Paras Healthcare IPO opens Oct 21, sets price band at 660-693 per share
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AgenciesParas Healthcare sets Rs 660-693 IPO price band for Rs 1,450 crore issue.
The Gurgaon-based company, which operates a hospital network across northern and eastern India, is offering a fresh issue of equity shares worth up to 500 crore and an offer for sale of up to 950 crore. This brings the total issue size to 1,450 crore. Each equity share carries a face value of 1.
Paras Healthcare managing director Dharminder Kumar Nagar told ET that the company will use the IPO proceeds for prepayment or repay certain outstanding borrowings. The funds will also back an investment in its wholly owned subsidiary, Plus Medicare Hospitals, which operates a hospital in Srinagar, as well as support general corporate purposes.
JM Financial, BofA Securities and Nuvama Wealth Management are the book-running managers to the issue. Paras operates eight hospitals with 2,211 beds as of March 31, and is one of the largest healthcare providers in Bihar and Jharkhand in terms of bed capacity.