Paras Healthcare sets Rs 660-693 band for Rs 1,450 crore IPO
Paras Healthcare's Rs 1,450 crore IPO, a Rs 500 crore fresh issue plus Rs 950 crore offer for sale, is priced at Rs 660-693 a share and runs October 21-23, per the RHP.
The Development
Paras Healthcare Limited, the Gurugram-headquartered operator of the "Paras Health" hospital network, has set a price band of Rs 660 to Rs 693 per equity share for its initial public offering, per NSE's public-issue data. The issue aggregates up to Rs 14,500 million (Rs 1,450 crore) and opens for bidding on Wednesday, October 21, 2026, closing on Friday, October 23, 2026. The anchor investor bidding date is Monday, October 19, 2026.
The terms rest on the red herring prospectus dated October 14, 2026, which SEBI posted to its public-issues filings on October 15, 2026, together with the abridged prospectus. The RHP is the legally operative offer document at this stage of the pipeline; the final offer price will be fixed within the band through the book-building process and recorded in the prospectus filed with the Registrar of Companies.
The band was first reported by The Economic Times. The equity shares are proposed to be listed on both the NSE and BSE, with NSE as the designated stock exchange.
The Company
Per the abridged prospectus, Paras Healthcare describes itself as "a clinical specialty-led hospital platform providing tertiary and quaternary healthcare services". The company discloses a network of eight hospitals with an aggregate bed capacity of 2,211 beds as of June 30, 2026, including 559 ICU beds, with 1,084 doctors and 1,937 nurses. The hospitals are in Gurugram and Panchkula (Haryana), Patna and Darbhanga (Bihar), Kanpur (Uttar Pradesh), Udaipur (Rajasthan), Ranchi (Jharkhand) and Srinagar (Jammu and Kashmir). The company reports "Healthcare services" as a single business segment.
The offer document states that the CONGOR specialties (cardiac, oncology, neuro, gastro, orthopaedics and sports injury, and renal sciences) accounted for 74.35% of revenue from operations in the three months ended June 30, 2026. Per the restated consolidated financial information, revenue from operations was Rs 16,059.52 million in Fiscal 2026, against Rs 12,940.63 million in Fiscal 2025 and Rs 11,290.39 million in Fiscal 2024. The company reported a restated profit after tax of Rs 438.34 million in Fiscal 2026, after losses of Rs 579.83 million in Fiscal 2025 and Rs 153.31 million in Fiscal 2024. For the three months ended June 30, 2026, revenue from operations was Rs 4,702.78 million and profit after tax was Rs 496.82 million.
Total borrowings stood at Rs 8,888.93 million as of June 30, 2026, per the RHP summary, with a disclosed debt-to-equity ratio of 3.21 times. The promoter is Dr. Dharminder Kumar Nagar, the Managing Director, who holds 72.80% of the pre-offer equity capital, per the offer document.
The Offer Structure
The offer combines a fresh issue of up to Rs 5,000 million with an offer for sale of up to Rs 9,500 million. Per the RHP, the selling shareholders are the promoter, Dr. Dharminder Kumar Nagar, offering shares aggregating up to Rs 3,000 million, and investor shareholder Commelina Ltd, offering up to Rs 6,500 million. The offer-for-sale proceeds go to the selling shareholders, not to the company.
Per NSE's issue information, the bid lot is 21 equity shares and multiples thereof, with a face value of Re 1 per share. At the upper end of the band, one lot amounts to Rs 14,553 (21 x Rs 693). The book-running lead managers are JM Financial Limited, BofA Securities India Limited and Nuvama Wealth Management Limited; the registrar is MUFG Intime India Private Limited (formerly Link Intime India Private Limited).
The stated objects of the fresh issue are prepayment or repayment of certain outstanding borrowings of the company (Rs 3,209.00 million), investment of Rs 541.00 million in its wholly owned subsidiary PMHPL, which operates the Srinagar hospital, for repayment of that subsidiary's borrowings, and general corporate purposes. Readers working through the arithmetic of an allotment can use Oquilia's lumpsum calculator; earlier primary-market coverage is on the /news desk.
Risk Factors
The RHP's risk-factors section begins on page 21, and the abridged prospectus reproduces the top ten internal risks. Among them, the company discloses that it incurred consolidated losses in Fiscals 2025 and 2024 and in the three months ended June 30, 2025, and states that it "cannot assure you" it will remain profitable. It also discloses that two subsidiaries, Paras Healthcare (Ranchi) Private Limited and Plus Medicare Hospitals Private Limited, collectively incurred a loss of Rs 520.89 million in Fiscal 2026.
The RHP lists attrition among doctors, nurses and support staff, at 60.38% in Fiscal 2026, and concentration in North India, where five of the eight hospitals generated 66.07% of Fiscal 2026 revenue from operations. The company further discloses that six of its eight hospitals operate on leased premises, with one run under a public-private partnership arrangement.
The offer document also states that contingent liabilities as of June 30, 2026 constituted 89.55% of net worth, and that the name of one member of the promoter group appears in the CIBIL wilful defaulter database. Outstanding litigation involving the company, its subsidiaries, promoter and directors is listed as a further risk.
What Happens Next
Anchor investor bidding is scheduled for October 19, 2026, with the anchor allocation disclosed through an exchange filing. The public bid period runs from October 21 to October 23, 2026, during which the exchanges publish category-wise subscription data. Per the RHP, the UPI mandate end time is 5:00 p.m. on the closing date.
After the issue closes, the offer price is finalised within the band, the basis of allotment is decided with the designated stock exchange and announced via a registrar and exchange notice, bids that are not allotted are unblocked, and shares are credited to demat accounts before listing on the NSE and BSE. Those steps follow the timelines SEBI prescribes for public issues; the prospectus filed after pricing will record the final terms.
FAQ
What is the price band and lot size?
Per NSE's issue information, the price band is Rs 660 to Rs 693 per equity share of face value Re 1, and bids are made in a minimum lot of 21 equity shares and multiples thereof. One lot at the upper end of the band works out to Rs 14,553, before any change at the pricing stage.
When does the issue open and close?
Per the RHP, the anchor investor bid date is Monday, October 19, 2026. The issue opens to other categories on Wednesday, October 21, 2026 and closes on Friday, October 23, 2026, with the UPI mandate end time set at 5:00 p.m. on the closing date. Exchange bidding hours are 10 a.m. to 5 p.m., per NSE.
Where can I read the RHP?
The red herring prospectus dated October 14, 2026 and the abridged prospectus are available on SEBI's public-issues filings page, and the RHP is also hosted on the NSE and BSE websites and the company's site, www.parashospitals.com. The full risk-factors section begins on page 21 of the RHP.
Should I apply for this IPO?
Oquilia does not make recommendations. This report is informational and is not investment advice or a recommendation to subscribe. The RHP, including the complete risk-factors section, is available on SEBI's website and the exchanges - read it directly before making any decision.
This report is based on the red herring prospectus and abridged prospectus filed with SEBI and issue data from the NSE. It was surfaced via coverage in The Economic Times.