Hospital chain Paras Healthcare has refiled its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for an ₹1,800 crore initial public offering after nearly two years of previous filing. According to the latest prospectus filed on June 4, 2026, the proposed share sale comprises ₹500 crore of fresh issuance and ₹1,300 crore through an offer for sale (OFS) by promoter Dr Dharminder Kumar Nagar and investor selling shareholders. Each equity share carries a face value of Re 1, with the company planning to offload 1.49 crore equity shares to raise the ₹1,300 crore through OFS route. The fresh issue proceeds will be utilized for prepayment or repayment of certain outstanding borrowings, investment in its wholly-owned subsidiary PMHPL for debt payment, and general corporate purposes. As reported by The Financial Express, the company may consider raising an additional ₹100 crore in a pre-IPO round before filing the red herring prospectus with the Registrar of Companies. The Gurugram-based company intends to list the equity shares on both BSE and NSE.
The promoter and investor selling shareholders have been restructured since the previous filing in July 2024. Promoter Dharminder Kumar Nagar will sell shares worth over 29 lakh equity shares via OFS, while investor Commelina will offload 1.2 crore shares. The remaining ₹200 crore shares will be sold by investor 360 ONE, which became a shareholder in April 2025 after purchasing shares from Commelina. As per the latest filing, promoter Dharminder holds 72.8% shareholding in Paras Healthcare, while Commelina owns 16.44% shares. 360 ONE Special Opportunities Fund - Series 12 and 13 holds 6.37% stake, and Axis New Opportunities AIF - Series II owns 3.63% shares since April 2025. The IPO will be managed by BofA Securities India, JM Financial and Nuvama Wealth Management as book-running lead managers, with MUFG Intime India serving as the registrar.
Paras Healthcare operates as a clinical speciality-led hospital platform offering tertiary and quaternary healthcare services through a network of eight hospitals across Haryana, Bihar, Uttar Pradesh, Rajasthan, Jharkhand and Jammu & Kashmir. According to the DRHP, the company has an aggregate bed capacity of 2,211 beds as of March 31, 2026. The company has committed to expanding its network with a 300-bed hospital in Gurugram planned for Fiscal 2027 and a 500-bed hospital in Ludhiana for Fiscal 2028, which will increase total bed capacity to 3,011 beds by March 31, 2028. As reported by The Financial Express, the company has built a clinical specialty-led healthcare platform with strong positioning in tertiary and quaternary healthcare services across North India, Bihar, Jharkhand and Jammu & Kashmir.
Over the last three financial years, Paras Healthcare has demonstrated strong consolidated growth driven by increased patient volumes across its hospitals. As reported by LiveMint, the company's revenue from operations grew at a CAGR of 19.26% from ₹1,129.03 crore in FY24 to ₹1,605.95 crore in FY26. The growth was driven by higher occupied bed days and an increase in average revenue per occupied bed (ARPOB) at its mature hospitals, reflecting the company's focus on high-acuity specialties and clinical programmes. The company's EBITDA (operating profit) stood at ₹335.58 crore during fiscal 2026, representing a remarkable CAGR of 47.41% from ₹154.41 crore in FY24. EBITDA margins also improved as emerging and newly established hospitals scaled up operations and began generating operating leverage. The ₹375 crore proceeds from the net fresh issue will be utilized for debt repayment, with the remaining amount allocated for general corporate purposes. The company's total outstanding fund-based borrowings stand at ₹854.1 crore on a consolidated basis and ₹741.1 crore on a standalone basis as of March 2026.
This marks the second attempt by Paras Healthcare to launch its IPO after the company had earlier approached SEBI with its draft IPO papers in 2024 and secured market regulatory clearance. However, the company subsequently shelved its plans to launch the public issue before refiling the papers in 2026. The company's Gurugram-based operations span across five states and one union territory, including Haryana, Bihar, Uttar Pradesh, Rajasthan, Jharkhand and Jammu & Kashmir. The company's strong financial performance and expansion plans position it well for the current IPO attempt, with the total offer size of up to ₹1,800 crore representing a significant capital raising opportunity in the healthcare sector.
