Paras Healthcare IPO: Price Band, Lot Size, Dates, Financials and Valuation
The Paras Healthcare IPO opens on October 21, 2026 and closes on October 23, with a price band of ₹660–693 per share and a lot size of 21 shares, The Economic Times reported. The ₹1,450 crore issue combines a ₹500 crore fresh issue with a ₹950 crore offer for sale (OFS). Retail investors need ₹14,553 for one lot at the upper band.
The hospital chain runs under the Paras Health brand in North and East India. It opens on the same days as the much larger Jio Platforms IPO, so here's what investors should know before choosing.
Key Takeaways
- Dates: October 21–23, 2026; allotment October 26; listing expected October 28 on BSE and NSE.
- Price band: ₹660–693; lot size: 21 shares (₹14,553 at the upper band).
- Issue: ₹500 crore fresh issue plus ₹950 crore OFS.
- Fresh issue money is mainly for repaying debt, including at subsidiary Plus Medicare Hospitals.
- GoPocket calculation: the company turned profitable in FY26 after two years of losses; borrowings were about 3.2 times net worth in June 2026.
Paras Healthcare IPO Details at a Glance
| Detail | Information |
|---|---|
| IPO dates | October 21–23, 2026 |
| Price band | ₹660 to ₹693 per share |
| Lot size | 21 shares |
| Minimum retail investment | ₹13,860 (lower band) to ₹14,553 (upper band) |
| Maximum retail application | 13 lots (273 shares), ₹1,89,189 at the upper band |
| Total issue size | About ₹1,450 crore |
| Fresh issue | 72.15 lakh shares, ₹500 crore |
| Offer for sale | 1.37 crore shares, ₹950 crore |
| Allotment / Listing (tentative) | October 26 / October 28, 2026 |
| Lead managers | JM Financial, BofA Securities India, Nuvama Wealth Management |
| Registrar | MUFG Intime India |
Sources: The Economic Times; The Financial World, October 15, 2026.
What Does Paras Healthcare Do?
Paras Healthcare operates eight tertiary and quaternary care hospitals with an aggregate capacity of 2,211 beds as of June 30, 2026, The Economic Times reported. Its hospitals are in Gurugram and Panchkula (Haryana), Patna and Darbhanga (Bihar), Kanpur (Uttar Pradesh), Udaipur (Rajasthan), Ranchi (Jharkhand) and Srinagar (Jammu and Kashmir).
The company plans a 300-bed hospital in Gurugram by FY2027 and a 500-bed hospital in Ludhiana by FY2028, taking total capacity to 3,011 beds by March 31, 2028. Managing Director Dr Dharminder Kumar Nagar said about 40% of the business comes from government schemes, The Financial World reported.
Who Is Selling in the OFS?
According to offer documents, promoter Dr Dharminder Kumar Nagar is selling shares worth ₹300 crore and investor Commelina Ltd is selling shares worth ₹650 crore. The company receives none of the ₹950 crore OFS proceeds. Only the ₹500 crore fresh issue goes into the business.
What Do the Financials Show?
| Period | Total income | Profit after tax | Total borrowing |
|---|---|---|---|
| FY24 | ₹1,151.02 crore | −₹15.33 crore | ₹923.92 crore |
| FY25 | ₹1,314.21 crore | −₹57.98 crore | ₹1,232.12 crore |
| FY26 | ₹1,628.78 crore | ₹43.83 crore | ₹1,393.86 crore |
| Q1 FY27 (April–June 2026) | ₹478.75 crore | ₹49.68 crore | ₹1,429.49 crore |
Restated consolidated figures as disclosed in the red herring prospectus. Q1 FY27 figures are for one quarter and not annualised.
Revenue grew about 24% in FY26, and the company swung from a ₹58 crore loss to a ₹44 crore profit. The June 2026 quarter alone earned ₹49.68 crore, more than the whole of FY26, which shows profitability is improving quickly.
GoPocket Analysis: Valuation and Debt
- Market value at ₹693: about ₹7,498 crore after the issue, based on offer document data.
- P/E on FY26 profit: ₹7,498 crore ÷ ₹43.83 crore ≈ 171x.
- P/E on annualised Q1 FY27 profit: ₹49.68 crore × 4 ≈ ₹198.7 crore, giving about 37.7x. This is a simple annualisation, not a forecast.
- Debt load: borrowings of ₹1,429.49 crore against net worth of ₹444.96 crore in June 2026, about 3.2 times.
The gap between 171x and 37.7x tells the real story. The valuation depends heavily on the recent jump in profit continuing. Debt repayment from the fresh issue should lower interest costs, which could support profits, but borrowings will still be significant after the IPO.
One more structural point: the offer reserves not more than 75% for qualified institutional buyers, at least 15% for non-institutional investors and at least 10% for retail investors. This 75/15/10 split is generally used when a company does not meet SEBI's profitability track-record conditions for the standard route, which fits Paras Healthcare's loss-making history in FY24 and FY25. It also means the retail portion is smaller than the usual 35%.
How Does It Compare With Listed Hospital Stocks?
Investors can compare the business with listed hospital chains on GoPocket, including Apollo Hospitals, Max Healthcare, Narayana Hrudayalaya, Global Health (Medanta) and Yatharth Hospital. Size, city mix, profitability and debt differ widely, so direct valuation comparisons need care.
What Are the Key Risks?
- Short profit record: The company was loss-making in FY24 and FY25.
- High debt: Borrowings remain large relative to equity.
- Government scheme dependence: About 40% of business comes from government schemes, which typically pay lower rates and can delay payments.
- Expansion risk: New hospitals take time to fill beds and break even.
- Timing: The issue overlaps with the Jio Platforms IPO, which may draw much of the market's attention and money.
Important Dates
- Subscription opens: October 21, 2026
- Subscription closes: October 23, 2026
- Allotment (tentative): October 26, 2026
- Listing (tentative): October 28, 2026
Track this issue and others on the GoPocket IPO page. Our explainer on OFS vs fresh issue explains why the split between the two matters.
Sources
- The Economic Times (via inkl), Paras Healthcare fixes IPO price band at Rs 660-693; issue opens on Oct 21, October 2026
- The Financial World, Paras Healthcare Limited has Rs 1,450 crore IPO, October 15, 2026
- Paras Healthcare red herring prospectus (restated financial information)
Disclaimer: This article is for information and educational purposes only. IPO details are based on public filings and media reports and may change. This is not a recommendation to apply for, buy or sell any security. Read the RHP and consult a SEBI-registered investment adviser before investing.
