Paras Healthcare IPO Day 3: Check GMP, subscription status and key details

ETMarkets.com

Paras Healthcare heads towards its market debut as investors weigh muted subscription demand against its return to profitability.

As of Day 2, the IPO had received subscriptions for 34% of the shares on offer, against a total issue size of 1.20 crore shares. The retail individual investor (RII) category was subscribed 1.31 times, against 21.96 lakh shares reserved for the segment.

The public issue, which opened on October 21, will close today, October 23.

The Rs 1,450 crore IPO comprises a fresh issue of 72.15 lakh shares worth Rs 500 crore and an offer for sale (OFS) of 1.37 crore shares aggregating to Rs 950 crore.

Paras Healthcare has fixed the price band at Rs 660-693 per share, with a lot size of 21 shares. Retail investors applying for one lot at the upper end of the price band will need to invest a minimum of Rs 14,553.

The basis of allotment is expected to be finalised on October 26, while the shares are tentatively scheduled to list on the BSE and NSE on October 28, 2026.

JM Financial Ltd., BofA Securities India Ltd. and Nuvama Wealth Management Ltd. are the book-running lead managers for the issue, while MUFG Intime India Pvt. Ltd. is the registrar.

Paras Healthcare IPO: Anchor investor details

Paras Healthcare raised Rs 652.5 crore from anchor investors on October 19, a day before the IPO opened for public subscription. The anchor investors included Abu Dhabi Investment Authority, BlackRock Global Funds, Eastspring Investments, Government Pension Fund Global, Natixis International Funds, Integrated Core Strategies (Asia) and Citigroup Global.

Paras Healthcare IPO subscription status

Paras Healthcare’s IPO continued to see a muted response on the second day of bidding, with the issue subscribed 34% overall against 1.20 crore shares on offer.

The retail individual investor (RII) category was subscribed 1.31 times against 21.96 lakh shares reserved for the segment. The non-institutional investor (NII) portion received bids for 25% of the 32.95 lakh shares allocated to the category.

Meanwhile, the qualified institutional buyer (QIB) segment was subscribed 6%, against 65.90 lakh shares reserved for the category.

Paras Healthcare IPO GMP today

Paras Healthcare’s IPO was commanding a grey market premium (GMP) of Rs 13 per share, representing a premium of around 2% over the upper end of the issue price band of Rs 693. Based on the prevailing GMP, the estimated listing price stands at approximately Rs 706 per share.

However, the GMP is an unofficial indicator of market sentiment and does not guarantee the actual listing price or listing gains. It may fluctuate before the shares debut on the stock exchanges.

IPO objects

The company plans to utilise Rs 320.90 crore from the net proceeds of the IPO to prepay or repay, either fully or partially, certain outstanding borrowings availed by the company. Additionally, Rs 54.10 crore will be invested in its wholly owned subsidiary, PMHPL, which operates a hospital in Srinagar, to facilitate the full or partial repayment or prepayment of its outstanding borrowings.

The remaining proceeds will be allocated towards general corporate purposes. Of the total IPO proceeds of Rs 375 crore, the primary objective is to reduce the company's debt burden, strengthen its financial position and support its overall corporate requirements.

Financials performance

Paras Healthcare Ltd. reported a 24% year-on-year increase in total income to Rs 1,629 crore in FY26, compared with Rs 1,314 crore in FY25. The company also turned profitable, posting a profit after tax (PAT) of Rs 44 crore in FY26, against a loss of Rs 58 crore in the previous financial year.

About Paras Healthcare

Incorporated in 1987, Paras Healthcare Limited is a leading clinical speciality-led hospital platform providing tertiary and quaternary healthcare services across North India, Bihar, and Jharkhand under the "Paras Health" brand. The company operates eight hospitals with an aggregate bed capacity of 2,211 beds across Gurugram, Panchkula, Patna, Darbhanga, Kanpur, Udaipur, Ranchi, and Srinagar as of June 30, 2026.

It specialises in cardiac sciences, oncology, neurosciences, gastro sciences, orthopaedics & sports injury, and renal sciences (CONGOR specialities), which contributed 75.30% of revenue in Fiscal 2026. Paras Healthcare has over 20 years of operating history and follows a balanced growth strategy through mature, emerging, and new hospitals. The company plans to expand its network with a 300-bed hospital in Gurugram and a 500-bed hospital in Ludhiana, increasing total capacity to 3,011 beds by March 2028. As of March 31, 2026, it had 4,670 employees, including 1,084 doctors and 1,937 nurses.