Paras Healthcare IPO 2026 — DRHP Filed for ₹1,800 Cr | Date, Price Band & Review

By IPOMarket Editorial Team · Last reviewed: June 5, 2026

Disclaimer: This article is for informational purposes only and does not constitute investment advice. IPO investments are subject to market risks. Please read the offer document carefully and consult a SEBI-registered investment advisor before investing.

🔴 BREAKING: Paras Healthcare files DRHP with SEBI for ₹1,800 crore IPO

Paras Healthcare Limited, the Gurugram company that runs the Paras Health hospital network, filed its draft red herring prospectus (DRHP) with SEBI on June 5, 2026 for a ₹1,800 crore IPO. This is the second time the Paras Healthcare IPO has gone to the regulator — its first DRHP, filed in July 2024, lapsed after the company let SEBI's approval run out without launching the issue.

Paras is one of the larger hospital operators built around North and East India, regions that have far fewer organised tertiary-care beds than the southern chains. With 8 hospitals and 2,211 beds, the company is now coming back to a hospital-IPO market that has warmed up considerably since 2024.

Paras Healthcare IPO 2026 — Key Details at a Glance

A specific open date, price band and lot size will only come once SEBI issues its observations on the DRHP and the company files its red herring prospectus. Until then, the numbers above are the firm facts. For where this sits among other pending issues, see our IPO pipeline tracker and upcoming IPOs list.

Second attempt: why the first IPO lapsed

This is not a new name in the IPO queue. Paras has been here before, and the timeline matters:

A SEBI approval is valid for one year. Paras held its 2024 clearance but never opened the issue, so it expired in October 2025. Refiling is routine when that happens, and the bigger ₹1,800 crore size suggests the company is reading current demand for hospital stocks as stronger than it was two years ago.

About Paras Health

Paras started in 2006 with a single hospital in Gurugram and has grown into a clinical-specialty hospital platform focused on tertiary and quaternary care — the more complex, higher-acuity end of treatment. As of March 31, 2026 it runs:

• 8 hospitals across 5 states and 1 Union Territory
• 2,211 operational beds
• Locations in Gurugram, Panchkula, Patna, Darbhanga, Kanpur, Udaipur, Ranchi and Srinagar

Its core specialties are cardiology, neurology, orthopedics, oncology and mother-and-child care. The geographic spread is the point: Patna, Darbhanga, Ranchi and Srinagar are markets where organised private tertiary care is thin, which is where Paras has tried to plant its flag rather than fight for share in the crowded metros.

Financials: FY26 in numbers

For the year ended March 31, 2026, Paras reported on a consolidated basis:

• Revenue from operations: ₹1,605.95 crore
• EBITDA: ₹335.58 crore
• EBITDA margin: ~20.9%

A ~21% operating margin is competitive for a hospital chain of this size and broadly in line with listed peers. It tells you the existing beds are running at a healthy level of profitability — the operating story is sound. The question marks, as we cover below, sit on the balance sheet and the issue structure rather than the operations.

Expansion: 3,011 beds by FY28

Paras is in build-out mode. The plan is to grow from 2,211 beds today to roughly 3,011 beds by FY28 — about 800 new beds — while pushing into new geographies across North and East India. Bed additions are the main growth lever for hospital operators: revenue tends to track occupied capacity, and new beds take a few years to mature to full occupancy. The expansion explains both the appetite for capital and the leverage on the books.

IPO structure: a heavy OFS

Here is the part that deserves the most attention. Of the ₹1,800 crore being raised, only ₹500 crore is a fresh issue — money that actually goes into the company. The other ₹1,300 crore, about 72% of the issue, is an offer for sale (OFS).

An OFS means existing shareholders — the promoter and early investors — are selling their own shares. That cash goes to them, not to Paras. So while the headline is ₹1,800 crore, the company itself only nets ₹500 crore before expenses. The promoter, Dr. Dharminder Kumar Nagar, holds 72.80% going in and is among the sellers, alongside other investors.

A heavy OFS is not automatically a red flag — early backers are entitled to an exit, and a 72.8% promoter stake means there is plenty of room to sell while keeping control. But it does change what you are buying: this is more an existing-shareholder liquidity event than a capital-raise to fund growth. Read the promoter's post-issue stake in the final prospectus to see how much skin stays in the game.

Where the fresh money goes

The ₹500 crore fresh issue is earmarked for:

• Prepayment or repayment of outstanding borrowings
• Investment in wholly-owned subsidiary PMHPL for debt repayment
• General corporate purposes

In short, most of the fresh capital is going to pay down debt rather than to fund new hospitals directly. That is a signal worth noting — it points to a leveraged balance sheet that the company wants to lighten before and after listing. Deleveraging can be sensible ahead of an expansion, but it does mean retail investors are partly funding debt reduction rather than growth.

How Paras compares to listed peers

Hospital IPOs have a strong set of listed reference points, which makes Paras easier to frame than a one-of-a-kind consumer name:

The closest strategic comparison is Max Healthcare, which is also North-India-heavy and trades on the kind of margins Paras is reporting. For the other large name moving through the pipeline right now, see our Manipal Health Enterprises IPO review. Investors will likely price Paras off these peers' EV/EBITDA multiples once a band is set; you can track the broader space on our healthcare and other sector IPOs page.

The risks worth weighing

• OFS-heavy structure — 72% of the issue is an exit for existing holders, so the company itself raises relatively little new capital.
• Debt-funded balance sheet — the primary use of fresh proceeds is repaying borrowings, which signals leverage.
• Geographic concentration — North and East India focus is a wedge, but also concentration risk versus the pan-India majors.
• Second attempt — the 2024 issue never launched. Timing is better now, but execution risk on the relaunch remains.
• Maturing beds — the 800 new beds by FY28 will take time to fill, so near-term margins may carry the drag of fresh capacity.

Grey market premium (GMP)

There is no grey market premium (GMP) for the Paras Healthcare IPO yet. GMP only starts to form in the days before an issue opens, and Paras is still at the DRHP stage with no date or price band. Be cautious of any "Paras GMP" figures circulating now — at this stage there is nothing real to quote. We will track it on our live GMP page once the issue nears.

Should you watch this IPO?

Paras is a credible, profitable hospital operator with a defensible North-and-East India position and a clear expansion runway — the operating numbers (₹1,606 crore revenue, ~21% EBITDA margin) hold up against listed peers. That is the bull case, and it is a real one.

The caution sits in the structure, not the hospitals. A 72% OFS and a fresh issue aimed mainly at debt repayment mean this is as much an exit for existing holders as a growth raise. The sensible posture is to watch for the price band and the post-issue promoter stake, then judge the valuation against Max Healthcare and Global Health rather than the headline ₹1,800 crore. See how 2026's listings have actually performed on our 2026 IPO performance page, and for unlisted names ahead of their filings, our pre-IPO and unlisted shares page.

Frequently Asked Questions

When is the Paras Healthcare IPO date? There is no firm date yet. Paras Healthcare filed its DRHP with SEBI on June 5, 2026. The open date, price band and lot size will be announced only after SEBI issues its observations and the company files its red herring prospectus.

What is the Paras Healthcare IPO size? The total issue size is ₹1,800 crore — a ₹500 crore fresh issue plus a ₹1,300 crore offer for sale (OFS). The shares will list on both BSE and NSE.

Who is selling in the OFS? The ₹1,300 crore offer for sale is by the promoter, Dr. Dharminder Kumar Nagar (who holds 72.80% before the IPO), along with other existing investors. Money from the OFS goes to those selling shareholders, not to the company.

Is this Paras Healthcare's first IPO attempt? No. Paras first filed a DRHP in July 2024 and received SEBI's observations in October 2024, but it never launched the issue and that approval lapsed in October 2025. The June 5, 2026 filing is its second attempt, with the size raised to ₹1,800 crore.

How does Paras compare to the Manipal Health IPO? Both are hospital chains moving toward listing. Manipal Health Enterprises, which filed its DRHP in March 2026, is far larger and is targeting a valuation near $12 billion. Paras is a smaller, North-and-East-India-focused operator with 8 hospitals and 2,211 beds raising ₹1,800 crore. You can read more in our Manipal Health Enterprises IPO review.

Choosing where to apply once the issue opens? Compare options on our best brokers for IPO page.

Last reviewed: June 5, 2026 by IPOMarket Editorial Team. We update this article as Paras Healthcare moves from its DRHP filing toward SEBI observations, a price band and a BSE/NSE listing. Bookmark this page or subscribe to IPO alerts to be notified the moment more details are confirmed.

Disclaimer: This article is for informational purposes only and is not investment advice. IPO investments carry market risk. Read the offer document carefully and consult a SEBI-registered investment advisor before investing.