Paras Healthcare Ltd, which operates the Paras Health hospital network, has once again approached the capital markets, filing draft documents with the Securities and Exchange Board of India (SEBI) for an initial public offering (IPO) worth up to ₹1,800 crore.
The proposed issue includes a fresh equity issue of ₹500 crore and an Offer for Sale (OFS) of ₹1,300 crore by existing shareholders, including promoter Dharminder Kumar Nagar and other investors.
According to the filing, part of the fresh issue proceeds will be used to reduce outstanding debt, including funding its wholly owned subsidiary PMHPL for debt repayment. The remaining funds are earmarked for general corporate requirements.
Headquartered in Gurugram, Paras Health currently operates eight hospitals across Haryana, Bihar, Uttar Pradesh, Rajasthan, Jharkhand, and Jammu & Kashmir, with a combined capacity of 2,211 beds as of March 31, 2026.
The healthcare provider has outlined expansion plans that include a 300-bed hospital in Gurugram by FY27 and a 500-bed facility in Ludhiana by FY28. Upon completion, the network’s total capacity is expected to reach 3,011 beds.
For FY26, the company reported revenue from operations of ₹1,605.95 crore and EBITDA of ₹335.58 crore, reflecting continued growth in its hospital business.
This marks Paras Healthcare’s second attempt to go public. The company had previously secured regulatory approval for an IPO in 2024 but chose not to proceed with the offering at that time.
For the current issue, JM Financial, BofA Securities India, and Nuvama Wealth Management have been appointed as the book-running lead managers. The company plans to list its shares on both the BSE and NSE.
With fresh capital, debt reduction plans, and a significant increase in bed capacity on the horizon, Paras Health is positioning itself for the next phase of growth as demand for quality healthcare infrastructure continues to rise across India.
(Photo courtesy: parashospitals.com)