Paras Healthcare Limited, the operator of the Paras Health hospital network, has raised ₹652.5 crore from anchor investors ahead of its ₹1,450-crore initial public offering (IPO), which opened for subscription on October 21.
According to stock exchange filings, the Gurugram-based healthcare company allocated 94,15,584 equity shares to 39 anchor investors at ₹693 per share, the upper end of its IPO price band.
The anchor investment round attracted participation from several domestic mutual funds and international institutional investors, including SBI Mutual Fund, HDFC Mutual Fund, ICICI Prudential Mutual Fund, Kotak Mutual Fund, WhiteOak Capital Mutual Fund, Abu Dhabi Investment Authority, BlackRock and Eastspring Investments.
IPO Structure and Price Band
The public issue, scheduled to close on October 23, has a price band of ₹660–693 per equity share.
The ₹1,450-crore IPO consists of a fresh issue of shares worth ₹500 crore and an Offer for Sale (OFS) amounting to ₹950 crore by existing shareholders.
The company had earlier proposed an IPO of ₹1,800 crore before revising the issue size.
Under the OFS component, promoter Dharminder Kumar Nagar and investor Commelina Limited will sell part of their shareholdings.
Paras Healthcare intends to use the proceeds from the fresh issue primarily for debt repayment.
Paras Health Operates Eight Hospitals Across India
Paras Healthcare currently operates eight hospitals under the Paras Health brand across five states and one Union Territory.
Its hospital network includes facilities in Gurugram and Panchkula in Haryana, Patna and Darbhanga in Bihar, Kanpur in Uttar Pradesh, Udaipur in Rajasthan, Ranchi in Jharkhand and Srinagar in Jammu and Kashmir.
The company provides healthcare services through its network of hospitals across these locations.
Shares Expected to List on October 28
The equity shares of Paras Healthcare are expected to be listed on the stock exchanges on October 28.
JM Financial, BofA Securities India and Nuvama Wealth Management are serving as the book-running lead managers for the IPO, while MUFG Intime India is the registrar to the issue.