The Paras Healthcare IPO closed on 23 October 2026 with an overall subscription of 2.23x, as per our tracker at 5:05 PM. The ₹1,450 crore issue drew its strongest demand from institutional buyers (QIBs). QIBs bid 3.09x, non-institutional investors 0.66x and retail investors 2x.
How each category bid
This is the final book across every investor category.
| Category | Times subscribed |
|---|---|
| QIB (institutional buyers) | 3.09x |
| NII (non-institutional), total | 0.66x |
| bNII (bids above ₹10 lakh) | 0.59x |
| sNII (bids of ₹2–10 lakh) | 0.8x |
| Retail | 2x |
| Total | 2.23x |
QIB means qualified institutional buyers, the big funds. NII means non-institutional investors, who bid more than ₹2 lakh. Within NII, bids above ₹10 lakh (bNII) came in at 0.59x and bids between ₹2 lakh and ₹10 lakh (sNII) at 0.8x. Employees: no employee quota.
What it means for retail applicants
With the retail portion booked 2x, roughly one retail application in 2 can expect a lot, because allotment is by lottery once a portion is oversubscribed. Allotment is by lottery once a portion is oversubscribed. One lot is 21 shares, so the minimum application at the upper band of ₹693 is ₹14,553.
What our data shows
The issue is the 24th largest of the 107 mainboard IPOs that have closed in 2026. The grey market cooled as bidding went on: our quote fell from ₹78 on 19 October to ₹7 on 23 October. The median final book this year is 20.1x, which is the yardstick for 2.23x. On the last 10 mainboard listings, the final GMP was off by 7.4 percentage points on average.
| Date | GMP | Over upper band |
|---|---|---|
| 19 October | ₹78 | 11.26% |
| 20 October | ₹50 | 7.22% |
| 21 October | ₹25 | 3.61% |
| 22 October | ₹13 | 1.88% |
| 23 October | ₹7 | 1.01% |
Our latest quote is ₹15 (2.16%). GMP is an unofficial dealer quote, not an exchange price.
The issue and the business
The issue is ₹500 crore fresh and ₹950 crore offer for sale, at ₹660–693 a share. Of the fresh money, ₹320.9 crore repays borrowings and ₹54.1 crore goes to a subsidiary that runs the Srinagar hospital, to repay its debt. The rest is general corporate purposes. Paras runs eight hospitals with 2,211 beds in Gurugram, Panchkula, Patna, Darbhanga and other cities. Revenue from operations was ₹1,605.95 crore in FY2026 against ₹1,294.06 crore in FY2025. Profit after tax was ₹43.83 crore, after losses of ₹57.98 crore in FY2025.
What happens next
Allotment is on 26 October, refunds and demat credit follow on 27 October, and shares list on BSE and NSE on 28 October. MUFG Intime India is the registrar. Track the Paras Healthcare IPO allotment status on our page, and see the opening-day story for the cut from ₹1,800 crore to ₹1,450 crore. Other open issues are on the live mainboard subscription table.
