Paras Healthcare IPO Analysis: Should You Apply? GMP, Review & Details

Paras Healthcare is a MAINBOARD IPO in the Hospital sector. The issue price band is ₹660.0–₹693.0 per share. Issue size is ₹1450.0 crore. Current GMP is +1.3% over the issue price (unofficial, subject to change).

Paras Healthcare IPO — Key Details

Company Overview

Paras Healthcare, established in 1987, is a prominent healthcare provider with a network of hospitals in North India, Bihar, and Jharkhand. As of March 31, 2024, the company operates eight hospitals under the 'Paras Health' brand and has a total bed capacity of 2,135, making it the fifth-largest in its sector in the region. The company employs a medical team of 1,091 doctors and 1,509 nurses, reflecting its commitment to quality healthcare services.

Financial Performance

Total income was ₹1,151.02 Cr for the period ending 31 Mar 2024, increasing from ₹1,314.21 Cr for the period ending 31 Mar 2025, and further down to ₹1,628.78 Cr for the period ending 31 Mar 2026. However, the most recent figure of ₹478.75 Cr for the period ending 30 Jun 2026 is not directly comparable as it represents only a 9-month period. Profit after tax was negative at ₹-15.33 Cr for the period ending 31 Mar 2024, improving to ₹-57.98 Cr for the period ending 31 Mar 2025. The profit turned positive with ₹43.83 Cr for the period ending 31 Mar 2026, and further increased to ₹49.68 Cr for the period ending 30 Jun 2026, though this is also a 9-month figure and not a full year.

Objects of the Issue

The company plans to use the proceeds from the issue for several purposes: ₹320.90 Cr for prepayment or scheduled repayment of certain outstanding borrowings, ₹54.10 Cr for investment in its subsidiary PMHPL for repayment of borrowings, and the remaining amount for general corporate purposes.

Understanding Grey Market Premium (GMP)

The Grey Market Premium (GMP) is an indicator of the demand for an IPO before it officially lists on the stock exchange. A positive GMP suggests that the IPO is expected to list at a premium to its issue price, while a negative GMP indicates the opposite. Investors often look at GMP to gauge market sentiment.

Subscription Status

As of 23rd Oct 2026, the IPO was subscribed 2.34 times overall. The QIB category saw a strong demand with a subscription of 3.25 times, while the Retail category was subscribed 2.1 times. However, the NII category was under-subscribed at 0.69 times.

IPO Timeline

The IPO opens for subscription on 21st October 2026 and closes on 23rd October 2026. Allotment of shares will be done by 26th October 2026, and the listing on the stock exchange is expected on 28th October 2026.

Should You Apply for Paras Healthcare IPO?

Investors comfortable with short-term volatility and a long-term horizon typically weigh IPOs like this against the company's growth prospects and market conditions. It's essential to consider the financial health and operational performance of the company before making a decision.

Investors who are risk-averse or those looking for stable, established companies may want to avoid this IPO, especially given its recent financial performance and the inherent risks associated with investing in new listings.

This is general risk-profile education, not a personal recommendation to apply or avoid this specific IPO — TopFund is not a SEBI-registered investment adviser.

Listing Day Risks

Listing gains refer to the potential profit an investor can make when selling shares on the first day of trading. However, these gains are not guaranteed and can be influenced by market conditions, investor sentiment, and the company's performance post-IPO. Investors should be aware of the risks involved in trading on listing day.

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Disclaimer: This is educational content, not investment advice. GMP is an unofficial grey-market indicator, unregulated and never guaranteed. TopFund is not a SEBI-registered investment adviser — please do your own research or consult a qualified adviser before applying to any IPO.