Paras Healthcare IPO October 2026: Opens Oct 21, Price Band ₹660-693, Fresh Issue and OFS Details

The Paras Healthcare IPO October 2026 dates are now locked in. Paras Healthcare Ltd, the Gurugram-headquartered company behind the Paras Health hospital chain, opens its ₹1,450 crore initial public offer on Wednesday, October 21, 2026, at a price band of ₹660 to ₹693 per share. Bidding closes on Friday, October 23. Anchor investors go a working day earlier, on Monday, October 19, and the shares are due to list on the BSE and NSE on Wednesday, October 28. The dates, the issue size and the split between new shares and the offer for sale are all from the red herring prospectus (RHP), dated October 14 and put up on SEBI’s website on October 15; the company announced the price band and lot size on October 15. Below we go through what’s in the offer, what a minimum application costs, who is selling, where the fresh money goes, and what the prospectus says about the business and its risks.

Paras Healthcare IPO October 2026: dates, price band and lot size

The company’s price band announcement sets the floor at ₹660 and the cap at ₹693 per equity share, on a face value of ₹1. You can bid for a minimum of 21 shares and then in multiples of 21. The PTI report carried by BusinessLine and ETHealthworld carry the same band, the same October 21 to 23 window and the October 19 anchor date.

The dates after allotment in the table are the indicative timetable from the RHP’s offer procedure section. The prospectus calls them “on or about” dates, so they can slip if any step runs late.

Most of the money goes to the sellers, not the company

Out of ₹1,450 crore, just ₹500 crore is a fresh issue, and that is the only part Paras Healthcare actually receives. The remaining ₹950 crore is an offer for sale, where existing shareholders sell part of their stake and keep the proceeds. By our calculation, that makes the fresh issue about 34.5% of the total and the OFS about 65.5%.

The abridged prospectus names two sellers:

• Dr Dharminder Kumar Nagar, promoter and managing director, is selling shares worth up to ₹300 crore. His weighted average cost of acquisition is ₹2.35 per share, as certified by the company’s chartered accountants.
• Commelina Ltd, an investor shareholder, is selling shares worth up to ₹650 crore, at a weighted average cost of acquisition of ₹114.15 per share. Fortune India identifies Commelina as an affiliate of the Malaysian private equity firm Creador.

The issue has also shrunk. PTI and Fortune India both report it was cut to ₹1,450 crore from the ₹1,800 crore proposed in the draft red herring prospectus, and Fortune India says most of the cut came out of the OFS. The RHP records the draft as dated June 4, 2026, with SEBI’s final observations issued in a letter dated August 24, 2026.

Going into the IPO, Dr Nagar holds 7,35,19,238 shares, or 72.80% of pre-offer equity, and Commelina holds 1,66,04,375 shares, or 16.44%, per the shareholding table in the abridged prospectus. Total pre-offer shares stand at 10,09,86,187, after the face value was split from ₹10 to ₹1.

The number of shares each seller gives up depends on where the price lands. At the ₹693 upper band, we work out that a ₹300 crore sale is about 43.3 lakh shares, roughly 5.9% of Dr Nagar’s current holding, and a ₹650 crore sale is about 93.8 lakh shares, around 56.5% of Commelina’s stake. These are our estimates from the rupee amounts in the RHP. The exact share counts go into the final prospectus.

With ₹950 crore of the ₹1,450 crore going to selling shareholders, this IPO is mostly an exit and stake-trim event. Only the ₹500 crore fresh issue reaches the company’s balance sheet.

The cost of one lot, worked out

The 21-share lot is the smallest bid you can place. The arithmetic below is ours, from the announced band and lot size:

• Minimum application at the upper band: 21 shares × ₹693 = ₹14,553.
• Minimum application at the lower band: 21 shares × ₹660 = ₹13,860.
• Largest retail bid under ₹2 lakh: 13 lots, or 273 shares × ₹693 = ₹1,89,189. Add a 14th lot and the bid becomes 294 shares × ₹693 = ₹2,03,742, which crosses the ₹2 lakh line and puts you in the non-institutional category.

Only retail individual bidders can bid at the “cut-off” price, which the RHP defines as the final offer price fixed within the band. Because nobody knows that final price while bidding is open, plan around the ₹14,553 upper-band figure for each lot. Chittorgarh’s issue page shows the same ₹14,553 minimum and ₹1,89,189 retail maximum. If you want to see how money gets blocked and released during an application, our guide to the IPO investing process in India goes through it step by step.

QIB, NII and retail quotas

The offer comes under Regulation 6(2) of SEBI’s ICDR Regulations because, as the abridged prospectus says, the company doesn’t meet the Regulation 6(1)(a) condition on net tangible assets and monetary assets. That route means the RHP sets aside at least 75% of the offer for qualified institutional buyers (QIBs). The rest breaks down like this:

• QIBs: at least 75% of the offer. Up to 60% of the QIB portion can go to anchor investors, and 40% of the anchor portion is reserved (33.33% for domestic mutual funds and 6.67% for life insurers and pension funds). 5% of the net QIB portion is kept for mutual funds.
• Non-institutional bidders: not more than 15% of the offer. A third of this is for applications above ₹2 lakh and up to ₹10 lakh, and two-thirds for applications above ₹10 lakh.
• Retail individual bidders: not more than 10% of the offer.

Here is what the retail quota looks like in shares. At the upper band, we calculate the ₹1,450 crore issue at about 2,09,23,520 shares, which matches the count on Chittorgarh. 10% of that is about 20,92,352 shares, enough for roughly 99,635 minimum lots of 21 shares. The RHP says every retail allottee gets no less than the minimum bid lot, subject to shares being available in the retail portion, with any shares left over allocated proportionately. It also says that if at least 75% of the offer can’t be allotted to QIBs, all application money will be refunded.

Small investors should keep that institutional tilt in mind. With retail capped at not more than 10% of the offer, individual applicants are chasing a fairly thin slice of the book, and the anchor and QIB response will probably decide how the issue is received.

Where the ₹500 crore fresh issue goes

Mostly into paying down debt. The objects of the offer in the abridged prospectus are:

• ₹320.90 crore to prepay or repay the company’s borrowings;
• ₹54.10 crore to be invested in its wholly owned subsidiary Plus Medicare Hospitals Pvt Ltd (PMHPL), which runs the Srinagar hospital, so that subsidiary can repay its borrowings; and
• the balance for general corporate purposes, which SEBI rules cap at 25% of gross proceeds.

Together the two debt items come to ₹375 crore. Restated consolidated accounts show total borrowings of ₹888.89 crore as of June 30, 2026, so the planned repayment is about 42% of that, by our calculation. Total borrowings here means non-current plus current borrowings. The RHP’s separate debt-to-equity ratio of 3.21 times also counts lease liabilities, while its adjusted ratio, which leaves them out, is 2.00 times.

What the hospital business looks like

The RHP describes Paras Healthcare as a clinical specialty-led hospital platform offering tertiary and quaternary care. As of June 30, 2026, it had eight hospitals with 2,211 beds, 559 of them ICU beds, along with 1,084 doctors and 1,937 nurses. The hospitals are in Gurugram and Panchkula in Haryana, Patna and Darbhanga in Bihar, Kanpur in Uttar Pradesh, Udaipur in Rajasthan, Ranchi in Jharkhand and Srinagar in Jammu and Kashmir. Cardiac, oncology, neuro, gastro, orthopaedic and renal specialties made up 74.35% of revenue from operations in the April to June 2026 quarter.

Two more hospitals are in the works, both on long-term leases: a 300-bed second hospital in Gurugram that the company wants to open in fiscal 2027, and one of up to 500 beds in Ludhiana planned for fiscal 2028. The RHP says these would lift bed capacity from 2,211 to 3,011 by March 31, 2028, though it adds that the timelines are management estimates.

We converted these figures from the ₹ million numbers in the abridged prospectus, rounding ARPOB to the nearest rupee. Revenue from operations grew 24.10% in FY26 over FY25. EBITDA margin, which the RHP measures as EBITDA as a percentage of total income, rose to 20.60% in FY26 from 11.91% in FY25. After losses in FY24 and FY25, the company turned a ₹43.83 crore profit in FY26, and the April to June 2026 quarter alone brought in ₹49.68 crore. Government schemes and public sector undertakings made up 41.28% of FY26 revenue from operations, up from 30.91% in FY25, going by the payor-mix data.

How the price band values the company

The RHP leaves per-share valuation ratios blank until the final price is fixed, so these are our own calculations from RHP data:

• Post-issue market capitalisation at ₹693: 10,09,86,187 existing shares plus about 72,15,007 new shares (₹500 crore ÷ ₹693) gives about 10,82,01,194 shares, worth about ₹7,498 crore. Fortune India reports the same figure of around ₹7,498 crore.
• Price to FY26 earnings: FY26 restated basic EPS was ₹4.34, which puts the upper band at about 160 times and the lower band at about 152 times FY26 earnings.
• Price to book: net asset value per share was ₹44.06 at June 30, 2026, so the upper band is about 15.7 times book.

For comparison, the RHP’s peer list is Aster DM Quality Care, Apollo Hospitals Enterprise, Fortis Healthcare, Global Health, Jupiter Lifeline Hospitals, Krishna Institute of Medical Sciences, Manipal Health Enterprises, Max Healthcare Institute, Narayana Hrudayalaya and Yatharth Hospital and Trauma Care Services. On BSE closing prices of October 5, 2026 and FY26 diluted EPS, their P/E ratios run from 42.92 to 116.41 times, averaging 67.81 times.

Part of the reason Paras looks so expensive on FY26 is that FY26 was its first profitable year after two years of losses. Use the April to June 2026 quarter’s run-rate and the multiple drops a lot, but one quarter may not carry through a full year. With hospital IPOs, we find EBITDA-based measures and occupancy tell you more than a single year’s net profit.

Risks the prospectus flags

The abridged prospectus lists its top internal risk factors. These stand out:

• Loss-making subsidiaries. Paras Healthcare (Ranchi) Pvt Ltd and PMHPL together lost ₹52.09 crore in FY26 and ₹82.24 crore in FY25.
• Staff attrition. Attrition among doctors, nurses, other healthcare professionals and support staff was 60.38% in FY26 and 66.74% in FY25. The April to June 2026 quarter alone showed 12.01%, but that is a three-month figure and can’t be compared directly with the full-year rates.
• Regional concentration. Five of the eight hospitals are in North India, and they brought in 66.07% of FY26 revenue from operations.
• Leased premises. Six of the eight hospitals operate from leased premises, and one runs under a public-private partnership.
• Promoter group disclosure. One promoter group member, Harbaksh Singh Khangura, appears in the CIBIL wilful defaulter database.

The turnaround is recent: one profitable year after two losses, with occupancy doing most of the work. That makes the next few quarters’ occupancy and subsidiary results more important than the headline FY26 profit.

Other issues in the same week

Paras Healthcare won’t be the only big name in the primary market that week. NSE’s upcoming issues list has the Jio Platforms IPO, priced at ₹1,065 to ₹1,119 per share, also running from October 21 to October 23, so the two overlap completely. Our Jio Platforms IPO price band post covers that offer. If you plan to apply for both, make sure your bank account can carry both blocked amounts at the same time. Grey market premium (GMP) quotes for Paras Healthcare have started appearing on trackers such as DostIpo, which showed an unofficial ₹115 premium on October 16. GMP is unregulated and informal, and it often swings sharply before listing, so don’t read it as a forecast. To see how the broader market is trading in the run-up, follow our stock market today coverage.

Our read on the issue

Put simply, the Paras Healthcare IPO is a ₹1,450 crore book-built issue at ₹660 to ₹693, open from October 21 to October 23, 2026. One 21-share lot costs ₹14,553 at the upper band, and listing is set for October 28. Roughly two-thirds of the issue is an offer for sale by the promoter and Commelina, while the ₹500 crore fresh issue mostly goes towards repaying ₹375 crore of debt. The prospectus shows a business that has turned profitable as occupancy rose. It also shows loss-making subsidiaries, high staff attrition and a narrow 10% retail quota. Before applying, read the RHP’s risk factors and look at the final anchor book on October 19.

Disclaimer: This article is for information and education only and is not investment advice or a recommendation to subscribe to, buy, sell or hold any security. IPO dates, prices and allocations can change; check the RHP, the final prospectus and exchange notices, and consult a SEBI-registered investment adviser before making investment decisions.