Paras Healthcare IPO 2026: DRHP Refiled for ₹1,800 Cr

Filing back on the table after earlier timeline lapsed

Paras Healthcare has filed a draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to raise funds through an initial public offering (IPO). The Gurugram-based hospital chain operates under the Paras Health brand. The latest filing is positioned as a refiling after a gap of nearly two years from the earlier attempt. The updated plan outlines a larger headline issue size than what was discussed in the earlier 2024 papers. The equity shares are proposed to be listed on the National Stock Exchange (NSE) and BSE.

IPO size and structure: fresh issue plus OFS

As per the latest prospectus filed on June 4, 2026, the proposed IPO is sized at ₹1,800 crore. It comprises a fresh issue of equity shares worth ₹500 crore and an offer for sale (OFS) of ₹1,300 crore by the promoter and investor selling shareholders. The company has said the listing is expected to create a public market for its equity shares and enhance visibility and brand image, as stated in the DRHP. The issue is described as a book-built offering in the available details.

How the fresh issue proceeds will be used

The DRHP states that proceeds from the fresh issue will be used for debt repayment of the company and its wholly owned subsidiary, and for general corporate purposes. In earlier disclosures related to the company’s IPO plan, it was stated that a portion of fresh issue proceeds would go toward debt repayment, with the remainder for general corporate needs. The latest excerpted filing language reiterates debt reduction and general corporate purposes. No IPO price band, lot size, or opening and closing dates have been announced in the provided information.

OFS breakup: who is selling and how much

In the June 4, 2026 filing, the OFS component of ₹1,300 crore is attributed to the promoter and investor shareholders. Promoter Dharminder Kumar Nagar is set to sell shares worth up to ₹300 crore via OFS. Investor Commelina is expected to sell shares worth ₹800 crore. The remaining ₹200 crore worth of shares will be sold by investor 360 ONE, which became a shareholder in April 2025 after buying shares from Commelina.

Pre-IPO placement option mentioned

The DRHP also indicates that Paras Healthcare may consider raising up to ₹100 crore in a pre-IPO round before filing the red herring prospectus with the Registrar of Companies. The text does not specify valuation, instruments, or timelines for such a placement. It also does not clarify whether the pre-IPO round will reduce the fresh issue size or alter the overall issue structure.

What happened with the earlier filing and SEBI approval window

Paras Healthcare had earlier approached capital markets by filing IPO papers in July 2024. That filing was described as a combination of a fresh issue worth up to ₹400 crore and an OFS of 1.49 crore shares by the promoter and an investor, with reports placing the overall size around ₹1,000 crore. SEBI approved the IPO papers on October 18, 2024, and the approval was valid for 12 months. The one-year period to launch the public issue expired in October 2025, after which the company moved to refile the DRHP with updated figures.

Lead managers and registrar: latest and earlier references

For the refiling, BofA Securities India, JM Financial and Nuvama Wealth Management are named as the book-running lead managers. MUFG Intime India is listed as the registrar. Separately, the provided material also contains earlier references that linked the 2024 process to ICICI Securities as a book-running lead manager, with MUFG Intime India as registrar. It also mentions other merchant banker combinations in different reports and summaries. Based on the June 2026 DRHP excerpt, the managing merchant bankers for the current plan include JM Financial, BofA Securities India, and Nuvama Wealth Management.

Business snapshot included in the public record

Paras Healthcare operates eight hospitals under the Paras Health brand. The network includes 2,135 beds across six states, as stated in earlier coverage tied to the IPO filing and approval process. The provided text does not include financial statements, profitability metrics, or segment-wise revenue, and those details are not reproduced here.

Key facts at a glance

Timeline markers from the earlier IPO attempt

Wider primary market context in the same period

The provided material also notes that several companies have received SEBI approval for IPOs, with examples including Rubicon Research (₹1,085 crore) and Corona Remedies (₹800 crore). In the same list, Paras Healthcare was referenced at “about ₹900 crore” in one snapshot, reflecting how issue sizes can vary across different filings, market windows, and reporting points. For Paras Healthcare, the latest stated plan in the June 2026 refiling is a ₹1,800 crore IPO with a ₹500 crore fresh issue.

What investors still do not know from the current information

Key offer details such as the IPO dates, price band, lot size, and the listing date are not yet announced in the provided text. The DRHP excerpts also do not provide the final number of shares being offered, since the issue is described in value terms for the fresh issue and OFS. Any next step, including launch timing, remains subject to market conditions and regulatory processes, as typically noted in IPO-related updates.

Conclusion

Paras Healthcare’s June 2026 DRHP refiling outlines a ₹1,800 crore IPO split between a ₹500 crore fresh issue and a ₹1,300 crore OFS, with proceeds from the fresh issue earmarked for debt repayment and general corporate purposes. The updated filing comes after the earlier SEBI approval window from October 2024 lapsed in October 2025. The next set of milestones will be the announcement of the price band, dates, and other offer terms, along with any pre-IPO placement decision of up to ₹100 crore.