All eyes may be on the Jio blockbuster this week, but it is not the only mainboard IPO opening for subscription on October 21. Paras Healthcare, which runs hospitals under the Paras Health brand across North India, Bihar and Jharkhand, is set to raise Rs 1,450 crore through its initial public offering, giving investors a play on the fast-growing hospital sector.
The three-day issue will close on October 23, with anchor investor bidding on October 19. The shares are scheduled to list on the BSE and NSE on October 28, and the basis of allotment is expected on October 26.
The offer at a glance
- Issue size: Rs 1,450 crore, with a fresh issue of Rs 500 crore and an offer for sale of Rs 950 crore
- Price band: Rs 660 to Rs 693 per share, face value Rs 1
- Lot size: 21 shares, so the minimum retail investment is Rs 14,553 at the upper band
- Max retail bid: 13 lots or 273 shares, amounting to Rs 1,89,189
- Reservations: up to 75 percent for qualified institutional buyers, at least 15 percent for non-institutional investors and at least 10 percent for retail
- Book-running lead managers: JM Financial, BofA Securities India and Nuvama Wealth Management; registrar is MUFG Intime India
- Market capitalisation: around Rs 7,498 crore at the top of the price band
A leaner issue than planned
Paras Healthcare has trimmed its IPO from the Rs 1,800 crore it proposed in its draft papers. The cut comes entirely from the offer-for-sale portion, which means the company itself still gets the full Rs 500 crore fresh capital it was targeting.
The OFS will see promoter Dr Dharminder Kumar Nagar sell shares worth Rs 300 crore, while Commelina, an affiliate of Malaysian private equity firm Creador, will offload shares worth Rs 650 crore. Nagar currently holds a 72.8 percent stake in the company. Among other investors, Commelina holds 16.44 percent, 360 ONE owns 6.37 percent and Axis New Opportunities AIF holds 3.63 percent, with public shareholders owning the remaining 27.2 percent. The company refiled its draft papers in June 2026 and received SEBI’s clearance in August.
Where the money will go
The company plans to use the fresh proceeds mainly to repay or prepay borrowings, invest in its wholly owned subsidiary Plus Medicare Hospitals, which operates a hospital in Srinagar, and for general corporate purposes. Managing director Dharminder Kumar Nagar told the media that deleveraging the balance sheet is the priority, a move that would give the hospital chain more room to fund its expansion plans.
The business: eight hospitals, 2,211 beds
Incorporated in 1987, Paras Healthcare operates a clinical specialty-led hospital network across five states and one Union Territory. As of June 30, 2026, it ran eight hospitals with an aggregate capacity of 2,211 beds in Gurugram and Panchkula in Haryana, Patna and Darbhanga in Bihar, Kanpur in Uttar Pradesh, Udaipur in Rajasthan, Ranchi in Jharkhand and Srinagar in Jammu and Kashmir. The company is one of the largest healthcare providers in Bihar and Jharkhand in terms of bed capacity.
Its core specialties, cardiac sciences, oncology, neurosciences, gastro sciences, orthopaedics and renal sciences, contributed 75.3 percent of revenue in FY26. The expansion pipeline is ambitious: a 300-bed hospital in Gurugram and a 500-bed facility in Ludhiana are planned, which would take total capacity to 3,011 beds by March 2028.
A financial turnaround
The numbers show a company that has turned the corner. Paras Healthcare reported a profit of Rs 43.83 crore in FY26, compared with a loss of Rs 57.98 crore in FY25. Total income rose to Rs 1,628.78 crore from Rs 1,314.21 crore a year earlier.
That swing from loss to profit, combined with the specialty-led model and the expansion into tier-I cities, is likely to be the core of the company’s pitch to institutional investors in the anchor book on October 19.
FAQs
When does the Paras Healthcare IPO open?
The IPO opens on October 21, 2026 and closes on October 23. Anchor bidding takes place on October 19.
What is the Paras Healthcare IPO price band and minimum investment?
The price band is Rs 660 to Rs 693 per share. With a lot size of 21 shares, the minimum retail investment is Rs 14,553 at the upper band.
Who is selling shares in the Paras Healthcare IPO?
The Rs 950 crore offer for sale comes from promoter Dr Dharminder Kumar Nagar (Rs 300 crore worth) and Creador-affiliate Commelina (Rs 650 crore worth). The Rs 500 crore fresh issue goes to the company.
What will the IPO proceeds be used for?
Repaying borrowings, investing in the Srinagar subsidiary Plus Medicare Hospitals, and general corporate purposes.
When will Paras Healthcare shares list?
The allotment is expected on October 26 and the shares are tentatively scheduled to list on the BSE and NSE on October 28, 2026.
Disclaimer: This article is for information only and is not investment advice. Please read the red herring prospectus and consult a registered advisor before investing in any IPO.
