Paras Healthcare Ltd, which operates hospitals under the Paras Health brand, has submitted its draft red herring prospectus (DRHP) to the Securities and Exchange Board of India (Sebi) to raise ₹1,800 crore through an initial public offering (IPO).
The proposed public issue comprises a fresh issue of equity shares worth up to ₹500 crore and an offer-for-sale (OFS) of shares aggregating up to ₹1,300 crore by existing shareholders, including promoter Dharminder Kumar Nagar and other investors.
According to the filing, the company plans to use the proceeds from the fresh issue for repayment or prepayment of certain borrowings, investment in its wholly-owned subsidiary PMHPL to reduce debt, and for general corporate purposes.
Headquartered in Gurugram, Paras Healthcare operates a network of eight hospitals with a combined capacity of 2,211 beds as of March 31, 2026. The company provides tertiary and quaternary healthcare services across Haryana, Bihar, Uttar Pradesh, Rajasthan, Jharkhand, and Jammu & Kashmir.
As part of its expansion strategy, Paras Healthcare plans to establish a 300-bed hospital in Gurugram and a 500-bed facility in Ludhiana by FY27 and FY28, respectively. These additions are expected to increase its total bed capacity to 3,011 by March 2028.
For FY26, the company reported consolidated revenue from operations of ₹1,605.95 crore and EBITDA of ₹335.58 crore.
This marks Paras Healthcare’s second attempt at going public. The company had previously received Sebi approval for an IPO in 2024 but later deferred the launch.
JM Financial, BofA Securities India, and Nuvama Wealth Management have been appointed as the book-running lead managers for the issue. The company intends to list its shares on both the BSE and NSE.