Paras Healthcare IPO
Paras Healthcare IPO is a mainboard IPO raising ₹1,450 Cr at ₹660 – ₹693 a share. The smallest application you can make is 21 shares, costing ₹14,553 at the top of the band. Bidding has closed; the shares list on 28 Oct 2026. So far it has been subscribed 2.23× in total.
2.2 times more demand than shares on offer
populated partly populated we hold nothing here — the tab says why
What happens when
Next: allotment is finalised — you find out what you got on 27 Oct 2026.
What this company actually does
Read out of the prospectus’s business section, stripped of its marketing language.
Paras Health operates a chain of eight multi- and super-specialty hospitals in five Indian states and one union territory (Haryana, Bihar, Uttar Pradesh, Rajasthan, Jharkhand, Jammu & Kashmir), focused on tertiary and quaternary care in cardiac sciences, oncology, neuro sciences, gastro sciences, orthopedics and renal sciences (collectively 'CONGOR'). Its flagship Gurugram hospital opened in 2006, and as of June 30, 2026 the network aggregates 2,211 planned beds. Patients are served through in-patient admissions, out-patient consultations, pharmacy sales and advanced procedures such as robotic surgery, transplants and LINAC-based radiation oncology.
How it earns
Revenue comes primarily from in-patient hospital services, with smaller contributions from out-patient consultations and pharmacy/in-patient pharmacy sales. The three-month period to June 30, 2026 mix was ~78% IPD (₹3,680.14 million) vs ~18% OPD (₹853.99 million) of revenue from operations.
Who buys
End patients (no named individual or corporate customers). Payor concentration for FY26: Government Schemes and PSUs 41.28%, Self-Pay 33.88%, Insurance/TPA 24.84%. Top hospital by revenue was Gurugram Hospital (ARPOB ₹70,925.76/day, 83.85% occupancy, 235 operational beds).
Scale
Eight hospitals / 2,211 planned beds (1,502 operational, 559 ICU) across Haryana, Bihar, UP, Rajasthan, Jharkhand and J&K as of June 30, 2026; FY26 revenue from operations ₹16,059.52 million (₹1,605.952 crore), up from ₹11,290.39 million (₹1,129.039 crore) in FY24; 1,084 doctors and 1,937 nurses; pipeline of ~800 more beds (300 Gurugram by FY27, 500 Ludhiana by FY28) to reach 3,011 beds by March 31, 2028.
What it says sets it apart
- First-mover / pioneer status across multiple cities: first corporate hospital in Gurugram (2006) among listed peers; first corporate hospital in Patna and first in Bihar with an AERB-licensed cancer centre; first hospital in Panchkula with an AERB-licensed radiotherapy centre (as of April 2025); largest corporate super-specialty private hospital in J&K at 200 beds (Srinagar); among the largest private tertiary-care hospitals in Kanpur at 435 beds.
- Concentrated specialty model in high-acuity CONGOR cluster (cardiac, oncology, neuro, gastro, ortho, renal), which contributed 74.70% of FY26 revenue from operations (₹11,996.35 million of ₹16,059.52 million; ₹1,199.635 crore of ₹1,605.952 crore).
- Wide geographic footprint of 2,211 planned beds across eight hospitals in underserved markets — many of its cities fall well below the NHP 2017 benchmark of 20 beds per 10,000 population (e.g., Patna city shows ~12,000 estimated beds vs ~14,630 recommended).
- Mix of operating models — owned, leased, revenue-share, fixed-rent and PPP — keeping capex per bed at ₹7.70 million (~₹7.7 crore per bed) as of June 30, 2026, with seven of eight hospitals on revenue-share/fixed-rent structures.
- Senior clinical talent and accreditations: three Padma Shri awardees on the doctor roster (Dr. V.S. Mehta, Dr. Alka Kriplani, Dr. M.V. Padma Srivastava), 1,084 doctors and 1,937 nurses as of June 30, 2026, seven of eight hospitals NABH-accredited, and NABL-accredited labs at Patna, Panchkula, Srinagar and central 'Paras Labs' in Gurugram.
Revenue mix
The prospectus gives overlapping breakdowns here, so the shares are not shown.
The numbers at a glance
The price they’re asking →derived: cut-off price Rs693 / stated EPS Rs4.34 (FY26 diluted EPS for the year ended March 31, 2026, restated consolidated (per table on prospectus page 142)). Stated figures are as printed in the prospectus; margins, growth and the borrowing ratio are computed from its own summary table. A multiple is one lens, not a verdict.
Where the money goes
The offer →66% of this issue is existing shareholders cashing out — only the fresh issue reaches the business.
How the book stands today
The category split is the number worth reading, not the total.
QIB: 3.09× their allocation. Non-institutional: 0.66×.
What we hold for this issue
Stated up front on every issue, so a sparse page reads as a fact about the source rather than a broken one.
How this cohort has done
101 mainboard issues listed in 2026 that we can price today. This is the group it is about to join.
Neither figure is a forecast for this issue — they describe what happened to comparable issues. Full cohort analytics →
Led by JM Financial Limited — median +15.5% across the 107 of its issues we can price. All lead managers →
What to watch
- 66% of the issue is offer for sale — only ₹500 Cr of new money reaches the company.
- Priced at 159.7× earnings — 163% above the median of the peers the issuer itself names.
- Its cohort's record: median +9.4% since issue price, 36.6% now below it — a base rate, not a forecast.
Each line restates a disclosure from the prospectus or the exchanges — nothing here is a recommendation to apply to this issue.
Track this company once it lists
Results, orders, board decisions and every other filing — summarised and sent to your WhatsApp the minute they are out.
Figures are as published by the exchanges and the issuer’s prospectus. MarketPing publishes facts, comparisons and history only — nothing here is a recommendation to apply to this issue, and we do not publish grey market premium.