.
