Paras Healthcare Ltd. IPO: dates, issue size, fresh issue–OFS mix, use of proceeds, financials and risks

Paras Healthcare Limited, which operates the Paras Health specialty-led hospital network, is scheduled to open its mainboard initial public offering (IPO) on October 21, 2026 and close on October 23, 2026, with listing slated for October 28, 2026. In the supplied Red Herring Prospectus (RHP) snapshot, the total issue size is stated at ₹1,450.00 crore, comprising a ₹500.00 crore fresh issue and a ₹950.00 crore offer for sale (OFS). The price band and lot size were not available in the same snapshot. Fresh issue proceeds, if raised, accrue to the company; OFS proceeds accrue to selling shareholders.

What Paras Healthcare does: specialty-led tertiary and quaternary care

Paras Healthcare Limited operates the “Paras Health” clinical specialty-led hospital network providing tertiary and quaternary care across North India, Bihar and Jharkhand. As of June 30, 2026, it ran eight hospitals with 2,211 beds.

The network’s stated clinical focus is oriented towards higher-acuity specialties such as cardiac sciences, oncology, neurosciences, gastro sciences, orthopedics and sports injury, and renal sciences. The supplied context also highlights advanced critical-care infrastructure, accredited facilities, and a cloud-first digital hospital ecosystem.

The RHP narrative frames the IPO in the context of a specialty-led growth strategy, including ramp-up of newer hospitals and a stated expansion pipeline that includes proposed Gurugram II and Ludhiana hospitals. The offer-related narrative references a commissioned CRISIL industry report.

Footprint build-out and milestones: hospitals, clinical programs, and capital raises

The company’s milestones in the supplied context begin with the establishment and commencement of its first hospital at Gurugram, Haryana in 2006. The network subsequently expanded into Patna, Bihar (Paras HMRI Hospital) in 2013 and Darbhanga in 2016.

The timeline also reflects additions of specialty procedures at specific hospitals, including a first bone marrow transplant procedure at Paras HMRI Hospital, Patna in 2018 and a first kidney transplant procedure at the same hospital in 2019. In 2019, Paras Healthcare also commenced operations of Paras HEC Hospital in Ranchi, Jharkhand and Paras Hospital in Udaipur, Rajasthan.

In 2023, the company expanded Paras HEC Hospital, Ranchi to 300 beds and added tertiary care, and established and commenced operations of Paras Hospital, Srinagar, Jammu & Kashmir. In 2024, the supplied milestones record multiple “firsts” across units, including robotic surgery at Paras Hospital, Gurugram and Paras Hospital, Udaipur, along with transplant procedures at Gurugram and a first kidney transplant procedure at Paras Hospital, Panchkula, Haryana.

On capital raising, the supplied context records investment of ₹2.60 billion from Commelina Ltd. in 2017. It also records investments in 2025 from 360 ONE Special Opportunities Fund – Series 12 (₹587.00 million) and Axis New Opportunities AIF – Series II (₹213.00 million).

IPO structure, schedule, and investor allocation

As presented in the supplied snapshot, the Paras Healthcare IPO is a ₹1,450.00 crore issue comprising a ₹500.00 crore fresh issue and a ₹950.00 crore OFS. The timeline in the same snapshot states: issue open on October 21, 2026; issue close on October 23, 2026; allotment on October 26, 2026; refunds on October 27, 2026; and listing on October 28, 2026.

Investor-category allocation in the supplied data indicates 75% of the issue for Qualified Institutional Buyers (QIBs), 15% for Non-Institutional Investors (NIIs), and 10% for Retail Individual Investors (RIIs). The anchor allocation is stated as up to 60% of the QIB portion, with 33.33% of the anchor book reserved for domestic mutual funds.

Subscription figures in the snapshot show zero bids as of October 15, 2026, and the same snapshot notes the issue has not opened for subscription yet. As a result, category-wise bidding data is expected to start updating from October 21, 2026.

The supplied snapshot also contains an internal inconsistency across fields: while the issue is described as ₹1,450.00 crore with a ₹950.00 crore OFS in the offer details, a separate use-of-funds summary lists total IPO size as ₹1,150.00 crore and OFS as ₹650.00 crore. The definitive offer size and OFS amount would follow the final offer documents.

Proposed use of fresh issue proceeds and how OFS differs

The company states that the objects of the fresh issue have been approved pursuant to a board resolution dated October 14, 2026. In the supplied use-of-funds breakup, the fresh issue proceeds are proposed to be used towards three heads: prepayment or scheduled re-payment (in full or in part) of certain outstanding borrowings of the company; investment in the wholly owned subsidiary PMHPL (which operates the hospital in Srinagar) for repayment/prepayment (in full or in part) of PMHPL’s borrowings; and general corporate purposes. These are proposed allocations and not completed spending.

This split is relevant to how cash flows from the IPO may (or may not) reach the operating business. Fresh issue proceeds, net of issue expenses, go to Paras Healthcare and are proposed for the stated corporate objects. In contrast, OFS proceeds go to the selling shareholders and do not accrue to the company.

Financial trajectory and operating metrics in the RHP snapshot

Over the three reported financial years in the supplied snapshot, Paras Healthcare’s total revenue increased from FY2024 to FY2026, while profitability shifted from losses in FY2024 and FY2025 to a profit in FY2026. Total assets also rose over the period. The PAT margin moved from negative in FY2024 and FY2025 to positive in FY2026, aligning with the reported swing to profit.

For operating and return metrics, the snapshot reports an EBITDA margin of 23.70% and an EPS of ₹4.34. It also reports return on equity (ROE) of 11.83%, return on net worth (RoNW) of 11.83%, and return on capital employed (ROCE) of 4.23%. Debt-to-equity is reported at 3.21x.

Offer-price-linked valuation metrics are not computable from the supplied snapshot because the price band is not available. Consistent with that, the pre-IPO P/E and price-to-book fields in the snapshot appear as 0.

The grey market premium (GMP) observations provided in the snapshot include two datapoints dated October 15, 2026: ₹83 (with referenced issue price shown as 0) and ₹120 (with referenced issue price shown as ₹693). GMP is an unofficial indicator and can change; these observations are presented as dated market checks rather than a listing outcome.

Key risks highlighted in the supplied context and monitoring points

The supplied SWOT-style risk context highlights execution and operating risks associated with a specialty hospital network that continues to scale.

One risk noted is that past losses indicate newer hospitals can drag profitability for years; accordingly, future expansion and ramp-up could again pressure earnings if volumes do not ramp up as expected. Another risk flagged is subsidiary losses and negative net worth potentially requiring continued funding support from the parent company, which can affect cash available for upgrades, growth, or debt reduction. The context also notes high staff attrition as a risk that can disrupt service quality and raise salary and hiring costs, with implications for margins.

The same context outlines factors the company cites as supportive to its model, including a focus on complex specialties, an asset-light expansion approach versus owning every building, and the role of technology in patient experience and care coordination.

Monitoring points for investors around the offer and after listing include the ramp-up trajectory of newer hospitals and the contribution of these units to consolidated profitability.

Monitoring points include changes in borrowings and leverage indicators following any proposed repayments funded through the fresh issue.

Monitoring points include the performance and funding requirements of PMHPL, given the stated plan to invest in the subsidiary for its borrowing repayment/prepayment.

Monitoring points include trends in clinical and operational staffing stability, given the attrition risk highlighted in the supplied context.

Complete numeric snapshot

IPO terms and schedule

Key performance indicators and valuation

Category reservations and anchor allocation

Proposed use of fresh issue proceeds

Subscription status (15 Oct 2026)

Grey market premium (GMP) trend

GMP is an unofficial market indicator and can change; these are dated snapshot observations, not a listing forecast.