The Paras Healthcare IPO opens for subscription on 21 October 2026 and closes on 23 October, with a price band of ₹660 to ₹693 per share for an issue of up to ₹1,450 crore. The offer combines a fresh issue of up to ₹500 crore with an offer for sale of up to ₹950 crore. Paras Healthcare runs eight hospitals with 2,211 beds across North India, Bihar and Jharkhand. This explainer sets out the confirmed issue terms, the hospital business and the reported financials, and notes where our own arithmetic is used. It is news reporting and not a recommendation to apply.
Paras Healthcare IPO: key takeaways
- Dates: subscription from 21 to 23 October 2026; listing on BSE and NSE is tentatively set for 28 October.
- Price band: ₹660 to ₹693 per share, with a lot of 21 shares.
- Size: up to ₹1,450 crore, made up of a ₹500 crore fresh issue and a ₹950 crore offer for sale.
- Business: eight hospitals and 2,211 beds, with 3,011 beds targeted by March 2028.
- Caution: dates and terms can change, and the red herring prospectus is the authority.
Paras Healthcare IPO date, price band and lot size
According to published summaries of the offer, bidding opens on 21 October and closes on 23 October 2026. The price band is ₹660 to ₹693 per share and the face value is ₹1. Bids are made in lots of 21 shares and multiples of 21. At the upper band, one lot costs ₹14,553, which is our arithmetic of 21 shares at ₹693 and matches the reported figure. The reported retail maximum is 13 lots, or 273 shares, about ₹1.89 lakh at the upper band. The shares are proposed to list on BSE and NSE.
Tentative timeline of the Paras Healthcare IPO
- 19 October: anchor book for institutional investors, according to one summary.
- 21 October: subscription opens.
- 23 October: subscription closes.
- 26 October: basis of allotment, tentative.
- 27 October: refunds and credit of shares, tentative.
- 28 October: listing, tentative.
Fresh issue versus offer for sale
Of the ₹1,450 crore, about 34% by our calculation is a fresh issue, which raises money for the company, and about 66% is an offer for sale, where existing shareholders sell and receive the proceeds. One summary says promoter Dr Dharminder Kumar Nagar is selling up to ₹300 crore and the investor Commelina, associated with the private equity firm Creador, is selling up to ₹650 crore. We have not seen the prospectus, so those splits should be checked against the filing on the NSE offer-documents page.
How the Paras Healthcare IPO proceeds will be used
The company says it will use fresh-issue money to repay or prepay certain borrowings, to invest in its wholly owned subsidiary that runs the Srinagar hospital so that the subsidiary can repay its own borrowings, and for general corporate purposes. One summary gives a debt-repayment figure of ₹375 crore and ₹54.10 crore for the subsidiary, but another says only that part of the issue will reduce debt, so we do not treat the ₹375 crore as confirmed.
The hospital business behind the Paras Healthcare IPO
Founded in 1987 and based in Haryana, the company operates eight hospitals under the Paras Health brand, with 2,211 beds across North India, Bihar and Jharkhand. Cardiac sciences, oncology, neurosciences, gastro sciences, orthopaedics and renal sciences made up 74.70% of FY26 revenue. As of 30 June 2026 it had 1,084 doctors and 1,937 nurses. It plans a 300-bed hospital in Gurugram by FY27 and a 500-bed facility in Ludhiana by FY28, which would take capacity to 3,011 beds by March 2028.
Reported financials
Reported revenue was ₹1,294.06 crore in FY25 and ₹1,605.95 crore in FY26. Reported EBITDA rose from ₹156.46 crore to ₹335.58 crore, and the company moved from a loss of ₹57.98 crore in FY25 to a profit of ₹43.83 crore in FY26. For the quarter ended 30 June 2026, revenue was ₹470.28 crore, EBITDA ₹113.48 crore and profit ₹49.68 crore. These figures come from published summaries of the offer documents.
What the Paras Healthcare IPO numbers imply: our calculations
By our arithmetic, FY26 revenue grew about 24% over FY25, and the EBITDA margin rose from about 12% to about 21%. The profit margin in FY26 was about 2.7%, and the quarter to June 2026 shows an EBITDA margin of about 24% and a profit margin of about 11%. At the reported post-issue market capitalisation of about ₹7,498 crore at the upper band, FY26 profit equals a multiple of roughly 170 times. These calculations are ours, are based on trailing figures and are not a valuation or a recommendation.
Who can apply and how shares are split
Up to 75% of the net issue is reserved for qualified institutional buyers, at least 15% for non-institutional investors and at least 10% for retail investors. The reported minimum for small non-institutional bidders is 14 lots, about ₹2.04 lakh at the upper band. Allotment of shares depends on subscription in each category and is not guaranteed.
What we have not included
We have not included grey-market premiums, listing-gain forecasts or subscription figures. Subscription data will be available from the exchanges once bidding opens, and we will not quote any number without a timestamp and an exchange source. We also did not read the prospectus itself, so this article should be checked against the filings listed by Securities and Exchange Board of India and the exchanges, including BSE.
Risks and caveats on the Paras Healthcare IPO
- The issue is two-thirds offer for sale, so most proceeds go to selling shareholders.
- The company moved to profit only in FY26, after a loss in FY25.
- Capacity growth depends on new hospitals in Gurugram and Ludhiana being built and ramped up.
- Hospital businesses depend on doctor availability, regulation and payer mix, which we have not assessed.
- This is news reporting, not investment advice.
In our assessment, the Paras Healthcare IPO is a test of how the market values a regional hospital chain that has just turned profitable and plans to grow capacity by about a third, and the facts to watch are subscription by category and how quickly new beds fill. See also Sahajanand Medical Technologies IPO: Price Band ₹327-344. More in our healthcare services coverage.
What to watch next on the Paras Healthcare IPO
- Exchange subscription data on each bidding day.
- The final allotment and listing dates.
- Progress on the Gurugram and Ludhiana hospitals.
Frequently asked questions
When does the Paras Healthcare IPO open and close?
It opens on 21 October 2026 and closes on 23 October 2026.
What is the price band?
₹660 to ₹693 per share, with a minimum lot of 21 shares.
How big is the issue?
Up to ₹1,450 crore, made up of a ₹500 crore fresh issue and a ₹950 crore offer for sale.
When will the shares list?
Listing on BSE and NSE is tentatively set for 28 October 2026.
How we reported this: we relied on published summaries of the offer terms and the public pages of the regulator and exchanges, and we did not read the prospectus. Our calculations are labelled. Last updated: 19 October 2026. This article is news reporting and not investment advice.
[…] 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 […]