Paras Healthcare Refiles DRHP for ₹1,800 Crore IPO

Paras Healthcare IPO: Paras Healthcare has refiled its DRHP with SEBI for a ₹1,800 crore IPO. The hospital chain plans to use the fresh issue proceeds for debt repayment and expansion. It currently operates eight hospitals and aims to increase bed capacity to 3,011 by FY28. 

Paras Healthcare IPO: Paras Healthcare, the hospital chain operating under the Paras Health brand, has once again started its journey towards a stock market listing. The Gurugram-based healthcare provider has refiled its Draft Red Herring Prospectus (DRHP) with Securities and Exchange Board of India (SEBI) to raise ₹1,800 crore through an Initial Public Offering (IPO).

The filing comes nearly two years after the company first approached the capital markets. Paras had earlier filed IPO papers in July 2024, but the approval timeline expired without the company launching the issue.

Here is a closer look at the proposed IPO, how the funds will be used, and what makes Paras Healthcare one of the key hospital operators in North India.

What Does Paras Healthcare IPO Include?

According to the latest DRHP filed on June 4, 2026, the IPO will consist of:

• Fresh issue of shares worth up to ₹500 crore

• Offer for Sale (OFS) worth up to ₹1,300 crore

The total issue size is expected to be around ₹1,800 crore.

As part of the OFS, promoter Dharminder Kumar Nagar will sell shares worth up to ₹300 crore. Investor Commelina plans to sell shares worth ₹800 crore, while investor 360 ONE will offload shares worth ₹200 crore.

The company may also raise up to ₹100 crore through a pre-IPO placement before filing the final Red Herring Prospectus.

Why Has Paras Healthcare Refiled Its IPO?

Paras Healthcare had earlier filed draft papers in July 2024 for an IPO comprising a fresh issue of ₹400 crore and an offer for sale of 1.49 crore shares. SEBI approved the issue in October 2024, but the company did not launch the IPO within the prescribed period.

The latest filing reflects the company's renewed plans to access public markets amid growing investor interest in healthcare businesses.

How Will Paras Healthcare IPO Proceeds Be Used?

A major portion of the fresh issue proceeds will be used to strengthen the company's balance sheet.

Paras plans to use:

• ₹320.9 crore for repayment or prepayment of certain borrowings

• ₹54.1 crore investment in its wholly owned subsidiary PMHPL for debt repayment

• Remaining proceeds for general corporate purposes, technology infrastructure, and business expansion

As of March 2026, the company had consolidated borrowings of ₹854.1 crore and standalone borrowings of ₹741.1 crore.

Reducing debt could improve financial flexibility and support future expansion plans.

Paras Healthcare IPO Expansion Plans

Paras Healthcare currently operates 8 hospitals with a total capacity of 2,211 beds across Haryana, Bihar, Uttar Pradesh, Rajasthan, Jharkhand, and Jammu & Kashmir.

The company plans to add:

• A 300-bed hospital in Gurugram by FY27

• A 500-bed hospital in Ludhiana by FY28

With these additions, total bed capacity is expected to increase to 3,011 beds by March 2028.

The expansion is aimed at strengthening its presence in North India and meeting growing demand for advanced healthcare services.

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Paras Healthcare Business Model and Key Strengths

Founded in 2006 with its first hospital in Gurugram, Paras Healthcare has grown into one of the leading healthcare providers in North India, Bihar, and Jharkhand.

The company focuses on tertiary and quaternary healthcare services and derives a portion of its revenue from its core "CONGOR" specialties:

• Cardiac Sciences

• Oncology

• Neurosciences

• Gastro Sciences

• Orthopaedics & Sports Medicine

• Renal Sciences

These specialties contributed 74.7% of the company's revenue from operations in FY26.

Paras operates through a mix of owned, leased, and public-private partnership hospitals, helping it expand while maintaining capital efficiency.

Its network is supported by 1,011 doctors and 1,665 nurses. The company also uses advanced medical equipment.

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Paras Healthcare IPO Shareholding Structure

Before the IPO, promoter Dharminder Kumar Nagar held a 72.8% stake in the company.

Other key shareholders include:

• Commelina – 16.44%

• 360 ONE Special Opportunities Fund Series 12 & 13 – 6.37%

• Axis New Opportunities AIF Series II – 3.63%

Final Words

Paras Healthcare's ₹1,800 crore IPO filing marks another important step in its expansion journey. The company plans to use the fresh capital primarily to reduce debt while continuing to expand its hospital network.

With a strong presence across North India, growing bed capacity, and a focus on high-value specialty healthcare services, Paras Healthcare is positioning itself for its next phase of growth.