It is the second day of Paras Healthcare’s Initial Public Offering (IPO) bidding today (October 22) and was subscribed to a total of 0.15 times as of Day 1. The company aims to raise Rs 1,450 crore via a combination of 72.15 lakh fresh shares amounting to Rs 500 crore, and an offer for sale of 1.37 crore shares aggregating to Rs 950 crore. The firm has set the issue price band in a range of Rs 660 to Rs 693 per equity share. The subscription window will close on October 23.
Paras Healthcare IPO: Subscription status
The issue was booked 0.15 times on Day 1, led by retail investors. The individual investor (retail) category was subscribed 0.69 times during the same time frame. The Non-Institutional Investors (NIIs) booked the issue 0.08 times, while the Qualified Institutional Buyers were yet to jump in.
Paras Healthcare’s last recorded Grey Market Premium (GMP) was Rs 25, up 3.61 per cent from the upper price band. The GMP of the healthcare IPO has fallen sharply as it was fetching a premium of Rs 95, or 13.71 per cent, on October 15. Based on the GMP trend, the estimated listing price for Paras Healthcare IPO is likely to be Rs 718. This hints at a gain of Rs 525 on one lot of 21 shares.
Paras Healthcare IPO: Allotment and listing
Paras Healthcare IPO: Objectives of the issue
The objectives for the fresh issue include Rs 309 crore for payment of certain borrowings. The company will use Rs 54.1 crore for investment in a wholly owned subsidiary for repayment of borrowings, and the remaining amount for general corporate purposes.
The company has a planned expansion pipeline comprising a 300-bed hospital in Gurugram, targeted for launch in FY27, and a 500-bed hospital in Ludhiana, targeted for FY28. It expects to increase its total bed capacity to 3,011 by March 31, 2028.
Paras Healthcare IPO: Lot size
A retail applicant needs to apply for at least one lot that contains 21 shares. The minimum amount of investment required by an individual investor is Rs 14,553.
Paras Healthcare IPO: BRLM and registrar
Expert’s take on Paras Healthcare
The company benefits from a diversified hospital portfolio comprising mature facilities that provide an established operating base and emerging and newer hospitals that offer scope for occupancy improvement and operating leverage.
Its presence across North India, Bihar and Jharkhand enables it to serve underserved healthcare markets, while its planned expansion to 3,011 beds by March 2028, including new hospitals in Gurugram and Ludhiana, provides a pathway for capacity-led growth.
“At the upper price band, the company is valued at a P/E of 37.7 on FY27 annualised earnings and EV/EBITDA of 25.73x with its FY26 earnings and market cap of Rs 7,498.3 crore post issue of equity shares. We believe that the IPO is fully priced and recommend a ‘Subscribe- Long Term’ rating to the IPO,” said Anand Rathi Research in an IPO note.
Paras Healthcare is a clinical specialty-led hospital platform providing tertiary and quaternary healthcare services under the ‘Paras Health’ brand. Paras Healthcare established its first 200-bed hospital in Gurugram, Haryana, in 2006, becoming the first corporate hospital entrant among its listed peers. Since then, it has expanded largely organically, using internal accruals and debt financing.
As of June 30, 2026, the company operated eight hospitals with a total capacity of 2,211 beds, including 1,502 operational beds and 559 ICU beds across five states and one union territory.
It has a presence 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.