Paras Healthcare Limited has fixed the price band for its ₹1,450 crore initial public offering at ₹660–693 per share. The mainboard IPO opens for subscription on 21 October 2026 and closes on 23 October 2026, making it one of the largest healthcare IPOs of the year and part of a packed listing week that also sees Jio Platforms hit the market.
Here is everything investors need to know — price band, dates, lot size, the hospital business, financials, GMP and our review.
Paras Healthcare IPO at a glance
| Parameter | Detail |
|---|---|
| Issue size | ₹1,450 crore |
| Fresh issue | ₹500 crore (72.15 lakh shares) |
| Offer for sale (OFS) | ₹950 crore (1.37 crore shares) |
| Price band | ₹660–693 per share |
| Lot size | 21 shares |
| Minimum retail investment | ₹14,553 (1 lot at upper band) |
| Maximum retail investment | ₹1,89,189 (13 lots, 273 shares) |
| Face value | ₹1 per share |
| Listing | BSE and NSE |
| Book running lead managers | JM Financial, BofA Securities India, Nuvama Wealth Management |
| Registrar | MUFG Intime India Pvt. Ltd. |
Key dates and schedule
| Event | Date |
|---|---|
| Anchor bidding | 19 October 2026 |
| IPO opens | 21 October 2026 |
| IPO closes | 23 October 2026 |
| Basis of allotment | 26 October 2026 (tentative) |
| Refunds / credit of shares | 27 October 2026 (tentative) |
| Listing on BSE & NSE | 28 October 2026 (tentative) |
The reservation split is the standard mainboard formula: 75% for qualified institutional buyers (QIBs), 15% for non-institutional investors (NIIs) and 10% for retail investors.
About Paras Healthcare: the business
Incorporated in 1987, Paras Healthcare is a clinical specialty-led hospital platform operating eight hospitals with a combined capacity of 2,211 beds across North India, Bihar and Jharkhand — spanning five states and one union territory as of 30 June 2026, under the "Paras Health" brand. The company is headquartered in Gurugram, Haryana.
Its core strengths are high-end tertiary and quaternary care specialties — cardiac sciences, oncology, neurosciences, gastro sciences, orthopaedics and renal sciences — which together contributed 74.70% of revenue in FY26. As of June 2026, the network employed 1,084 doctors and 1,937 nurses.
Growth plans are bed-led: the company intends to add 300 beds in Gurugram by FY27 and 500 beds in Ludhiana by FY28, taking total capacity to 3,011 beds by March 2028.
Financials: turned profitable in FY26
| Particulars (₹ crore) | FY25 | FY26 | Q1 FY27 (Jun 2026) |
|---|---|---|---|
| Revenue | 1,294.06 | 1,605.95 | 470.27 |
| EBITDA | 156.46 | 335.58 | 113.48 |
| Profit after tax (PAT) | -57.98 (loss) | 43.83 | 49.68 |
Revenue grew about 24% year-on-year in FY26 while EBITDA more than doubled, and the company swung from a ₹57.98 crore loss in FY25 to a ₹43.83 crore profit in FY26. The June 2026 quarter shows the turnaround holding, with a ₹49.68 crore quarterly profit.
Where the fresh issue money goes
- Prepayment or repayment of certain outstanding borrowings of the company.
- Investment in its wholly owned subsidiary Plus Medicare Hospitals Private Limited (which operates the Srinagar hospital) to repay that subsidiary's borrowings.
- General corporate purposes.
The company receives no proceeds from the ₹950 crore offer for sale — that goes to the selling shareholders.
GMP and valuation: our review
Independent IPO trackers currently quote a grey market premium of around ₹115 (roughly 16–17% over the upper band) — this is unofficial, market-reported data and can change quickly. Chanakya Nipothi rates the issue a cautious 2.5 out of 5, flagging the valuation as demanding.
Strengths: established 1987-era hospital brand with a specialty-mix tilt (74.7% of revenue from high-value specialties), a clear 2,211 → 3,011 bed expansion pipeline, and a demonstrated FY26 turnaround to profitability with strong Q1 FY27 momentum.
Risks: a large OFS component (₹950 crore of the ₹1,450 crore goes to selling shareholders, not growth), high leverage being addressed only partly by the fresh issue, healthcare valuations generally running hot, and a tentative listing date (28 Oct) that collides with the mega Jio Platforms debut — which could draw liquidity away from the book.
Verdict: worth watching for long-term healthcare exposure; short-term listing gains will depend heavily on institutional demand at the anchor/QIB stage. As always, size your bid to your risk appetite and never borrow to apply.
FAQs
When does the Paras Healthcare IPO open and close?
The IPO opens on 21 October 2026 and closes on 23 October 2026. Anchor bidding is on 19 October.
What is the Paras Healthcare IPO price band?
The price band is ₹660–693 per share, with a face value of ₹1.
What is the lot size and minimum investment?
The lot size is 21 shares. Retail investors can bid for a minimum of 21 shares (₹14,553 at the upper band) and up to 13 lots (273 shares, ₹1,89,189).
What is the Paras Healthcare IPO GMP today?
Trackers quote a GMP of around ₹115 — unofficial and subject to change. Grey market data is not an assured indicator of listing price.
When is the Paras Healthcare IPO listing date?
The tentative listing date is 28 October 2026 on the BSE and NSE, with allotment expected on 26 October.
Who are the lead managers and registrar?
JM Financial, BofA Securities India and Nuvama Wealth Management are the BRLMs; MUFG Intime India is the registrar.
Conclusion
Paras Healthcare brings a profitable-turning, specialty-led hospital chain to the mainboard at a time when healthcare IPOs are drawing strong demand. The ₹660–693 band prices in the turnaround, so watch the anchor book on 19 October and Day-1 subscription data before committing — and follow our daily GMP coverage for the freshest premiums.
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