Paras Healthcare IPO
Bookbuilding IPO | ₹1,450.00 Cr | Listing at BSE, NSE
Closed
IPO Open
Wed, Oct 21, 2026
IPO Close
Fri, Oct 23, 2026
Price Band
₹660.00 to ₹693.00
Market Cap (Pre-IPO)
₹7,498.34 Cr
IPO Details
| IPO Date | Oct 21, 2026 to Oct 23, 2026 |
| Listing Date | Tentative: Oct 28, 2026 |
| Face Value | ₹1.00 per share |
| Price Band | ₹660.00 to ₹693.00 |
| Lot Size | 21 Shares (Minimum: ₹14,553.00) |
| Sale Type | Offer For Sale + Fresh Issue |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Issue Size | ₹1,450.00 Crores |
| Total Shares Offered | 20,923,520 shares |
| Fresh Issue | 7,215,007 shares |
| Offer For Sale | 13,708,513 shares |
Paras Healthcare IPO Reservation
| Investor Category | Shares Offered |
|---|---|
| QIB Shares Offered | Not more than 75% of the Net Offer |
| Retail Shares Offered | Not less than 10% of the Offer |
| NII Shares Offered | Not less than 15% of the Offer |
Paras Healthcare IPO Lot Size
Investors can bid for a minimum of 21 shares and in multiples thereof.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 21 | ₹14,553 |
| Retail (Max) | 13 | 273 | ₹189,189 |
| S-HNI (Min) | 14 | 294 | ₹203,742 |
| S-HNI (Max) | 68 | 1,428 | ₹989,604 |
| B-HNI (Min) | 69 | 1,449 | ₹1,004,157 |
Paras Healthcare Financial Information (Restated Consolidated)
Paras Healthcare Ltd.'s revenue increased by 24% and profit after tax (PAT) rose by 176% between the financial year ending with March 31, 2026 and March 31, 2025.
| Period Ended | 30 Jun 2026 | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|---|
| Assets | 2,202.88 | 2,071.14 | 1,810.45 | 1,477.66 |
| Total Income | 478.75 | 1,628.78 | 1,314.21 | 1,151.02 |
| Profit After Tax | 49.68 | 43.83 | -57.98 | -15.33 |
| EBITDA | 113.48 | 335.58 | 156.46 | 154.41 |
| NET Worth | 444.96 | 394.94 | 280.49 | 338.51 |
| Reserves and Surplus | 434.86 | 384.84 | 270.73 | 328.75 |
| Total Borrowing | 1,429.49 | 1,393.86 | 1,232.12 | 923.92 |
Amount in ₹ Cr
Key Performance Indicators
As of Tuesday, March 31, 2026| KPI | Values |
|---|---|
| ROE (Return on Equity) | 12.98% |
| ROCE (Return on Capital Employed) | 10.76% |
| Debt/Equity | 3.53 |
| RoNW (Return on Net Worth) | 12.98% |
| PAT Margin (Profit After Tax Margin) | 2.69% |
| EBITDA Margin | 20.60% |
| Price to Book Value | 17.72 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS Rs | 4.34 | 18.37 |
| P/E (x) | 159.68 | 37.72 |
Company Overview
Paras Healthcare Limited – Company Overview
- Incorporated in 1987, Paras Healthcare Limited is a clinical specialty-led hospital platform providing tertiary and quaternary healthcare services across North India, Bihar and Jharkhand under the “Paras Health” brand.
- As of June 30, 2026, the Company operated eight hospitals with an aggregate bed capacity of 2,211 beds across Gurugram, Panchkula, Patna, Darbhanga, Kanpur, Udaipur, Ranchi and Srinagar.
- The Company specialises in cardiac sciences, oncology, neurosciences, gastro sciences, orthopedics and sports injury, and renal sciences, collectively referred to as CONGOR specialties, which contributed 75.30% of revenue in Fiscal 2026.
- Paras Healthcare has over 20 years of operating history and follows a balanced growth strategy through mature, emerging and new hospitals.
- The Company plans to expand its hospital network by developing a 300-bed hospital in Gurugram and a 500-bed hospital in Ludhiana, increasing its total bed capacity to 3,011 beds by March 2028.
- As of March 31, 2026, the Company had 4,670 employees, including 1,084 doctors and 1,937 nurses.
Company Strengths
- Leading healthcare provider in North India, Bihar, and Jharkhand.
- Network of 8 hospitals with 2,211-bed capacity.
- Strong Paras Health brand with over 20 years of experience.
- Focus on high-acuity CONGOR specialties.
- Balanced portfolio of mature, emerging, and new hospitals.
- Strong occupancy growth and operational efficiency.
- Experienced workforce of 1,011 doctors and 1,665 nurses.
- Expansion pipeline to reach 3,011 beds by FY28.
- Advanced clinical infrastructure and standardized care protocols.
Use of Proceeds
| 1) | Prepayment or scheduled re-payment, in full or part, of certain outstanding borrowings availed by Company | 320.90 |
| 2) | Investment in our wholly owned Subsidiary, PMHPL (which also operates hospital in Srinagar), for repayment/prepayment of borrowings, in full or part, of PMHPL | 54.10 |
| 3) | General Corporate Purposes | |
| Total | 375.00 |
Objectives
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:
Paras Healthcare IPO Peer Comparison
| Company Name | EPS (Basic) | EPS (Diluted) | NAV (per share) (Rs) | P/E (x) | RoNW (%) | P/BV Ratio | Financial statements |
|---|---|---|---|---|---|---|---|
| Paras Healthcare Ltd. | 4.34 | 4.34 | 39.11 | - | 12.98 | - | Consolidated |
| Aster DM Quality Care Ltd. | 7.53 | 7.52 | 88.32 | 91.89 | 9.70 | 7.85 | Consolidated |
| Apollo Hospitals Enterprise Ltd. | 135.04 | 134.94 | 657.58 | 59.36 | 21.95 | 12.19 | Consolidated |
| Fortis Healthcare Ltd. | 13.80 | 13.80 | 131.07 | 55.43 | 11.08 | 5.84 | Consolidated |
| Global Health Ltd. | 20.71 | 20.66 | 147.06 | 64.46 | 15.15 | 9.05 | Consolidated |
| Jupiter Lifeline Hospitals Ltd. | 5.92 | 5.92 | 47.10 | 42.92 | 13.41 | 5.40 | Consolidated |
| Krishna Institute of Medical Sciences Ltd. | 6.03 | 6.03 | 56.17 | 116.41 | 11.01 | 12.52 | Consolidated |
| Manipal Health Enterprises Ltd. | 7.71 | 7.67 | 63.26 | 87.00 | 12.37 | 10.59 | Consolidated |
| Max Healthcare Institute Ltd. | 14.83 | 14.76 | 109.53 | 62.10 | 14.33 | 8.40 | Consolidated |
| Narayana Hrudayalaya Ltd. | 39.67 | 39.67 | 222.02 | 43.41 | 19.74 | 7.75 | Consolidated |
| Yatharth Hospital and Trauma Care Services Ltd. | 18.20 | 18.20 | 184.79 | 55.16 | 10.36 | 5.45 | Consolidated |
Quick Info
| Sector | healthcare services industry and the hospital |
| Exchange | BSE, NSE |
| Market Cap (Pre-IPO) | ₹7,498.34 Cr |
Important Dates
| IPO Open | Oct 21, 2026 |
| IPO Close | Oct 23, 2026 |
| Allotment Date | Oct 26, 2026 |
| Credit to Demat | Oct 27, 2026 |
| Listing Date | Tentative: Oct 28, 2026 |
Lead Manager(s)
JM Financial Ltd.
Registrar
Description
- IPO Type: Book build issue aggregating to ₹1,450.00 crores.
- Issue Structure: The issue is a combination of a fresh issue of 72.15 lakh shares aggregating to ₹500.00 crores and an offer for sale of 1.37 crore shares aggregating to ₹950.00 crores.
- IPO Dates: The issue opens for subscription on October 21, 2026 and closes on October 23, 2026.
- Allotment Date: The allotment is expected to be finalized on October 26, 2026.
- Listing Details: The shares are proposed to be listed on NSE and BSE on October 28, 2026.
- Retail Investment Requirement: Minimum 1 lot (21 shares) amounting to approximately ₹14,553 at the upper price band.
- Issue Price Band: ₹660 to ₹693 per equity share.
- Lot Size: 21 shares per lot.
This IPO offers investors an opportunity to participate in the company through a combination of a fresh issue of shares and an offer for sale by existing shareholders.