Facts from the company's RHP, explained simply. Not advice and not a recommendation to apply.
Paras Healthcare Ltd. IPO
UpcomingHospital company. As of 30 June 2026 it runs eight hospitals with 2,211 beds in Gurugram, Panchkula, Patna, Darbhanga, Kanpur, Udaipur, Ranchi and Srinagar.
Last checked against official sources on 19 Oct 2026. Details can change through an addendum or a revised price band; if anything here differs from the RHP or exchange notices, those are correct.
The issue at a glance
- Price band (per share)
- ₹660 to ₹693
- Face value (per share)
- ₹1
- One lot
- 21 shares · ₹14,553
- Retail bid
- 1 to 13 lots · up to ₹1.89 lakh
- Issue size
- ₹1,450 crore
- Fresh issue / offer for sale
- ₹500 crore / ₹950 crore
- Issue type
- Book-built issue
- Listing on
- NSE, BSE
- Offer for sale of up to ₹950 crore: up to ₹300 crore by the promoter Dr. Dharminder Kumar Nagar and up to ₹650 crore by the investor Commelina Ltd (RHP cover)
- Up to 60% of the QIB portion can go to anchor investors, who bid on 19 Oct 2026; 5% of the rest of the QIB portion is for mutual funds (RHP p. 535)
- No employee reservation or employee discount in this offer (RHP p. 535)
Important dates
Dates after bidding closes are tentative until the exchanges confirm them.
| Bidding opens | 21 Oct 2026 |
|---|---|
| Bidding closes (last day) | 23 Oct 2026 |
| Allotment | 26 Oct 2026tentative |
| Refunds / money unblocked | 27 Oct 2026tentative |
| Shares credited to demat | 27 Oct 2026tentative |
| Listing on the exchange | 28 Oct 2026tentative |
Where the money goes
The company is offering shares worth up to ₹1,450 crore at the top of the price band.
₹500 crore is a fresh issue: new shares, and this money goes to the company for the purposes listed under "Objects of the issue".
₹950 crore is an offer for sale: existing shareholders are selling their shares, and this money goes to them, not to the company.
The smallest bid is one lot of 21 shares, which is ₹14,553 at the top of the price band.
Objects of the issue (from the RHP)
- ₹320.90 crore (₹3,209.00 million) to prepay or repay, in full or part, certain borrowings of the company (RHP p. 124)
- ₹54.10 crore (₹541.00 million) to invest in its wholly owned subsidiary PMHPL, which runs the Srinagar hospital, to repay or prepay that subsidiary's borrowings
- General corporate purposes: the amount will be fixed after the issue price is set, and cannot be more than 25% of the gross proceeds (RHP p. 124)
- The ₹950 crore offer for sale goes to the selling shareholders, not to the company
Who the shares are for
| Category | Share of the issue (as in the RHP) |
|---|---|
| Qualified institutional buyers (QIB) | Not less than 75% of the offer |
| Non-institutional investors (NII / HNI) | Not more than 15% of the offer |
| Retail individual investors | Not more than 10% of the offer |
What the company does
- Runs eight hospitals under the "Paras Health" brand, with 2,211 beds as of 30 June 2026.
- The hospitals are in Gurugram and Panchkula (Haryana), Patna and Darbhanga (Bihar), Kanpur (Uttar Pradesh), Udaipur (Rajasthan), Ranchi (Jharkhand) and Srinagar (Jammu and Kashmir).
- Promoter: Dr. Dharminder Kumar Nagar, who sells up to ₹300 crore of shares in this offer.
Summarised from "Our Business" in the RHP, pages 253 onwards.
The company's numbers, explained
₹ crore, restated consolidated, from the RHP (pages 81–83; the RHP reports in ₹ million).
| ₹ crore | FY 2024 | FY 2025 | FY 2026 | Q1 FY 2027 (3 months) |
|---|---|---|---|---|
| Revenue | 1,129.04 | 1,294.06 | 1,605.95 | 470.28 |
| Profit after tax | -15.33 | -57.98 | 43.83 | 49.68 |
| Net worth | 338.51 | 280.49 | 394.94 | 444.96 |
| Total borrowings | 547.53 | 727.93 | 854.1 | 888.89 |
| Total assets | 1,477.66 | 1,810.45 | 2,071.14 | 2,202.88 |
In FY 2026, the company earned ₹1,605.95 crore from what it sells. This is its revenue.
After paying all its costs and taxes, ₹43.83 crore was left. This is its profit.
So for every ₹100 of revenue, about ₹2.7 was left as profit.
Revenue went up from ₹1,294.06 crore in FY 2025 to ₹1,605.95 crore, a change of +24.1%.
In FY 2025 it had a loss of ₹57.98 crore; in FY 2026, a profit of ₹43.83 crore.
What belongs to the owners after all debts are subtracted (net worth) was ₹394.94 crore at the end of FY 2026.
It owed ₹854.1 crore to lenders, which is ₹2.16 of borrowing for every ₹1 of the owners' money.
In the latest part-year (Q1 FY 2027, 3 months), revenue was ₹470.28 crore and profit ₹49.68 crore. A part-year cannot be compared directly with a full year.
Figures are restated consolidated numbers from the RHP (pages 81–83). The RHP explains them in full.
Risks the company lists
These are the first 5 risk factors in the order the RHP lists them, summarised. They are not all the risks and not AQVIK's assessment. The full "Risk Factors" section is on pages 21–77 of the RHP; read it before deciding.
- Past losses: the company made losses in FY 2024, FY 2025 and the three months to 30 June 2025, and cannot assure it will stay profitable. (RHP p. 21)
- Loss-making subsidiaries: two subsidiaries, Paras Healthcare (Ranchi) and Plus Medicare Hospitals, have together made losses, and may not become profitable. (RHP p. 22)
- People: the business depends on doctors, nurses and other healthcare staff, and attrition among them is high. (RHP p. 22)
- Concentration: five of its eight hospitals are in North India; they brought in 66.07% of revenue from operations in FY 2026. (RHP p. 25)
- A member of the promoter group appears in the CIBIL wilful defaulter database. (RHP p. 26)
How much to bid
One lot is 21 shares. Amounts are at the top of the price band, ₹693 per share, which is what bidding at cut-off blocks.
- Amount blocked
- ₹14,553.00
- Shares
- 21
- Your category
- Retail individual investor (up to ₹2 lakh)
- How to pay
- UPI or ASBA net banking
Retail investors can bid for up to 13 lots at this price (₹1,89,189), within the ₹2 lakh limit.
If you sell (an illustration)
Type any sale price to see what it would mean for 21 shares sold within 12 months. This is not a forecast.
- Paid for the shares
- ₹14,553.00
- Sale value
- ₹14,553.00
- Gain before tax
- ₹0.00
- Estimated tax you pay later (20% + 4% cess)
- ₹0.00
- Gain left after that tax
- ₹0.00
The tax is not deducted at sale; you pay it when you file your return.
Listed shares sold within 12 months, with STT paid, are short-term capital gains, taxed at 20% plus 4% cess for tax year 2026-27. This tax is not cut when you sell: the full sale amount (minus brokerage, STT and other charges) reaches your account, and you pay the tax yourself as advance tax or when you file your income tax return. Your actual tax can be lower or higher depending on your total income, losses you can set off and surcharge. This is a simple estimate, not tax advice.
An illustration only, using the numbers you enter. It is not a forecast of any price and not tax advice. STT, stamp duty, brokerage, exchange charges, surcharge and your own tax situation are not included, so your actual result will differ.
Investor categories and allotment
When the retail portion is oversubscribed, SEBI rules give one lot each to as many retail applicants as possible, chosen by a computerised lottery. Your chance depends on how many retail lots there are compared with how many valid retail applications were made, not on the subscription figure alone, and applying for more lots does not raise your chance of getting the first lot. The registrar publishes the exact basis of allotment after the issue closes.
| Category | Bid amount | When oversubscribed | Pay with |
|---|---|---|---|
| Retail individual investor | Up to ₹2 lakh | Lottery for one lot each when oversubscribed | UPI or ASBA |
| Small non-institutional (sNII) | Above ₹2 lakh up to ₹10 lakh | Lottery for the minimum NII application when oversubscribed | UPI up to ₹5 lakh, ASBA above |
| Big non-institutional (bNII) | Above ₹10 lakh | As per the basis of allotment, subject to the minimum NII application | ASBA |
How to apply
Step 1
Have a demat account and UPI
You need a demat and trading account with a broker, and a UPI ID linked to a bank account in your own name.
Step 2
Open the IPO in your broker app
Look for the IPO section while the issue is open. You can also apply through your bank's net banking (ASBA).
Step 3
Choose lots and price
Bid in whole lots. Retail investors can tick "cut-off" to bid at the final price; the amount blocked is at the top of the price band.
Step 4
Approve the UPI mandate
Your UPI app will ask you to approve a mandate that blocks the money. The money stays in your account, blocked, until allotment. Approve it before the cut-off time on the closing day.
Step 5
Check allotment
After the allotment date, check your status on the registrar's website with your PAN or application number. If you get no shares, the blocked amount is released.
Step 6
Listing
Allotted shares reach your demat account before listing day and can be sold once the shares list on the exchange.
Apply only through your own broker app or your bank's net banking (ASBA). Nobody can get you a "guaranteed" or "pre-IPO quota" allotment; links or WhatsApp messages offering one are fraud. AQVIK never asks for your UPI PIN, OTP or payment.
Check allotment
The registrar is MUFG Intime India Pvt. Ltd. (formerly Link Intime). After the allotment date, check your status on its website with your PAN or application number:
MUFG Intime India Pvt. Ltd. (formerly Link Intime) allotment status(opens in a new tab)
Official documents and sources
Every figure on this page comes from the sources listed below. If you spot a mismatch with the RHP, the RHP is correct; please tell us at support@aqvik.com.
- Red herring prospectus (RHP)(opens in a new tab)
- Abridged prospectus(opens in a new tab)
- Red herring prospectus dated 14 Oct 2026 (Paras Healthcare website)(opens in a new tab)official
- Abridged prospectus (SEBI website)(opens in a new tab)official
- Price band advertisement dated 14 Oct 2026 (JM Financial, a lead manager)(opens in a new tab)official
Book-running lead managers: JM Financial Ltd., BofA Securities India Ltd., Nuvama Wealth Management Ltd..
Links to SEBI, the exchanges and the registrar open their own websites in a new tab. AQVIK does not control those sites and is not responsible for their content.
Words on this page
Revenue
Money the company earned from selling its products or services, before costs.
Profit after tax
What is left from revenue after every cost and tax is paid. A negative number is a loss.
Net worth
What the company owns minus what it owes: the owners' share.
Borrowings
Loans and debt the company has to repay to banks and other lenders.
Fresh issue
New shares created in the IPO. The money goes to the company.
Offer for sale (OFS)
Existing shareholders selling some of their shares. The money goes to them, not the company.
Price band
The lowest and highest price per share you can bid. The final price is set after bidding closes.
Lot
The fixed bundle of shares bids are made in. You can bid for one or more whole lots.
RHP (red herring prospectus)
The company's official offer document, filed with SEBI. It has the full details of the company, the issue, its financials and its risks.
QIB (qualified institutional buyer)
Large institutions such as mutual funds, banks, insurers and foreign portfolio investors, who bid in their own portion of the issue.
NII (non-institutional investor)
Individuals and others who bid for more than ₹2 lakh. Split into small NII (up to ₹10 lakh) and big NII (above ₹10 lakh).
Retail individual investor
An individual who bids for up to ₹2 lakh in the issue.
Anchor investors
Institutions given shares a day before the issue opens, at a price not below the issue price. Their shares cannot be sold for a lock-in period stated in the RHP.
ASBA
Application Supported by Blocked Amount: your bank blocks the bid amount in your account instead of taking it, and releases whatever is not used for shares.
UPI mandate
A request in your UPI app to block the bid amount. Approving it is what completes a UPI bid.
Basis of allotment
The registrar's document, published after the issue closes, showing how shares were given out in each category.
We do not show grey market premium (GMP). It comes from an unofficial, unregulated market, SEBI has cautioned investors about it, and it often differs from the listing price.
AQVIK takes no payment from companies, lead managers, registrars or brokers for IPO pages, and IPO pages carry no broker referral links or IPO advertising.
This page is for information and education only. AQVIK is not registered with SEBI as an investment adviser or research analyst, and is not connected to, or paid by, the company, its lead managers, the registrar or any broker. Facts on this page come from public documents such as the RHP and exchange notices; AQVIK does not say whether to apply, buy, hold or sell. Dates after the issue closes are tentative until the exchanges confirm them. The RHP is the authoritative document: read it, and check details in your broker app, before you bid. Investing in shares carries risk, including the loss of money.