Paras Healthcare IPO ends with 2.23 times subscription

Paras Healthcare received bids for 2,69,43,714 shares as against 1,20,83,331 shares on offer. The issue was subscribed 2.23 times.

The qualified institutional buyers' (QIB) portion was subscribed 3.09 times, while the non-institutional investors' (NII) category was subscribed 0.66 times. The retail individual investors' (RII) segment was subscribed 2 times.

Paras Healthcare received bids for 17,78,637 shares as against 1,20,83,331 shares on offer. The issue was subscribed 0.15 times.

The issue opened for bidding on 21 October 2026 and closed on 23 October 2026. The price band of the IPO is fixed between Rs 660 and 693 per share.

The IPO comprised fresh issue of equity shares worth up to Rs 500 crore and an offer for sale aggregating up to Rs 950 crore by existing shareholders Dr. Dharminder Kumar Nagar and Commelina.

The objectives of the fresh issue included Rs 309 crore for prepayment or repayment of certain outstanding borrowings, Rs 54.1 crore for investment in its wholly owned subsidiary for repayment or prepayment of borrowings, and the remaining amount for general corporate purposes.

The company had 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 expected to increase its total bed capacity to 3,011 by March 31, 2028. Both projects were under lease arrangements, with construction being undertaken by the lessors. As of June 30, 2026, the company had not incurred any material capital expenditure. The projects were expected to be funded through internal accruals and bank borrowings.

Dr. Dharminder Kumar Nagar was the promoter. The promoters and promoter group held an aggregate of 7,35,19,240 equity shares, representing 72.8% of the pre-offer issued and paid-up equity share capital. Their post-IPO shareholding was expected to be around 63.95%.

Ahead of the IPO, Paras Healthcare on Monday, 19 October 2026, raised Rs 652.49 crore from anchor investors. The board allotted 94.15 lakh shares at Rs 693 each to 39 anchor investors.

Paras Healthcare is a clinical specialty-led hospital platform providing tertiary and quaternary healthcare services under the `Paras Health? brand. 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. As of June 30, 2026, the company had a team of 1,084 doctors and 1,937 nurses across its hospital network.

The company?s hospitals are equipped with modern operating theatres, procedure rooms and specialised intensive care units (ICUs), supported by advanced medical equipment such as MRI machines, PET-CT scanners, linear accelerators, surgical robots and advanced imaging systems. Its critical care infrastructure covers cardiac, neurological, transplant, neonatal, paediatric and other specialised needs.c

Its hospitals focus on high-acuity treatments across cardiac sciences, oncology, neurosciences, gastro sciences, orthopaedics and sports injury, and renal sciences, collectively referred to as CONGOR.

CONGOR specialties contributed 74.35% of revenue from operations in Q1 FY27, led by oncology at 19.43%, cardiac sciences at 13.31%, neurosciences at 12.50%, orthopaedics and sports injury at 12.13%, renal sciences at 8.74% and gastro sciences at 8.24%. Other specialties accounted for the remaining 25.65%.

In Q1 FY27, operating performance was supported by an improvement in bed occupancy to 69.72% from 56.75% in Q1 FY26. Occupied bed days rose 25.9% to 95,272. Average revenue per occupied bed (ARPOB) increased 1.4% to Rs 49,352 per day, while average length of stay declined marginally to 2.77 days from 2.87 days.

In Q1 FY27, In-patient volume increased 30.32% to 34,354, while out-patient volume rose 26.13% to 225,734. Capex per bed increased to Rs 77 lakh from Rs 74.6 lakh, and the number of surgeries rose 20% YoY to 11,112.

In Q1 FY27, net sales rose 28% year-on-year to Rs 470.28 crore. The company reported a profit after tax (PAT) of Rs 49.68 crore, compared with a net loss of Rs 1.02 crore in the corresponding quarter of the previous year.

For FY26, net sales grew 24% to Rs 1,605.95 crore compared with Rs 1,294.06 crore in FY25. The company turned profitable, posting a PAT of Rs 43.83 crore against a net loss of Rs 57.98 crore in the preceding financial year.

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