Paras Healthcare IPO

The Paras Healthcare mainboard IPO runs from 21 Oct 2026 to 23 Oct 2026, offered at a price band of ₹660–693 per share, and is set to list on NSE and BSE. The company is looking to raise ₹1,450 crore through the offer. Retail investors bid in lots of 21 shares, a minimum application of ₹14,553.

Issue structure

The offer combines a fresh issue of ₹500 crore with an offer for sale (OFS) of ₹950 crore by existing shareholders. Money raised through the fresh issue goes to the company for its stated objects, while OFS proceeds go to the selling shareholders rather than the business.

Objects of the issue

Per the offer document, the company intends to deploy the net proceeds primarily toward prepayment or scheduled re-payment, in full or part, of certain outstanding borrowings availed by company (₹320.9 crore), alongside investment in our wholly owned subsidiary, pmhpl (which also operates hospital in srinagar), for repayment/prepayment of borrowings, in full or part, of pmhpl (₹54.1 crore). In all, 3 objects are disclosed — the full break-up is in the table above.

Financials

In FY2026, Paras Healthcare reported revenue of ₹478.75 crore and a net profit of ₹49.68 crore. Revenue declined from ₹1,151.02 crore in FY2024 to ₹478.75 crore in FY2026 (-58.0%). Net worth stood at ₹444.96 crore at the end of FY2026. At the upper band, that puts the issue at roughly 159.7× FY2026 earnings (P/E), a figure worth comparing against listed peers in the sector.

Valuation

At the upper band, the issue is priced at 37.72× post-issue earnings and 15.73× book value, against a return on net worth of 11.83% and a debt-to-equity ratio of 3.21. These ratios come from the offer document and are for comparison, not a recommendation.

Peer comparison

The offer document names listed peers including Apollo Hospitals Enterprise Ltd. and Aster DM Quality Care Ltd., with a median peer P/E of about 60.7×. The issue's own post-issue P/E works out to 37.72×.

Promoters

The promoters of the company are <p>Dharminder Kumar Nagar</p>. Promoter holding stands at 72.8% before the issue and comes down to 0% after listing.

Grey market premium (GMP)

In the unofficial grey market, Paras Healthcare shares are quoted at a premium of ₹95 implying an expected listing around ₹788, about +13.7% over the upper band. Grey market premium is a sentiment indicator set by private dealers, not the company or the exchange — it moves quickly and is not a reliable predictor of the actual listing price.

What to weigh

When evaluating the Paras Healthcare IPO, the data points most investors look at are the fresh-issue-versus-OFS split, the revenue and profitability trend and the grey market premium. Grey market premium and subscription figures reflect short-term sentiment rather than long-term fundamentals; the figures on this page are for information only and are not investment advice.

About Paras Healthcare

Incorporated in1987, Paras Health is a healthcare provider operating a network of hospitals across North India, Bihar, and Jharkhand. As of March 31, 2024, Paras Health had an aggregate bed capacity of 2,135 beds, making it the fifth-largest healthcare provider in terms of bed capacity among its peers in these regions. The company operates eight hospitals under the "Paras Health" brand, located in Gurugram and Panchkula (Haryana), Patna and Darbhanga (Bihar), Kanpur (Uttar Pradesh), Udaipur (Rajasthan), Ranchi (Jharkhand), and Srinagar (Jammu and Kashmir, UT). Paras Health expanded its bed capacity from 1,250 beds in March 2022 to 2,135 beds in March 2024. As of March 31, 2024, the company had a medical team comprising 1,091 doctors and 1,509 nurses across its hospitals.