Shares of Paras Healthcare Ltd. made a positive debut on Wednesday, October 28, listing at a 4% premium over the IPO price on both BSE and NSE. The stock opened at ₹720 per share, representing a 3.9% premium over the IPO issue price of ₹693 per share. Following the listing, the company's market capitalisation stood at around ₹7,790.49 crore. The stock demonstrated strong momentum in early trade, with shares trading at ₹739 on NSE by 10:15 AM, up 2.64% from the listing price and 6.64% above the issue price. On BSE, the stock quoted at ₹740.25, up 2.81% from the open and 6.82% above the IPO price. This performance came in ahead of grey market expectations, which had indicated a potential listing gain of nearly 2% ahead of the debut, as reported by ET Now. However, the grey market premium had cooled to around ₹13 just before listing, pointing to a debut near ₹706, well below the actual opening price.
The ₹1,450 crore IPO received an overall subscription of 2.34 times on the final day of bidding, with the issue receiving bids for 2,69,39,346 shares against 1,20,83,331 shares on offer, according to ET Now. Qualified institutional buyers (QIBs) led the demand, with their portion subscribed 3.25 times, while the retail individual investor category was subscribed 2.10 times. The non-institutional investor (NII) segment was subscribed 0.69 times, or 69%. The IPO comprised a fresh issue worth ₹500 crore through 72.15 lakh shares and an offer for sale (OFS) of ₹950 crore through 1.37 crore shares. JM Financial Ltd., BofA Securities India Ltd. and Nuvama Wealth Management Ltd. acted as the book-running lead managers for the issue, while MUFG Intime India Pvt. Ltd. was the registrar. The subscription window closed on October 23, with allotment expected to be finalised on October 26. The company had earlier filed for a larger ₹1,800 crore issue, with the final size reduced to ₹1,450 crore.
Investors who received Paras Healthcare IPO allotment made ₹567 per lot, taking the value of their investment to ₹15,120 at the listing price on NSE. A lot consisted of 21 shares and cost ₹14,553 before the listing. The retail portion was subscribed 2 times, while the category for qualified institutional buyers (QIBs) was booked 3.09 times. The part for non-institutional investors (NIIs) fetched 66% subscription. Under the OFS, promoter Dharminder Kumar Nagar planned to sell shares worth ₹300 crore, while Commelina, an affiliate of private equity firm Creador, planned to offload shares worth ₹650 crore. According to Moneycontrol, ahead of the public issue, the company raised ₹652.30 crore from 39 anchor investors at ₹693 per share. At the NSE price of ₹739 in morning trade, the lot value rose to ₹15,519, taking the gain to ₹966 per lot.
Paras Healthcare provides tertiary and quaternary healthcare services through eight hospitals operating under the Paras brand with a combined capacity of 2,211 beds as of June 30, 2026, across North India, Bihar and Jharkhand. As of June 30, 2026, the company operated 1,502 operational beds and 559 ICU beds across five states and one union territory - Gurugram and Panchkula in Haryana; Patna and Darbhanga in Bihar; Kanpur in Uttar Pradesh; Udaipur in Rajasthan; Ranchi in Jharkhand; and Srinagar in the union territory of Jammu and Kashmir. The company operates under the "Paras Health" brand and specializes in cardiac sciences, oncology, neurosciences, gastro sciences, orthopedics & sports injury, and renal sciences (CONGOR specialties), which contributed 75.30% of revenue in Fiscal 2026. The company plans to expand its network by adding a 300-bed hospital in Gurugram and a 500-bed facility in Ludhiana, increasing total capacity to 3,011 beds by March 2028.
According to Anand Rathi Research, at the upper price band, the company is valued at a P/E of 37.7 on FY27 annualised earnings and EV/EBITDA of 25.73x with its FY26 earnings and market cap of ₹7,498.3 crore post issue of equity shares. The research firm believes that the IPO is fully priced and recommends a 'Subscribe- Long Term' rating to the IPO. The company benefits from a diversified hospital portfolio comprising mature facilities that provide an established operating base and emerging and newer hospitals that offer scope for occupancy improvement and operating leverage. Its presence across North India, Bihar and Jharkhand enables it to serve underserved healthcare markets, while its planned expansion to 3,011 beds by March 2028, including new hospitals in Gurugram and Ludhiana, provides a pathway for capacity-led growth. Money raised from the fresh issue will be used to repay debt of up to ₹375 crore across the company and its subsidiary, with the rest going towards general corporate purposes.
