Paras Healthcare IPO Details: Date, Price, GMP, Review & How to Apply

Quick Answer

Paras Healthcare IPO is a book-built public issue of ₹1,450 crore. The issue comprises a fresh issue of 72,15,007 shares aggregating to ₹500 crore and an offer for sale (OFS) of 1,37,08,513 shares aggregating to ₹950 crore.

The IPO is scheduled to open for subscription on 21 October 2026 and close on 23 October 2026. Allotment is expected to be finalised on 26 October 2026. Subject to completion of allotment and exchange formalities, shares are scheduled to list on NSE and BSE on 28 October 2026.

The price band is ₹660 to ₹693 per share. The lot size is 21 shares, requiring a minimum retail application amount of ₹14,553 at the upper price band.

The implied post-issue market capitalisation is approximately ₹7,498.34 crore at ₹693 per share.

Paras Healthcare operates eight hospitals under the Paras Health brand, with a combined capacity of 2,211 beds as of 30 June 2026.

No verified live Paras Healthcare IPO GMP or subscription figure is available in the supplied information. Investors should refer to updated market and exchange data before making an application decision.

Paras Healthcare IPO Overview

Paras Healthcare Limited is a clinical specialty-led hospital operator providing tertiary and quaternary healthcare services under the Paras Health brand.

The company primarily serves patients across North India, Bihar and Jharkhand, with hospitals in Gurugram, Panchkula, Patna, Darbhanga, Kanpur, Udaipur, Ranchi and Srinagar.

The IPO combines two components:

• Fresh issue of ₹500 crore: Proceeds from newly issued shares will go to the company, after applicable issue expenses.

• Offer for sale of ₹950 crore: Proceeds from shares sold by existing shareholders will go to those selling shareholders.

Unlike an entirely fresh issue, the OFS portion does not provide additional capital to the company.

Investors who want to understand how these two components differ can read Ultra's guide on Fresh Issue vs OFS in IPO.

The total issue comprises 2,09,23,520 shares, of which approximately 34.5% represent the fresh issue and 65.5% represent the OFS, based on issue value.

The pre-issue share count increases only by the fresh shares issued. Existing OFS shares change ownership without increasing the company's total outstanding shares.

Paras Healthcare IPO GMP

Paras Healthcare IPO GMP refers to the grey market premium associated with the issue before its stock exchange listing.

GMP is an unofficial indicator of demand for IPO shares outside the regulated stock exchange subscription process.

For example, if the issue price is ₹693 and a hypothetical GMP is ₹30, the implied grey market price would be:

₹693 + ₹30 = ₹723 per share

This example is only an illustration and is not the current GMP.

Paras Healthcare IPO GMP Today

A verified live GMP figure was not provided in the available data.

Investors checking Paras Healthcare IPO GMP today should remember that grey market premiums:

• Are unofficial and not regulated by SEBI.

• Can change significantly during the IPO period.

• May be influenced by short-term market sentiment.

• Do not guarantee an IPO's opening or closing listing price.

• Should not replace financial and valuation analysis.

Investors can also read Ultra's guide on What Is IPO GMP and Why It Can Be Misleading?.

The application amounts above are calculated at the upper price band of ₹693.

The IPO price band is not the same as the stock's future trading price. Once listed, the Paras Healthcare share price will be determined by buying and selling activity on NSE and BSE.

These allocation limits are reproduced from the supplied information. Investors should check the final RHP for the applicable reservation structure, including category definitions and any changes before subscription opens.

Paras Healthcare IPO Subscription Status

Paras Healthcare IPO subscription status will indicate the level of demand received across different investor categories during the bidding period.

The issue is scheduled to open on 21 October 2026, so category-wise subscription figures were not available in the supplied information.

Important subscription categories include:

• QIB: Qualified Institutional Buyers.

• NII: Non-Institutional Investors.

• RII: Retail Individual Investors.

• Total Subscription: Overall demand relative to shares available for subscription.

Higher subscription indicates stronger demand during the offer period, but it does not necessarily mean that shares will list above the issue price.

Investors should evaluate demand alongside valuation, business fundamentals, company financials and the risk factors disclosed in the RHP.

About Paras Healthcare

Incorporated in 1987, Paras Healthcare Limited operates a specialty-led hospital network under the Paras Health brand.

The company provides tertiary and quaternary healthcare services, focusing on complex medical and surgical treatments.

As of 30 June 2026, Paras Healthcare operated eight hospitals with an aggregate bed capacity of 2,211 beds across:

• Gurugram

• Panchkula

• Patna

• Darbhanga

• Kanpur

• Udaipur

• Ranchi

• Srinagar

Its hospital network includes mature hospitals, emerging hospitals and newer facilities. This approach allows the company to expand its geographical presence while managing hospitals at different stages of operational development.

Key Medical Specialties

Paras Healthcare focuses on six clinical specialties collectively referred to in the supplied information as CONGOR:

• C: Cardiac Sciences

• O: Oncology

• N: Neurosciences

• G: Gastro Sciences

• O: Orthopedics and Sports Injury

• R: Renal Sciences

These specialties contributed 75.30% of revenue in FY2026, highlighting their importance to the company's business.

Hospital Expansion Plans

Paras Healthcare plans to expand its network through two additional hospitals:

• Gurugram: Proposed 300-bed hospital.

• Ludhiana: Proposed 500-bed hospital.

If completed as planned, these projects would increase the company's total bed capacity from 2,211 beds to 3,011 beds by March 2028.

The expansion is subject to project execution, commissioning, operational readiness and other applicable requirements.

As of 31 March 2026, the company reported 4,670 employees, including 1,084 doctors and 1,937 nurses, according to the dated workforce information supplied.

Paras Healthcare Business Model

Paras Healthcare generates revenue by delivering medical treatments and hospital services across its hospital network.

Its operating model centres on specialty-led healthcare, hospital infrastructure, clinical expertise and geographical expansion.

Key Strengths of Paras Healthcare

Based on the information provided, the company's strengths include:

• Established presence in hospital healthcare services across North India, Bihar and Jharkhand.

• A network of eight hospitals with a combined capacity of 2,211 beds.

• Focus on clinical specialties requiring advanced medical infrastructure and expertise.

• A portfolio of mature, emerging and newer hospitals.

• Planned hospital expansion to increase capacity to 3,011 beds.

• Experienced clinical workforce and standardised care protocols.

• Potential operating leverage as patient volumes and bed utilisation improve.

These strengths should be assessed alongside financial leverage, hospital operating costs, capacity utilisation and execution risks.

Paras Healthcare Financials

Paras Healthcare reported total income of ₹1,628.78 crore and profit after tax of ₹43.83 crore in FY2026.

The company's total income increased by approximately 23.9% from FY2025 to FY2026.

Importantly, Paras Healthcare moved from a net loss of ₹57.98 crore in FY2025 to a net profit of ₹43.83 crore in FY2026.

This represents an improvement of ₹101.81 crore in PAT. Since the previous year reported a loss, this should be described as a turnaround to profitability, rather than a conventional percentage increase in PAT.

Key Financial Observations

Revenue growth: Total income increased from ₹1,314.21 crore in FY2025 to ₹1,628.78 crore in FY2026, representing growth of approximately 23.9%.

Profitability turnaround: PAT improved from a loss of ₹57.98 crore in FY2025 to a profit of ₹43.83 crore in FY2026.

EBITDA improvement: EBITDA increased from ₹156.46 crore in FY2025 to ₹335.58 crore in FY2026.

Borrowing levels: Total borrowing increased from ₹1,232.12 crore in FY2025 to ₹1,393.86 crore in FY2026. It stood at ₹1,429.49 crore as of 30 June 2026.

June 2026 quarter: For the three months ended 30 June 2026, the company reported total income of ₹478.75 crore and PAT of ₹49.68 crore.

Although recent financial performance indicates improved profitability, investors should review the sustainability of earnings, operating cash flows, finance costs and the company's capital expenditure requirements.

Paras Healthcare IPO Valuation

The Paras Healthcare IPO valuation can be assessed using the proposed price band, post-issue share capital and reported financial performance.

Based on the post-issue share capital of 10,82,01,194 shares, the implied market capitalisation is approximately:

• ₹7,141.28 crore at the lower price band of ₹660 per share.

• ₹7,498.34 crore at the upper price band of ₹693 per share.

Using FY2026 PAT of ₹43.83 crore, the approximate P/E ratio ranges from 162.9x to 171.1x.

Understanding the Valuation

The P/E ratio is relatively high when calculated using FY2026 reported PAT. This partly reflects the company's relatively modest net profit compared with its implied market capitalisation.

Because Paras Healthcare has recently moved from a net loss to a profit, investors should avoid relying on P/E alone.

Other relevant factors include:

• EBITDA margins and their sustainability.

• Hospital occupancy and average revenue per occupied bed.

• Growth in mature and emerging hospitals.

• Capital expenditure for planned expansion.

• Borrowing levels and financing costs.

• Operating cash flow and return on capital.

• Comparable listed hospital operators.

The valuation figures above are arithmetic estimates based on supplied financial data. They are not price targets or an assessment of fair value.

Paras Healthcare IPO Review

Paras Healthcare's IPO offers investors an opportunity to evaluate a specialty-led hospital business with an established regional presence and a planned capacity expansion.

However, the company's relatively recent return to profitability, high implied valuation multiples and borrowing levels require careful analysis.

Positive Factors

1. Established hospital network

Paras Healthcare operates eight hospitals with 2,211 beds across multiple cities. Its network includes mature, emerging and newer facilities, giving the company exposure to different regional healthcare markets.

2. Focus on specialised medical services

The company's CONGOR specialties contributed 75.30% of FY2026 revenue. These services form an important part of its clinical positioning and revenue mix.

3. Improved operating performance

FY2026 total income increased by approximately 23.9%, while EBITDA increased significantly. The company also returned to profitability after reporting losses in FY2024 and FY2025.

4. Planned capacity expansion

The proposed Gurugram and Ludhiana hospitals could add 800 beds, increasing aggregate capacity to 3,011 beds by March 2028 if completed according to plan.

5. Fresh issue component

The IPO includes a fresh issue of ₹500 crore. Unlike OFS proceeds, the net fresh issue proceeds will be received by the company and used for the purposes disclosed in its offer documents.

Points to Watch

1. High implied valuation

The upper price band implies a P/E of approximately 171.1x based on FY2026 PAT. Investors should compare this with industry peers and the company's capacity to improve earnings.

2. Borrowing levels

Total borrowing stood at ₹1,429.49 crore as of 30 June 2026. The company's debt obligations and financing requirements deserve attention.

3. Profitability sustainability

The company returned to profit in FY2026 following losses in the previous two financial years. It is important to assess whether that profitability can be sustained.

4. Expansion execution

New hospital development can involve substantial capital expenditure and a period of lower utilisation before facilities reach operational maturity.

5. OFS component

The OFS represents ₹950 crore of the ₹1,450 crore issue. Investors should review the selling shareholders and changes in ownership outlined in the RHP.

How to Apply for Paras Healthcare IPO

Investors can apply through supported stockbroking platforms using UPI or through banks offering ASBA.

The general application process is:

• Log in to your stockbroker's IPO section or an eligible bank's ASBA facility.

• Select Paras Healthcare IPO from the available issues.

• Choose the applicable investor category.

• Enter the required number of lots.

• Select the bid price or cut-off option, where permitted.

• Submit the IPO application.

• Approve the UPI mandate if applying through UPI.

• Check allotment status after finalisation.

• If shares are allotted, they are expected to be credited to the registered demat account before listing.

For retail investors, the minimum application is one lot of 21 shares, amounting to ₹14,553 at the upper price band.

Applications do not guarantee allotment.

Key Risks

1. High Valuation Risk

The IPO's upper price band implies a market capitalisation of approximately ₹7,498.34 crore and a P/E ratio of 171.1x based on FY2026 reported PAT. Future earnings may not develop in line with the valuation.

2. Borrowing and Financing Risk

The company has substantial borrowings relative to reported FY2026 net worth. Financing costs, repayment obligations and future capital expenditure could affect cash flows.

3. Hospital Expansion Risk

The planned Gurugram and Ludhiana facilities may experience delays, cost overruns or slower-than-expected patient demand.

4. Healthcare Regulatory Risk

Hospitals are subject to licensing, medical regulations, patient safety standards and other statutory requirements. Non-compliance could affect operations.

5. Clinical and Reputation Risk

Patient outcomes, quality of care, medical incidents and clinical governance can materially affect a hospital operator's reputation.

6. Dependence on Medical Professionals

The business depends on qualified doctors, nurses and healthcare professionals. Recruitment and retention challenges may affect service capacity and costs.

7. Regional Concentration Risk

A significant part of the company's hospital network operates in North India, Bihar and Jharkhand. Regional economic, competitive or regulatory developments may affect performance.

8. Hospital Occupancy and Utilisation Risk

Profitability depends partly on patient volumes, occupancy, treatment mix, pricing and operating efficiency. Lower utilisation can affect financial performance.

9. GMP and Listing Risk

Grey market premium, subscription levels and market sentiment can change rapidly. None of these indicators guarantees the listing price or subsequent returns.

Final Thoughts

Paras Healthcare IPO is a ₹1,450 crore book-built issue with a price band of ₹660 to ₹693 per share. The issue combines a ₹500 crore fresh issue and a ₹950 crore offer for sale.

The company operates eight hospitals with 2,211 beds under the Paras Health brand and has outlined expansion plans to reach 3,011 beds by March 2028.

Financially, Paras Healthcare reported total income of ₹1,628.78 crore in FY2026 and returned to profitability with PAT of ₹43.83 crore, compared with a loss of ₹57.98 crore in FY2025.

While the hospital network and operating improvement are relevant factors, investors should closely examine the valuation, borrowing levels, cash flows, hospital occupancy, capital expenditure requirements and sustainability of profitability.

The final investment decision should be based on the RHP, individual financial objectives, risk appetite and investment horizon rather than GMP or subscription trends alone.

Disclaimer: This article is for educational and informational purposes only and does not constitute investment advice or a recommendation to subscribe to the IPO. IPO investments carry market, valuation, business and liquidity risks. Grey market premiums are unofficial and do not guarantee listing gains. Investors should review the RHP and consult a qualified financial advisor before making investment decisions.

FAQs

1. What is Paras Healthcare IPO?

Paras Healthcare IPO is a book-built public issue of ₹1,450 crore. It includes a fresh issue of ₹500 crore and an offer for sale of ₹950 crore.

2. What is Paras Healthcare IPO date?

The IPO is scheduled to open on 21 October 2026 and close on 23 October 2026.

3. What is Paras Healthcare IPO price?

The price band is ₹660 to ₹693 per share.

4. What is Paras Healthcare IPO GMP today?

A verified live GMP figure was not provided in the available information. GMP is unofficial, volatile and does not guarantee listing gains.

5. What is Paras Healthcare IPO issue size?

The total IPO issue size is ₹1,450 crore, comprising 2,09,23,520 shares.

6. What is Paras Healthcare share price?

Before listing, the applicable IPO price band is ₹660 to ₹693 per share. Following listing, the market price will be determined on NSE and BSE.

7. What is the lot size for Paras Healthcare IPO?

The minimum lot size is 21 shares.

8. What is the minimum retail investment?

The minimum retail application amount is ₹14,553 for one lot of 21 shares at ₹693 per share.

9. When is Paras Healthcare IPO allotment expected?

The IPO allotment is expected to be finalised on 26 October 2026.

10. When will Paras Healthcare IPO list?

The shares are scheduled to list on NSE and BSE on 28 October 2026, subject to completion of allotment and listing formalities.

11. Who is the registrar of Paras Healthcare IPO?

MUFG Intime India Pvt. Ltd. is the registrar of the issue.

12. Who is the book running lead manager?

JM Financial Ltd. is the book running lead manager.

13. Is Paras Healthcare IPO a fresh issue or OFS?

It is a combination of both. The fresh issue is ₹500 crore, while the OFS is ₹950 crore.

14. Is Paras Healthcare profitable?

Paras Healthcare reported PAT of ₹43.83 crore in FY2026, compared with a net loss of ₹57.98 crore in FY2025 and ₹15.33 crore in FY2024.

15. How many hospitals does Paras Healthcare operate?

As of 30 June 2026, Paras Healthcare operated eight hospitals with an aggregate capacity of 2,211 beds.

16. What is Paras Healthcare IPO valuation?

At the upper price band of ₹693 per share, the implied post-issue market capitalisation is approximately ₹7,498.34 crore, with an approximate P/E ratio of 171.1x based on FY2026 PAT.

17. What are the major risks of Paras Healthcare IPO?

Important risks include valuation, borrowing levels, hospital expansion execution, healthcare regulation, clinical reputation, hospital occupancy and sustainability of profitability.

18. Should investors apply for Paras Healthcare IPO?

Investors should evaluate the RHP, financial performance, valuation, borrowing levels, expansion plans, subscription information, GMP context and personal suitability before deciding. This article does not provide an IPO recommendation.