PARAS HEALTHCARE LTD IPO: Company Review, Subscription and Allotment Updates

2026-10-20 — Company overview and issue details

PARAS HEALTHCARE LTD IPO (ABOUT THE COMPANY)

PARAS HEALTHCARE LTD – COMPANY BACKGROUND

Paras Healthcare Ltd is a 39-year-old healthcare company, focused on providing tertiary and quaternary healthcare services. It is dominant in North India, Bihar, and Jharkhand and operates under the Paras Health brand. It operates a total of 8 hospitals with total of 2,211 beds across its facilities. Bulk of its earnings come from verticals like cardiac sciences, oncology, neurosciences, gastro-sciences, orthopaedics, and renal sciences. It now plans to expand its capacity with a 300-bed hospital in Gurugram and a 500-bed hospital in Ludhiana. Post the expansion, its total bed capacity will increase to 3,011 beds.

The promoter of Paras Healthcare Ltd is Dr Dharminder Kumar Nagar. The IPO will be a combination of a fresh issue of shares and an offer for sale (OFS) component by the promoters and investor shareholders of the company. The fresh issue will be mainly deployed for repayment / prepayment of debt as well as investment in its subsidiary (PMHPL) for full repayment of its debt. The issue is being lead-managed by JM Financial, BOFA Securities, and Nuvama Wealth Management; while MUFG Intime India Private Ltd is the IPO registrar.

HIGHLIGHTS OF THE IPO ISSUE OF PARAS HEALTHCARE LTD

Here are the key highlights of the public issue of Paras Healthcare Ltd.

The IPO is open from October 21st, 2026 to October 23rd, 2026. It has a face value of ₹1 per share and the IPO price band has been fixed in the range of ₹660 to ₹693 per share.

The IPO of Paras Healthcare Ltd will a combination of a fresh issue of shares as well as an offer for sale (OFS) component. The OFS will be by the investor shareholders and the promoter shareholders of the company.

The fresh issue portion of the IPO comprises the issue of 72,15,007 shares (72.15 lakh shares), which at the upper price band of ₹693 per share, translates into a fresh issue size of ₹500.00 crore.

The offer for sale (OFS) portion of the IPO comprises the sale of 1,37,08,513 shares (137.09 lakh shares), which at the upper price band of ₹693 per share, translates into a fresh issue size of ₹950.00 crore.

Therefore, the overall IPO will comprise of the fresh issue and an offer for sale (OFS) of 2,09,23,520 shares (209.24 lakh shares), which at the upper price band of ₹693 per share translates into an overall issue size of ₹1,450.00 crore.

Due to dilutive impact of the fresh issue of shares in the IPO, the promoter stake in the company will reduce from 72.80% pre-IPO to 63.95% post-IPO.

At the upper price band of ₹693 per share, the company, Paras Healthcare Ltd, will have a post-issue market capitalization of ₹7,498.34 crore.

The IPO of Paras Healthcare Ltd will be listed on the NSE and the BSE on the IPO mainboard. The anchor allocation happened on October 19, 2026.

KEY DATES, INVESTOR ALLOCATION, AND LOT SIZES

Here are the key dates pertaining to the IPO of Paras Healthcare Ltd

Data Source: Company RHP

Investors can apply either through their existing trading account or the ASBA application can be directly logged through the internet banking account. This can only be done through the authorized list of self-certified syndicate banks (SCSB).

The table below captures the gist of the allocation to various categories.

Data Source: Security Parameters Filing (NSE)

The anchor portion, is carved out of the QIB portion and the QIB portion available in the IPO offer has been reduced proportionately. Please note that the above shares are final and may differ marginally from the original announcement.

Here is a quick look at the lot sizes applicable for the IPO of Paras Healthcare Ltd for various categories of investors.

It may be noted here that for the B-HNI category and for the QIB (qualified institutional buyer) category, there are no upper limits applicable. (1 Lot = 21 shares)

FINANCIAL HIGHLIGHTS OF PARAS HEALTHCARE LTD

The table captures the key financials of Paras Healthcare Ltd for last 3 financial years.

Data Source: Company RHP filed with SEBI (FY refers to Apr-Mar period)

Between FY24 and FY26, revenues of the company have growth by 42.2%. During the same period, the net margins have turned around from -1.36% to 2.73%. In the same period, the EBITDA margins showed an improvement from 13.68% to 20.90%. However, any period comparison becomes very difficult as FY26 is the first year that the company made profits after 2 consecutive years of net losses.

VALUATION METRICS OF PARAS HEALTHCARE LTD IPO

At the IPO price of ₹693 (upper band), the stock gets discounted at a P/E ratio of 159.7X, based on the latest FY26 EPS of ₹4.34. If you compare with the peer group, the P/E ratio is higher than most of the other players, where the average P/E is in the range of 50X to 60X. That would mean that there may not be much on the upside in the short term. This is despite Paras Healthcare Ltd having RONW at par with others in the industry.

There are some non-financial factors that one has to take into consideration. Its capacity of 3,011 beds in North India, Bihar, and Jharkhand makes it a very strong player in the region. However, the capacity utilization has been under 70%, although that is expected to go up. While the company is shifting towards an asset-light structure, its current debt and lease liabilities are quite high. That has been a drain on its bottom line, despite fairly strong EBITDA margins. Obviously, the effort to repay debt will help. Paras Healthcare Ltd still is a good play on the India healthcare space, but with a slightly longer-term perspective.

2026-10-20 — Anchor allocation

PARAS HEALTHCARE LTD IPO (ANCHOR ALLOCATION 43.80%)

BRIEF ON ANCHOR ALLOCATION OF PARAS HEALTHCARE LTD

The anchor issue of Paras Healthcare Ltd saw a strong response on 19th October 2026 with 43.80% of the IPO size absorbed by anchors. Out of 2,14,98,915 shares (214.99 lakh shares) on offer in the IPO; anchors picked up 94,15,584 shares (94.16 lakh shares) accounting for 43.80% of the total IPO size. The entire anchor allocation was made at the upper end of the price band of ₹693 per share. This includes the face value of ₹1 per share plus a share premium of ₹692 per share. The anchor bidding opened and closed on 19th October 2026.

KEY POINTS TO NOTE IN THE ANCHOR ALLOCATION PROCESS

Here are the key details pertaining to the anchor bidding of Paras Healthcare Ltd

An anchor investor in an IPO is a qualified institutional buyer (QIB) like a foreign portfolio investor or mutual fund or insurance company or a sovereign fund which invests before the IPO is made available to the public as per SEBI regulations. It helps in price discovery.

MAJOR ANCHOR ALLOCATION INVESTORS IN PARAS HEALTHCARE LTD

On 19th October 2026, Paras Healthcare Ltd allotted 94,15,584 shares to a total of 39 anchor investors. The allocation was done at the upper IPO price band of ₹693 per share which resulted in overall anchor allocation of ₹652.50 crore. The anchors have already absorbed 43.80% of the total issue size of ₹1,489.87 crore after factoring in the employee discount, if any, applicable to the employee allotment quota.

Listed below are the Top 10 IPO anchor investors who accounted for anchor collection of ₹378.89 crores, or, 58.07% of the overall anchor allocation of shares, one trading day ahead of the IPO of Paras Healthcare Ltd. The individual anchor allocation (top-10) to these investors is indexed descending on the number of shares allotted.

Data Source: BSE Filings (Value Allocated is ₹ in Crore)

The detailed and comprehensive report on the anchor allocation, with the mutual fund portion segregated, can be accessed on BSE by clicking on the link below.

https://www.bseindia.com/downloads/UploadDocs/Notices/Attach/AnchorIntimationLetter$712b481f-1fbd-41a4-b0f3-f5392a17afdf.pdf

Out of the 94,15,584 shares allocated to the anchors in the IPO, there was an allocation of 55,55,574 shares made to mutual funds regulated by SEBI. This anchor allocation to mutual funds was spread across 24 MF schemes of 9 asset management company (AMC). Mutual funds accounted for 59.00% of the overall anchor allocation.

Out of the 94,15,584 shares allocated to the anchors in the IPO, there was an allocation of 6,49,362 shares to made to 3 life insurance companies regulated by IRDAI. These life Insurance companies jointly accounted for 6.90% of the overall anchor allocation.

The remaining anchor allocation was spread across FPIs, SIFs, ODIs, and alternate investment funds (AIFs).

NEXT STEPS IN PARAS HEALTHCARE LTD IPO

Post the closure of the IPO subscription on 23rd October 2026, the basis of allotment will be finalized on 26th October 2026 and the refunds will be initiated on 27th October 2026. In addition, the demat credits are expected to also happen on 27th October 2026 and the stock will list on 28th October 2026 on the NSE and the BSE. The credits to the demat account to the extent of shares allotted will happen by the close of 27th October 2026 under ISIN (INE661T01029).

Interested in applying for this IPO?

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2026-10-23 - Day-3 subscription update

Paras Healthcare Ltd (Day-3 Final Subscription at 2.23 times)

PARAS HEALTHCARE LTD - IPO SUBSCRIPTION STATUS ON DAY-3

As of 7.25 pm on 23rd October 2026, out of the 120.83 lakh shares on offer in the IPO (excluding anchor portion), Paras Healthcare Ltd saw bids for 269.44 lakh shares. This implies an overall subscription of 2.23X at a macro level. The granular break-up of subscriptions at close of Day-3 of the IPO of Paras Healthcare Ltd was as under:

The subscriptions were led by the QIB Investors followed by the Retail investors and the HNI / NII investors in that order. QIB bids and NII bids typically gather most of the momentum only on the last day. That was the case in this IPO too for the QIB investors. Both, the QIB portion and the HNI / NII portion see bulk of the institutional, corporate and funded subscriptions come in on the last day of the IPO. However, in this case, the HNI / NII portion only got 66% subscription. The company had seen steady anchor participation a day ahead of the IPO opening with 43.80% of the IPO size absorbed by anchor investors. Here is the category-wise subscription. The overall subscription ratio excludes anchor portion.

Data Source: NSE / BSE (as of close of Day-3 of the IPO)

The IPO of Paras Healthcare Ltd was open up to October 23, 2026, and has closed for subscription as of the close of trading hours on October 23, 2026. The subscription ratios presented in the table above represent the final subscription numbers for each category and also for the IPO overall. On the last day of the issue, the cut-off timing of 7.00 PM has been considered for the final subscription data of the IPO.

Generally, the listing price of the IPO and the post-listing performance tend to get influenced by the extent of oversubscription of the IPO. However, it must also be noted that a higher subscription is not an automatic guarantee of a strong listing performance for the IPO stock. The final subscription ratio excludes anchor portion. Total bids as of the close (including anchor allocation) stood at ₹2,519.70 crore.

NEXT STEPS IN THE PARAS HEALTHCARE LTD IPO

Post the closure of the IPO subscription on 23rd October 2026, the basis of allotment will be finalized on 26th October 2026 and the refunds will be initiated on 27th October 2026. In addition, the demat credits are expected to also happen on 27th October 2026 and the stock will list on 28th October 2026 on the NSE and the BSE. The credits to the demat account to the extent of shares allotted will happen by the close of 27th October 2026 under ISIN (INE661T01029).

2026-10-23 - Allotment guidance and next steps

Paras Healthcare Ltd IPO (How to check allotment status)

ABOUT THE PARAS HEALTHCARE LTD IPO

The IPO of Paras Healthcare Ltd opened on October 21st, 2026 and closed on October 23rd, 2026. The overall IPO comprised of a fresh issue and an offer for sale (OFS) component of 2,14,98,915 shares (214.99 lakh shares) worth ₹1,489.87 crore at the upper price band of ₹693 per share.

The allotment status will be finalized by end of day (EOD) of October 26, 2026. Here is how to check your allotment status for the IPO of Paras Healthcare Ltd. You can check IPO status on the BSE website or on the NSE website or on the IPO Registrar website (MUFG Intime India Private Ltd).

CHECKING THE ALLOTMENT STATUS OF PARAS HEALTHCARE LTD IPO ON BSE WEBSITE

This is a facility available to all mainboard IPOs, irrespective of who the registrar to the issue is. Visit the BSE link for the IPO allotment by clicking on the link below.

https://www.bseindia.com/investors/appli_check.aspx

Once you reach the page, here are the steps to follow.

Under Issue Type – Select Equity Option

Under Issue Name – Select Paras Healthcare Ltd from the drop-down box

Enter the Application Number / CAF exactly as in the acknowledgement slip OR

Enter your PAN (10-digit alphanumeric) number

Once this is done, you need to enter the Captcha Code (a 6-character alpha-numeric code) to verify you are not a robot

Finally click on the Submit Button

You can use either of the parameters to query; Application / CAF number or Investor PAN.

The allotment status will be displayed on the screen in front of you informing about the number of shares of Paras Healthcare Ltd allotted into your demat account. You can save a screenshot of the allotment status output for subsequently verifying with the demat account credits.

CHECKING ALLOTMENT STATUS OF PARAS HEALTHCARE LTD IPO ON NSE WEBSITE

This is a common link for all IPOs. Click on NSE link for IPO allotment as below.

https://www.nseindia.com/invest/check-trades-bids-verify-ipo-bids

Once you reach the page, here are the steps to follow.

Under Issue Type – Select Equity & SME IPO Bid Details Option

Under SELECT SYMBOL – Select PARASHLTH from the dropdown box

Enter the Application Number / CAF exactly as in the acknowledgement slip

Alternatively, you can enter your PAN (10-digit alphanumeric) number

Once the details are entered as above, you can click on Submit button.

Unlike in the past, to query allotment status on the NSE website, you need to only enter one of the inputs; Application / CAF number or the Investor PAN.

The allotment status will be displayed on the screen in front of you informing about the number of shares of Paras Healthcare Ltd allotted into your demat account. You can save a screenshot of the allotment status output for tallying with the demat account credits.

CHECKING ALLOTMENT STATUS OF PARAS HEALTHCARE LTD ON MUFG INTIME INDIA PRIVATE LIMITED (REGISTRAR TO THE IPO)

Here are the steps to follow. Visit the Link Intime registrar website for IPO status by clicking on the link below:

https://in.mpms.mufg.com/Initial_Offer/public-issues.html

The first step is to select the company you want to query on. Here only companies where MUFG Intime India is the registrar and where allotment status has been finalized are shown.

Once you select the company for IPO query; there are 4 options available to you to access the allotment status, and you can use any of these options to query.

Firstly, you can use PAN access. Enter the 10-character alphanumeric income tax permanent account number (PAN). It is best to verify your PAN before entering; either from your PAN card or from your filed tax returns.

The second option is to use Application Number / CAF to query the allotment status in the IPO. The application / CAF number is available on the acknowledgement slip.

Thirdly, you can also use the 16-character DPID-Client ID combination. For NSDL, the combination is alphanumeric, while for CDSL, the combination is numeric. This is available in your demat statement as also in your trading account / contract note.

You can also query by the combination of your bank account number and IFSC number provided as the IPO mandate bank. These details will be available on your cheque book as also in your periodic bank statement.

Finally, click on the SUBMIT button.

In case, you have any issues with the output, register an investor query with Link Intime India Private Ltd. You can either send an email with all requisite details and problem to ipo.helpdesk@in.mpms.mufg.com or you can call on (0)-81081-14949 for voice call.

NEXT STEPS IN THE PARAS HEALTHCARE LTD IPO

Post the closure of the IPO subscription on 23rd October 2026, the basis of allotment will be finalized on 26th October 2026 and the refunds will be initiated on 27th October 2026. In addition, the demat credits are expected to also happen on 27th October 2026 and the stock will list on 28th October 2026 on the NSE and the BSE. The credits to the demat account to the extent of shares allotted will happen by the close of 27th October 2026 under ISIN (INE661T01029).