Paras Healthcare plans ₹1,800 crore IPO, files draft papers with Sebi

Paras Healthcare Ltd, which operates hospitals under the 'Paras Health' brand, has filed preliminary papers with capital markets regulator Sebi to raise up to ₹1,800 crore through an initial public offering (IPO).

The proposed IPO comprises a fresh issue of equity shares aggregating up to ₹500 crore and an Offer-For-Sale (OFS) of equity shares worth up to ₹1,300 crore by the selling shareholder, according to the draft red herring prospectus (DRHP) filed on Thursday.

Those selling shares include promoter Dharminder Kumar Nagar and other investors.

The Gurugram-based company intends to utilise the proceeds from the fresh issue towards prepayment or repayment of certain outstanding borrowings, investment in its wholly-owned subsidiary PMHPL for its debt payment, and for general corporate purposes.

 

Paras Healthcare is a clinical specialty-led hospital platform providing tertiary and quaternary healthcare services through a network of eight hospitals with an aggregate capacity of 2,211 beds as of March 31, 2026.

The company has operations across five states and one union territory, including Haryana, Bihar, Uttar Pradesh, Rajasthan, Jharkhand and Jammu & Kashmir.

The company plans to expand its network by adding a 300-bed hospital in Gurugram and a 500-bed hospital in Ludhiana by fiscal years 2027 and 2028, respectively. With these additions, its total bed capacity is expected to rise to 3,011 beds by March 31, 2028.

On a consolidated basis, the company's revenue from operations stood at ₹1,605.95 crore in fiscal 2026, and EBITDA (operating profit) at ₹335.58 crore during the period.

Paras Healthcare had earlier approached Sebi with draft IPO papers in 2024 and secured regulatory clearance, but subsequently shelved its plans to launch the public issue.

JM Financial, BofA Securities India and Nuvama Wealth Management are the book-running lead managers to the issue. The equity shares are proposed for listing on the BSE and NSE.