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₹660 - 693
Paras Healthcare Ltd
HealthcareIPO
₹660 - 693
Paras Healthcare operates tertiary and quaternary multi-speciality hospitals across underserved North and East Indian cities, delivering advanced inpatient clinical treatments through an asset-light leasing model. Rather than buying expensive land, the company partners with property owners who build base structures while Paras funds interior medical fit-outs, using cash flows from older facilities to expand into regional urban markets.
Lot21Min Invest₹14,553Face Value₹1Issue Size₹1,450 CrFresh Issue₹500 CrOffer for Sale₹950 Cr
Timeline
21 Oct
Bidding opens
23 Oct
Bidding closes
26 Oct
Allotment
27 Oct
Refund & demat credit
28 Oct
Listing
Subscription
Subscription opens 21 Oct
Reports
Offer Details
Terms
Issue Size₹1,450 Cr
Fresh Issue₹500 Cr
Offer for Sale₹950 Cr
Face Value₹1
Lot Size21 shares
ReservationQIB 75% · NII 15% · RETAIL 10%
Application Sizes
Retail₹14,5531-13 lots
sNII₹2,03,742from 14 lots
bNII₹10,04,157from 69 lots
Managers & Registrar
Lead ManagerJM Financial Limited
Co-ManagerBofA Securities India Limited, Nuvama Wealth Management Limited
RegistrarMUFG Intime India Pvt Ltd
Ownership & Proceeds
Offer for Sale
Selling ShareholderShares OfferedAmt ₹ CrDharminder Kumar NagarPRMTR43,29,004300.00Commelina LtdOTH93,79,509650.00Total1,37,08,513950.00
Shareholding
CategoryPre IPOPost IPOPromoter Group72.8%63.95%Public27.2%36.05%
Objects of the Issue
- Prepayment or scheduled re-payment of a portion of certain outstanding borrowings availed by the company
- Investment in the company wholly owned Subsidiary, PMHPL (which also operates its hospital in Srinagar), for repayment/prepayment of borrowings, in full or part, of PMHPL
- Geneal corporate purposes
Anchor Book
Bid Date19-Oct-202630-day lock-in24-Nov-202690-day lock-in23-Jan-2027
Financials
Profit & Loss
| Financial Year | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| RevenueCr | 780 | 918 | 1,129 | 1,294 | 1,606 |
| Operating ProfitCr | 69 | 69 | 132 | 136 | 313 |
| OPM% | 8.9 | 7.6 | 11.7 | 10.5 | 19.5 |
| PBTCr | 3 | -27 | 7 | -50 | 76 |
| PATCr | -15 | -43 | -15 | -58 | 44 |
| EPS | -2 | -6 | -2 | -6 | 4 |
Balance Sheet
| Financial Year | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Equity CapitalCr | 4 | 4 | 10 | 10 | 10 |
| ReservesCr | 69 | 26 | 329 | 271 | 385 |
| BorrowingsCr | 460 | 756 | 548 | 1,232 | 1,394 |
| Total AssetsCr | 964 | 1,293 | 1,478 | 1,810 | 2,071 |
Cash Flow
| Financial Year | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Operating Cash FlowCr | 82 | 44 | 92 | 86 | 164 |
| Investing Cash FlowCr | -129 | -126 | -194 | -147 | -239 |
| Financing Cash FlowCr | -11 | 97 | 94 | 83 | 86 |
| Net Cash FlowCr | -57 | 15 | -8 | 22 | 10 |
Strengths & Risks
Strengths · as stated in the DRHP
- One of the Largest Healthcare Providers in North India, Bihar and Jharkhand with a First Mover Advantage and a Well-Recognized Brand.
- Strong Focus on Tertiary and Quaternary Care with High Contribution from CONGOR Specialties.
- Capital-Efficient and Flexible Operating Model with Disciplined Expansion.
- Delivering High-Quality Clinical Care Through Renowned Clinicians, Supported with Modern Equipment.
- Digital Technology Enabling Clinical Effectiveness, Patient Experience and Operational Efficiencies.
- Doctor-Led Professional Management Team with Proven Execution Capabilities.
Strategies · as stated in the DRHP
- Scale Operations at its Hospitals.
- Continue to Expand its Network of Hospitals in North India Whitespaces.
- Expand into New and High-End Clinical Programs at its Hospitals Supported by Advanced Technology.
- Continue to Attract and Retain Qualified and Experienced Clinicians.
- Improve Operational Efficiencies and Patient Experience.
Risks · as stated in the DRHP
- The Company has incurred losses during the three months period ended June 30, 2025 and Fiscals 2025 and 2024 of Rs. (10.24) million, Rs. (579.83) million and Rs. (153.31) million, respectively, on a consolidated basis. While the company were profitable in the three months period ended June 30, 2026 and Fiscal 2026, its cannot assure you that the company will continue to remain profitable in the future.
- The company's Subsidiaries, Paras Healthcare (Ranchi) Private Limited and Plus Medicare Hospitals Private Limited have collectively incurred a loss of Rs. (203.82) million, Rs. (520.89) million, Rs. (822.38) million and Rs. (872.69) million during the three months period ended June 30, 2025 and in Fiscals 2026, 2025 and 2024, respectively. Its cannot assure you that these Subsidiaries will turn profitable in the future.
- The company is highly dependent on doctors, nurses, other healthcare professionals and housekeeping and support staff for its operations. The company has experienced high attrition rates of 12.01%, 16.09%, 60.38%, 66.74% and 65.27% in the three months period ended June 30, 2026 and June 30, 2025 and in Fiscals 2026, 2025 and 2024, respectively. If the company is unable to reduce or manage the attrition rates of these professionals, its business, results of operations and financial condition may be adversely affected.
- Five of the company's eight hospitals are located in North India. In the three months period ended June 30, 2026 and June 30, 2025 and Fiscals 2026, 2025 and 2024, the revenue from these hospitals accounted for 68.07%, 66.89%, 66.07%, 68.40% and 67.33% of its revenue from operations, respectively. Any adverse developments affecting these hospitals or the regions in which they are located could affect the company's business, results of operations and financial condition.
- The name of one of the members of our Promoter Group, Harbaksh Singh Khangura appears in the CIBIL wilful defaulter database, and there is no guarantee that his name will be removed from the CIBIL defaulter database or that he will not be subject to any adverse proceedings or rulings in the future.
- We generate a significant portion of our revenue from the provision of cardiac sciences, oncology sciences, neuro sciences, gastro sciences, orthopedics and sports injury and renal sciences (collectively, "CONGOR") specialties, which contributed 74.35%, 75.30%, 74.70%, 71.92% and 72.34% of our revenue from operations in the three months period ended June 30, 2026 and June 30, 2025 and Fiscals 2026, 2025 and 2024, respectively. Any adverse developments in the demand for such services could adversely affect our business, results of operations and financial condition.