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Paras Healthcare IPO Date, GMP, Review, Price, Allotment Details
Updated
Paras Healthcare listed on BSE and NSE on 28 Oct 2026. Its issue price was ₹693. The IPO was subscribed 2.21 times overall. Bidding ran from 21 Oct to 23 Oct 2026 with a lot size of 21 shares.
- Price band
- ₹660–693
- Lot size
- 21 shares
- Minimum investment
- ₹14,553
- Bidding
- 21 Oct – 23 Oct 2026
- Listing
- 28 Oct 2026
- Issue size
- ₹1,450 crore
- Exchange
- BSE and NSE
- Registrar
- MUFG Intime India Private Limited
Paras Healthcare IPO GMP today
| Last GMP before listing | ₹14 per share |
|---|---|
| Price band (upper) | ₹693 |
| Implied listing price | ₹707 (+2%) |
| Last updated | 27 Oct 2026, 4:02 pm IST |
What GMP means: the grey market premium is an unofficial price that some traders quote before listing. It is not regulated and not published by the exchanges.
GMP often changes sharply and is not a prediction of the listing price. For official demand, check the subscription figures on this page.
About Paras Healthcare
Paras Healthcare runs multi-specialty hospitals in North and East India under the Paras Health brand. Incorporated in 1987, it operated eight hospitals with 2,211 beds on 30 June 2026, in Gurugram, Panchkula, Patna, Darbhanga, Kanpur, Udaipur, Ranchi and Srinagar. It had 4,670 employees in March 2026, including more than 1,000 doctors.
The company focuses on cities where large private hospitals are still few. It was the first corporate hospital among its listed peers in Gurugram and Patna, and is one of the larger providers by bed count in North India, Bihar and Jharkhand. Seven of its hospitals are NABH accredited. Most revenue comes from complex care: cardiac, oncology, neurosciences, gastroenterology, orthopaedics and renal care together made up about 75% of FY26 revenue.
Occupancy was about 70%.
The business has recently turned profitable. Total income rose from Rs 1,151 crore in FY24 to Rs 1,314 crore in FY25 and Rs 1,629 crore in FY26. After losses of Rs 15.3 crore in FY24 and Rs 58 crore in FY25, it earned a profit of Rs 43.8 crore in FY26 and Rs 49.7 crore in the June 2026 quarter alone.
EBITDA rose from Rs 154 crore to Rs 336 crore over the three years, and EBITDA margin improved from about 13% to about 21% (about 24% in the June quarter). Debt is high: borrowings were Rs 1,394 crore in March 2026 and Rs 1,429 crore in June 2026, about 3.2 to 3.5 times net worth.
The Rs 1,450 crore IPO has two parts. A fresh issue of Rs 500 crore brings new money to the company, mainly to repay about Rs 375 crore of debt, including Rs 54 crore at its Srinagar hospital subsidiary. An offer for sale of Rs 950 crore lets promoter Dr Dharminder Kumar Nagar (Rs 300 crore) and investor Commelina Ltd (Rs 650 crore) sell shares; that money goes to them.
The company plans a 300-bed hospital in Gurugram and a 500-bed hospital in Ludhiana, taking capacity to about 3,011 beds by March 2028. At the upper band of Rs 693 it is valued at about Rs 7,498 crore after the issue. That is about 171 times FY26 profit, or about 38 times profit if the June quarter is annualised.
Investors may want to weigh the margin improvement, the debt reduction and room to grow in smaller cities against the high debt, the short record of profits and a valuation that assumes profits keep rising.
Products and services
- Multi-specialty hospital care
- Cardiac sciences
- Oncology
- Neurosciences
- Gastroenterology
- Orthopaedics
- Renal care
Key strengths
- Eight hospitals and 2,211 beds across North India, Bihar and Jharkhand
- First corporate hospital among listed peers in Gurugram and Patna
- Complex specialties give about 75% of revenue
- Seven NABH-accredited hospitals
- EBITDA margin up from about 13% (FY24) to about 21% (FY26)
SWOT analysis
Strengths
- Presence in under-served Tier-2 cities
- Improving margins and occupancy (about 70%)
- Capex of about Rs 77 lakh per bed
Weaknesses
- Debt of Rs 1,429 crore (June 2026), about 3.2x net worth
- Losses in FY24 and FY25; profitable only since FY26
- Return on capital of 10.8% in FY26
Opportunities
- Planned Gurugram (300 beds) and Ludhiana (500 beds) hospitals
- Rising demand for specialty care outside metros
- Lower interest costs after debt repayment
Threats
- Delays or cost overruns at new hospitals
- Competition from larger hospital chains
- Government price controls on procedures and drugs
SWOT is a neutral summary of public information and the offer document. It is not a recommendation.
Paras Healthcare IPO review: an honest look at the numbers
Here is an honest look at what the numbers say about the Paras Healthcare IPO. We don't tell you to apply or to stay away. We lay out the facts so you can decide.
- Issue size: At ₹1,450 crore, this is a large issue.
- Price: The price band is ₹660–693 per share. The smallest application costs ₹14,553 at the top of the band.
- Demand: Bids so far cover the shares on offer 2.21 times, which is moderate demand. Institutions (QIBs) bid 3.25 times their quota; many investors watch this number closely.
- Brokers: Of the 1 broker note we track, 1 says subscribe, 0 are neutral and 0 say avoid.
- Risks: The company lists 5 key risks in its offer document. We summarise them in our notes below.
Before you decide
Read the "Risk factors" and "Objects of the issue" chapters of the RHP for the Paras Healthcare IPO. They explain what could go wrong and how the money will be used.
Ask yourself whether you would hold the shares if they listed below the issue price. Invest only money you will not need soon.
This review summarises public data. It is not a rating or a recommendation to apply.
Paras Healthcare IPO subscription status
Updated · final figures
| Category | Times subscribed |
|---|---|
| Qualified institutional buyers (QIB) | 3.25× |
| Non-institutional investors (NII) | 0.69× |
| Retail investors | 2.1× |
| Total | 2.21× |
A figure of 3× means investors bid for three times the shares on offer in that category.
Paras Healthcare IPO lot size and minimum investment
One lot of the Paras Healthcare IPO is 21 shares. At the upper price band of ₹693, one lot costs ₹14,553.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (minimum) | 1 | 21 | ₹14,553 |
| Retail (maximum) | 13 | 273 | ₹1,89,189 |
| sHNI (minimum) | 14 | 294 | ₹2,03,742 |
| sHNI (maximum) | 68 | 1,428 | ₹9,89,604 |
| bHNI (minimum) | 69 | 1,449 | ₹10,04,157 |
Retail investors can bid up to ₹2 lakh. Bids from ₹2 lakh to ₹10 lakh fall in the small HNI (sHNI) category, and bids above ₹10 lakh in the big HNI (bHNI) category.
Paras Healthcare IPO employee quota, anchor investors and bids
Employee quota
Whether there is an employee quota will appear here once confirmed from the RHP.
Anchor investors
| Amount raised | ₹652.5 crore |
|---|---|
| Lock-in on 50% of anchor shares ends | Thu, 26 Nov 2026 30 days |
| Lock-in on remaining 50% ends | Mon, 25 Jan 2027 90 days |
Main anchor investors: Abu Dhabi Investment Authority, SBI Mutual Fund (Multi Asset Allocation, Infrastructure, Healthcare Opportunities, Balanced Hybrid and Dividend Yield funds), ICICI Prudential Life Insurance, HDFC Small Cap Fund and BlackRock Global Funds (Asian Dragon Fund, India Fund).
Lock-in dates are counted from the allotment date under SEBI rules. Shares coming out of lock-in can add selling pressure around those dates.
How much QIB, NII and retail investors bid
Updated
| Category | Shares on offer | Times subscribed | Amount bid |
|---|---|---|---|
| Anchor investors | ₹652.5 cr | 1× | ₹653 cr |
| Qualified institutional buyers (QIB, excluding anchors) | ₹435 cr | 3.25× | ≈ ₹1,414 cr |
| Non-institutional investors (NII) | ₹217.5 cr | 0.69× | ≈ ₹150 cr |
| Retail investors | ₹145 cr | 2.1× | ≈ ₹305 cr |
| Total (excluding anchors) | ₹797.5 cr | 2.21× | ≈ ₹1,868 cr |
≈ marks an estimate: times subscribed × the value of shares on offer at the upper price band. Amount bid is demand, not money invested; most bidders receive fewer shares and get the rest refunded.
Paras Healthcare listed peers
The top listed peers of Paras Healthcare, with their P/E and RoNW from the RHP, will appear here.
Paras Healthcare IPO date and timeline
- Bidding opens
- Bidding closes
- Basis of allotment
- Refunds start
- Shares credited to demat
- Listing
Approve your UPI mandate before 5 pm on the closing day, or the bid is rejected.
What happens after bidding closes
Bidding closed on 23 Oct 2026. The registrar then works out who gets shares, and the basis of allotment was finalised on 27 Oct 2026.
If you don't get shares, the money blocked in your bank account is released from 27 Oct 2026. If you do, the shares reach your demat account the same day.
The Paras Healthcare IPO listed on BSE and NSE on 28 Oct 2026, when trading in the shares begins.
Paras Healthcare financials
What brokers say about the Paras Healthcare IPO
Of the 1 broker note we track, 1 says subscribe, 0 are neutral and 0 say avoid.
| Firm | Rating | Main reason | Source |
|---|---|---|---|
| Sushil Finance 16 Oct 2026 | Revenue CAGR of 19.3%, EBITDA margin up to 20.6%, turnaround to profit and debt repayment from the issue | Read note |
Ratings are the published views of each firm, not Marketasset's. We don't rate IPOs.
Marketasset notes on the Paras Healthcare IPO
Use of proceeds
- Repay or prepay company borrowings: Rs 320.90 crore
- Invest in subsidiary PMHPL (Srinagar hospital) to repay its debt: Rs 54.10 crore
- General corporate purposes: balance
Promoter holding
Before the issue: 72.8%. Promoters: Dr Dharminder Kumar Nagar.
Key risks the company lists
- High debt even after repayment
- Short record of profits (losses in FY24 and FY25)
- About 171x FY26 profit (about 38x annualised June-quarter profit)
- Rs 950 crore of the issue is an offer for sale
- Execution risk on new hospitals
Other observations
Price band Rs 660-693 (face value Rs 1); lot 21 shares (Rs 14,553 at the upper band; retail maximum 13 lots, Rs 1,89,189). Issue of about Rs 1,450 crore: fresh Rs 500 crore (72,15,007 shares) and offer for sale Rs 950 crore (1,37,08,513 shares). Open 21-23 Oct 2026, allotment 26 Oct, listing on BSE and NSE 28 Oct (tentative). Lead managers JM Financial, BofA Securities India and Nuvama Wealth Management; registrar MUFG Intime India. Post-issue market cap about Rs 7,498 crore.
Promoter holding after the issue was not published in the sources checked.
These notes describe the offer document. They are not a rating or a recommendation.
How to apply for the Paras Healthcare IPO
- Choose your bid. Pick the number of lots (minimum ₹14,553) and tick "cut-off price" so your bid counts at the final price.
- Apply through UPI or ASBA. Use your broker's app with your UPI ID, or your bank's net banking (ASBA). The money is blocked, not debited.
- Approve the UPI mandate in your UPI app before 5 pm on the closing day.
- Check allotment after the allotment date, as explained in the next section.
How to check Paras Healthcare IPO allotment status
The basis of allotment for the Paras Healthcare IPO was finalised on 27 Oct 2026. After that, you can check your status in any of these places.
- Registrar's website: open MUFG Intime India Private Limited's allotment page, choose Paras Healthcare and enter your PAN or application number.
- BSE: BSE's allotment status page. Select the issue type and name, then enter your application number and PAN.
- NSE: NSE's IPO bid verification page. Log in with your PAN to see your bid and allotment.
- Your bank or broker: the UPI mandate is either debited (shares allotted) or released (not allotted), usually by SMS.
IPO rules, including how retail shares are allotted by lottery when an issue is oversubscribed, are set by SEBI.
Paras Healthcare IPO listing performance
| Issue price | ₹693 |
|---|---|
| Current price 13 Nov 2026, 10:32 am IST | ₹936.3 |
| Change from issue price | +35.11% |
Paras Healthcare IPO FAQs
When does the Paras Healthcare IPO open and close?
The Paras Healthcare IPO was open for bidding from 21 Oct 2026 to 23 Oct 2026.
What is the price band and lot size of the Paras Healthcare IPO?
The price band is ₹660–693 per share and one lot is 21 shares.
What is the minimum investment in the Paras Healthcare IPO?
The minimum investment is one lot of 21 shares, which costs ₹14,553 at the top of the price band. Retail investors can apply for up to 13 lots (₹1,89,189).
When is the Paras Healthcare IPO allotment date and how do I check my status?
The basis of allotment was finalised on 27 Oct 2026. You can check your allotment status on the website of the registrar, MUFG Intime India Private Limited, using your PAN or application number, or on the BSE and NSE websites.
When will Paras Healthcare shares list?
Paras Healthcare listed on BSE and NSE on 28 Oct 2026.
Who are the lead managers and registrar of the Paras Healthcare IPO?
The registrar is MUFG Intime India Private Limited.
How many times has the Paras Healthcare IPO been subscribed?
The Paras Healthcare IPO was subscribed 2.21 times overall: 3.25 times by QIBs, 0.69 times by non-institutional investors and 2.1 times by retail investors. Figures as of 23 Oct 2026, 11:07 am IST.
How much did the Paras Healthcare IPO raise from anchor investors?
Paras Healthcare raised ₹652.5 crore from anchor investors. Half of the anchor shares are locked in until 26 Nov 2026 and the rest until 25 Jan 2027.
What do brokers say about the Paras Healthcare IPO?
Of the 1 broker note we track, 1 says subscribe, 0 are neutral and 0 say avoid. These are the firms' own views; Marketasset does not rate IPOs.