Paras Healthcare IPO is back on the table — and the numbers look very different from the last time around. The Gurugram-based hospital chain filed a fresh Draft Red Herring Prospectus with SEBI on June 5, 2026, seeking to raise ₹1,800 crore through a mix of a ₹500 crore fresh issue and a ₹1,300 crore offer for sale. That is a dramatic expansion from its August 2024 filing, which proposed just ₹400 crore in fresh equity and an OFS of roughly 1.5 crore shares — a total issue size that was a fraction of the current proposal.
The earlier attempt stalled. SEBI granted its observations in October 2024, but Paras let the twelve-month validity window lapse without launching the offer. A complete overhaul of investment bankers followed — JM Financial, BofA Securities India, and Nuvama Wealth Management now lead the mandate, replacing the previous trio of ICICI Securities, IIFL, and Motilal Oswal. MUFG Intime India has been appointed as registrar.
The significantly larger OFS — ₹1,300 crore versus a far smaller component earlier — suggests institutional investors are now seeking a wider exit. Promoter Dr. Dharminder Kumar Nagar held 72.80% of the pre-issue equity in the original filing, and key investor Commelina Limited had planned to divest roughly 1.2 crore shares. In the interim, 360 ONE Asset injected ₹170.6 crore into the company, adding another stakeholder with a potential liquidity interest. Of the ₹500 crore fresh issue, ₹320.9 crore is earmarked for debt repayment and ₹54.1 crore for the subsidiary operating the Srinagar hospital.
On the operating side, Paras reported consolidated revenue of ₹1,151 crore in FY24, up roughly 23% from ₹936 crore a year earlier, and swung to a pre-tax profit of ₹6.63 crore after a ₹27 crore loss in FY23. The chain now runs eight hospitals with 2,211 beds and targets 3,011 beds by FY28 through new facilities in Gurugram and Ludhiana. Average revenue per occupied bed rose to ₹47,668 in FY25 from ₹44,345 a year prior, though overall occupancy dipped marginally to about 51%. For a peer reference, the Paras Healthcare IPO enters a market where listed hospital chains have on expanding bed capacity — but most of those peers were profitable at net level well before listing.
Whether SEBI clears this revised Paras Healthcare IPO filing on a similar timeline — and whether the healthcare IPO market stays receptive at a ₹1,800 crore size while the company still carries a net loss — are the scenarios investors will want to track over the coming quarter.
This article is journalism and educational commentary, not investment advice. The author is not a SEBI-registered Research Analyst. Figures should be independently verified against official filings before any financial decision.
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