Paras Healthcare Limited
Bookbuilding IPO · NSE, BSE
- Price band
- ₹660 - ₹693
- Lot size
- 21 shares
- Issue amount
- ₹1,450 cr
- Total subscription
- 2.34×
- Opens
- 21 Oct 2026
- Closes
- 23 Oct 2026
- Allotment
- 26 Oct 2026
- Listing
- 28 Oct 2026
Offer at a glance
Issue overview
- Issue size
- 2,09,23,520 shares
- Face value
- ₹1 per share
- Minimum investment
- ₹13,860
- Fresh issue
- ₹500 cr
- Offer for sale
- ₹950 cr
- Registrar
- Link Intime India Private Limited
- Listing exchange
- NSE, BSE
- Maximum investment
- ₹14,553
- Issue type
- Bookbuilding IPO
- Shares before issue
- 10,09,86,187
- Shares after issue
- 10,82,01,194
Lot sizes
| Category | Lots | Shares | Amount |
|---|---|---|---|
| RETAIL | 1 | 21 | ₹14,553 |
| sHNI | 14 | 294 | ₹2,03,742 |
| bHNI | 69 | 1,449 | ₹10,04,157 |
Share reservation
Subscription & GMP
Subscription by category
Reported 23 Oct 2026
GMP history
Day-wise demand
Application-wise demand
| Category | Reserved applications | Applied applications |
|---|---|---|
| RETAIL | 99,636 | 1,49,413 |
| HNIs(10L +) | 7,117 | 724 |
| HNIs (2-10L) | 3,558 | 2,526 |
Subscription demand
Amounts in ₹ crore. HNI subcategories are included in the NII total.
| Category | Offered | Demand |
|---|---|---|
| QIBs | 435 | 1,412.44 |
| RETAIL | 145 | 304.62 |
| HNIs 2+ | 72.5 | 60.75 |
| HNIs 10+ | 145 | 89.39 |
Financial performance
Company financials
In Crores · Reported periods may include interim results.
Key performance indicators
| Metric | Jun-26 | Mar-26 | Mar-25 | Mar-24 |
|---|---|---|---|---|
| EPS | 4.92 | 4.34 | -5.94 | -1.57 |
| ROE | 0 | 0 | 0 | 0 |
| ROCE | 0 | 0 | 0 | 0 |
| RONW | 11.83 | 12.98 | -18.73 | -8.32 |
| PRE IPO(PE) | 0 | 0 | 0 | 0 |
| POST IPO(PE) | 0 | 0 | 0 | 0 |
Values and labels as reported in the issue data.
Peer comparison
| Company | P/E(X) | CMP* (₹) | Face value (₹) | NAV/Share (₹) | RONW(%) | EPS (Basic) (₹) |
|---|---|---|---|---|---|---|
| Paras Healthcare Limited | 0 | 0 | 1.00 | 39.11 | 12.98 | 4.34 |
| Aster DM Quality Care Limited | 91.89 | 0 | 10.00 | 88.32 | 9.70 | 7.53 |
| Apollo Hospitals Enterprise Limited | 59.36 | 0 | 5.00 | 657.58 | 21.95 | 135.04 |
| Fortis Healthcare Limited | 55.43 | 0 | 10.00 | 131.07 | 11.08 | 13.80 |
| Global Health Limited | 64.46 | 0 | 2.00 | 147.06 | 15.15 | 20.71 |
| Jupiter Lifeline Hospitals Limited | 42.92 | 0 | 2.00 | 47.10 | 13.41 | 5.92 |
| Krishna Institute of Medical Sciences Limited | 116.41 | 0 | 2.00 | 56.17 | 11.01 | 6.03 |
| Manipal Health Enterprises Limited | 87.00 | 0 | 2.00 | 63.26 | 12.37 | 7.71 |
| Max Healthcare Institute Limited | 62.10 | 0 | 10.00 | 109.53 | 14.33 | 14.83 |
| Narayana Hrudayalaya Limited | 43.41 | 0 | 10.00 | 222.02 | 19.74 | 39.67 |
| Yatharth Hospital and Trauma Care Services Limited | 55.16 | 0 | 10.00 | 184.79 | 10.36 | 18.20 |
Company information
Company profile
Paras Healthcare Limited, incorporated in December 1987 as Arbian Frozen Foods Private Limited, is a clinical specialty-focused hospital platform providing tertiary and quaternary healthcare services across North India, Bihar and Jharkhand under the “Paras Health” brand. As of March 31, 2026, the company operated eight hospitals with a combined capacity of 2,211 beds across Gurugram, Panchkula, Patna, Darbhanga, Kanpur, Udaipur, Ranchi and Srinagar. Its key clinical specialties include cardiac sciences, oncology, neurosciences, gastro sciences, orthopedics and sports injury, and renal sciences, collectively contributing 74.70% of revenue in Fiscal 2026. With more than 20 years of operating experience, Paras Healthcare follows a balanced expansion strategy covering mature, emerging and new hospitals. The company plans to add a 300-bed hospital in Gurugram and a 500-bed hospital in Ludhiana, taking its total bed capacity to 3,011 by March 2028. As of March 31, 2026, the company had 4,670 employees, including 1,011 doctors and 1,665 nurses.
Strengths
- Large Healthcare Network & First-Mover Advantage: The company is one of the largest healthcare providers in North India, Bihar and Jharkhand by bed capacity, with 2,211 beds across eight hospitals as of June 30, 2026. Several hospitals were among the first corporate hospitals in their respective markets.
- Strong Focus on Specialized Treatment: Cardiac, oncology, neuro, gastro, orthopedics and renal care contributed 74.70%, 71.92% and 72.34% of operating revenue in FY2026, FY2025 and FY2024, respectively. The company also has dedicated ICU facilities and transplant programs.
- Flexible & Cost-Efficient Business Model: The company operates hospitals through owned, leased, revenue-sharing and public-private partnership models, supporting cost-efficient expansion. Its capital expenditure per bed was ₹7.70 million as of June 30, 2026.
Risk factors
- History of Losses: The company reported consolidated losses of ₹10.24 million, ₹579.83 million and ₹153.31 million in the three months ended June 30, 2025, FY2025 and FY2024, respectively. There is no guarantee that the profitability achieved in FY2026 will continue.
- Losses in Subsidiaries: Its subsidiaries, PHRPL and PMHPL, reported combined losses of ₹203.82 million, ₹520.89 million, ₹822.38 million and ₹872.69 million in the three months ended June 30, 2025, FY2026, FY2025 and FY2024, respectively, as their hospitals continue to expand operations.
- High Employee Attrition: The company experienced high attrition among doctors, nurses and other staff, with rates of 12.01%, 16.09%, 60.38%, 66.74% and 65.27% during the relevant periods. Failure to retain staff could affect service quality and business operations.
Promoters
Dharminder Kumar Naga
Registrar & documents
Lead manager
Bofa Securities India Limited, Jm Financial Limited, Nuvama Wealth Management Limited
Registrar & contacts
Link Intime India Private Limited
[email protected]Official registrar portal ↗IPO allotment status guide →Registered office
1st Floor, Tower B, Paras Twin Towers, Golf Course Road, Sector 54, Gurugram, Haryana, 122002
+911244302163
[email protected]Company website ↗Understanding PARASHLTH IPO data
Compare the price band and required investment with the company profile, financial results and offer documents. Subscription figures show reported demand by category; they do not establish the value of the business. GMP is an unofficial indication and can change before listing.