Paras Healthcare Re-submits Draft Prospectus for Rs 1,800 Crore Initial Public Offering

Paras Healthcare Revises IPO Plans, Seeks to Raise Up to Rs 1,800 Crore

Gurugram-based Paras Healthcare, a hospital chain operating under the Paras Health brand, has resubmitted its Draft Red Herring Prospectus with the Securities and Exchange Board of India (SEBI) to raise funds up to Rs 1,800 crore via an Initial Public Offering (IPO).

This move comes nearly two years after the company initially filed its IPO papers in July 2024, which included a fresh issue of shares worth up to Rs 400 crore and an offer-for-sale of 1.49 crore shares by promoter and investor. The SEBI had approved the IPO papers in October 2024, but the one-year period to launch the public subscription offer had expired in October 2025.

According to the latest prospectus filed on June 4, 2026, the company plans to raise Rs 500 crore by issuing fresh shares, while promoter and investors will offload shares worth Rs 1,300 crore via an offer-for-sale (OFS). Promoter Dharminder Kumar Nagar will sell shares worth up to Rs 300 crore via OFS, while investor Commelina will sell Rs 800 crore worth shares. The remainder Rs 200 crore shares will be sold by investor 360 ONE, which has been a shareholder in the company since April 2025 after buying shares from Commelina.

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As a part of the fresh issue, Paras Healthcare may consider raising funds up to Rs 100 crore in a pre-IPO round, i.e., before filing the Red Herring Prospectus with the Registrar of Companies.

The company's promoter, Dharminder, holds a 72.8 percent stake in Paras Healthcare, while Commelina owns 16.44 percent shares. Further, 360 ONE Special Opportunities Fund - Series 12 and 13 hold a 6.37 percent stake, while Axis New Opportunities AIF - Series II owns 3.63 percent shares, which it acquired in April 2025.

Paras Healthcare, a clinical specialty-led hospital platform, provides tertiary and quaternary healthcare services through eight hospitals with a 2,211 beds capacity across North India, Bihar, and Jharkhand. The company has planned to expand its network by adding a 300 beds capacity in Gurugram and 500 beds in Ludhiana, which it intends to launch by fiscal 2027 and fiscal 2028, respectively. This will increase the company's total bed capacity across hospitals to 3,011 beds by March 2028.

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The company proposes to utilise Rs 375 crore of proceeds from the net fresh issue for debt repayment and the remaining amount for general corporate purposes. As of March 2026, Paras Healthcare's total outstanding fund-based borrowings stood at Rs 854.1 crore on a consolidated basis and Rs 741.1 crore on a standalone basis.

JM Financial, BofA Securities India, and Nuvama Wealth Management have been appointed as the merchant bankers for managing the Paras Healthcare IPO.