The Paras Healthcare IPO subscription closed on Friday 23 October 2026 at 2.34 times the shares on offer, according to the exchange data reported at about 5:00 PM IST on the final day. The Rs 1,450 crore hospital issue now moves to allotment on 26 October, with shares expected to list on BSE and NSE on 28 October. The figures are a snapshot and may change after exchange reconciliation.
Key takeaways from the Paras Healthcare IPO subscription
- Overall subscription was 2.34 times at the close, after 0.15 times on day one and 0.36 times on day two.
- Qualified institutional buyers (excluding anchors) bid 3.25 times, retail investors 2.10 times and non-institutional investors 0.69 times.
- The issue is worth Rs 1,450 crore: a fresh issue of Rs 500 crore and an offer for sale of Rs 950 crore.
- The price band is Rs 660 to Rs 693 a share, with a lot of 21 shares (Rs 14,553 at the upper band).
- Allotment is on 26 October, refunds and share credit on 27 October, and tentative listing on 28 October.
How the Paras Healthcare IPO subscription built up
The daily pattern is typical of mainboard issues in India: demand was light for two days and arrived on the last day. Day one closed at 0.15 times, day two at 0.36 times and day three at 2.34 times. Final-day bidding is normal because institutions often wait for the close, but it also means that mid-issue totals say little about the final result.
Total bids were about 2,69,43,378 shares, worth roughly Rs 1,867 crore at the upper price band according to one tally. Those bids are measured against the portion open to the public after the anchor allocation, which by our calculation is roughly 1.15 crore shares, consistent with a 2.34 times figure. The reported totals differ slightly between sources, so treat the rupee value as indicative.
Category-wise Paras Healthcare IPO subscription
- Qualified institutional buyers (ex-anchor): 3.25 times.
- Retail individual investors: 2.10 times.
- Non-institutional investors: 0.69 times, of which small NIIs bid 0.84 times and big NIIs 0.62 times.
- Anchor portion: 94,15,584 shares, 45% of the net issue, with no investor details in the sources we read.
The undersubscribed non-institutional portion is the weak spot. Retail demand at 2.10 times is moderate, and institutional demand carried the total.
Issue details behind the Paras Healthcare IPO subscription
The Rs 1,450 crore issue combines a fresh issue of Rs 500 crore (72,15,007 shares) and an offer for sale of Rs 950 crore (1,37,08,513 shares). That makes about two-thirds of the issue an offer for sale, where proceeds go to selling shareholders and not to the company, which is our calculation from the two figures. Face value is Re 1 a share. JM Financial is the lead manager and MUFG Intime India is the registrar, where applicants can check allotment status at in.mpms.mufg.com.
Allotment, refund and listing dates for the Paras Healthcare IPO subscription
- 23 October: issue closes.
- 26 October: basis of allotment finalised.
- 27 October: refunds initiated and shares credited to demat accounts.
- 28 October: tentative listing on BSE and NSE.
Exchange notices are published on nseindia.com and bseindia.com. We have not stated a grey market premium because none of the sources we checked reported one, and unofficial premiums are not a reliable guide.
Questions applicants are asking about the Paras Healthcare IPO subscription
Applicants usually want to know three things after an issue closes. First, whether they will receive shares: allotment depends on the category and, for retail, on a lottery if the issue is oversubscribed. At 2.10 times in the retail category, a lot of applicants may not receive a full allotment. Second, when money is returned: refunds for unsuccessful bids are scheduled for 27 October. Third, what happens next: shares credited to demat accounts can be sold from the listing day. The exact retail allotment ratio has not been published in the sources we saw.
The business behind the Paras Healthcare IPO subscription
From our earlier coverage, the company operates eight hospitals with 2,211 beds and targets 3,011 beds by March 2028. Revenue was Rs 1,294.06 crore in FY25 and Rs 1,605.95 crore in FY26. It reported a profit of Rs 43.83 crore in FY26 against a loss of Rs 57.98 crore in FY25. These are company disclosures as reported, and we have not audited them.
Our analysis: demand is real but selective
In our assessment, the Paras Healthcare IPO subscription shows solid institutional interest and lukewarm interest from wealthy individuals. A 2.34 times overall figure is decent but not exceptional for an issue of this size. The valuation is the open question: at the upper band the post-issue market capitalisation is about Rs 7,498 crore, which is roughly 170 times FY26 profit by our calculation. A newly profitable company can look expensive on trailing earnings, and investors may be pricing future growth.
We do not give investment advice and do not predict the listing price.
What is not disclosed
- Identity of anchor investors and the size of each allocation.
- Final reconciled subscription numbers.
- Details of how offer-for-sale proceeds will be split among sellers.
- Any official grey market indication.
Risks and caveats of the Paras Healthcare IPO subscription
Subscription is demand for shares, not a measure of value or of what the shares will trade at. Listing outcomes can differ widely from subscription levels. Figures are as reported at about 5:00 PM IST on 23 October and may be revised. This article is news reporting and not investment advice. Read the offer document, available through SEBI, before investing.
What to watch next
- Final subscription data after exchange reconciliation.
- Allotment status on 26 October.
- Listing price and first-day trading on 28 October.
- Anchor investor disclosures.
FAQ
How much was the Paras Healthcare IPO subscription?
2.34 times overall at the close on 23 October 2026, per the reported figures.
When is the allotment and listing?
Allotment on 26 October and tentative listing on 28 October 2026.
Where can I check allotment?
On the registrar’s website, MUFG Intime India, or through the exchanges.
How we reported this: we relied on exchange-linked subscription data and company issue details as reported, our own earlier coverage and the regulator and exchange sites linked above. Where figures are our calculations, we say so. We found no Acumen Research and Consulting report on Indian hospital IPOs, so none is cited. Last updated 24 October 2026. This is news reporting and not advice.