Paras Healthcare IPO Day 2: 0.36x subscribed; Overall retail portion at 2.10x

Key takeaways:

The Paras Healthcare IPO is a book-built offering of ₹1,450 crore, which includes a fresh issue of ₹500 crore and an offer for sale (OFS) of ₹950 crore.
The bidding window opened on Wednesday, October 21, 2026, and will remain open for 3 days until Friday, October 23, 2026.
Paras Healthcare is a Gurugram-based hospital operator with eight hospitals and 2,211 beds across North and East India.
As of Day 2, the IPO was subscribed 0.36 times overall, up from 0.15 times at the end of Day 1. The retail portion was subscribed 1.37 times.

Paras Healthcare IPO Day 2 saw retail investors take the lead, with total subscription reaching 0.36 times as of the end of the Day 2 bidding session. This IPO is a book-built initial public offering (IPO) of ₹1,450 crore. The IPO comprises a fresh issue of ₹500 crore (about 72.15 lakh shares) and an offer for sale (OFS) of ₹950 crore (about 1.37 crore shares). The OFS proceeds will go to the selling shareholders, not to the company.

The proceeds from the fresh issue will be used to repay borrowings (₹320.90 crore), to invest ₹54.10 crore in wholly owned subsidiary PMHPL so that it can repay its own borrowings, and for general corporate purposes. Let's take a closer look at the Paras Healthcare IPO Day 2 details.

Key details of Paras Healthcare IPO

Some key insights that investors should know about the Paras Healthcare IPO are mentioned below:

Parameter	Details
Issue size	₹1,450 crore
Fresh issue	₹500 crore (72.15 lakh shares)
Offer for sale (OFS)	₹950 crore (1.37 crore shares)
Price band	₹660 to ₹693 per share
Face value	₹1 per share
Lot size	21 shares
P/E at Upper Band	~159.68x (on FY26 EPS of ₹4.34)
Minimum retail investment	₹14,553 (1 lot at upper band)
Book running lead managers	JM Financial, BofA Securities India, Nuvama Wealth Management
Registrar	MUFG Intime India
Listing exchanges	BSE and NSE

Key dates for the Paras Healthcare IPO

The Paras Healthcare IPO is currently in its subscription phase. Here are the key dates related to the IPO.

Event	Date
Anchor investor bidding	Monday, October 19, 2026
IPO subscription opens	Wednesday, October 21, 2026
IPO subscription closes	Friday, October 23, 2026
Allotment finalisation	Monday, October 26, 2026
Refund initiation	Tuesday, October 27, 2026
Credit of shares to demat account	Tuesday, October 27, 2026
Listing on BSE and NSE	Wednesday, October 28, 2026

About Paras Healthcare

Paras Healthcare Limited is a leading clinical specialty hospital platform. It operates eight hospitals in Gurugram, Panchkula, Patna, Kanpur, Udaipur, Ranchi, Darbhanga, and Srinagar, with a combined capacity of 2,211 beds, over 1,000 doctors and around 1,900 nurses.

The hospital chain focuses heavily on clinical specialties including cardiac sciences, oncology, neurosciences, gastro sciences, orthopaedics, and renal sciences (CONGOR), which collectively contributed 75.30% of its revenue in FY26.

The company has turned from losses to profits, as it has posted PAT of 43.83 crore in FY26 after two consecutive years of losses of ₹15.33 crore in FY24 and ₹57.98 crore in FY25.

Subscription status on Day 2

The cumulative subscription till the end of Day 2 reached 0.51 times, building on the 0.15 times at the end of Day 1. Here are the subscription details for the first 2 days:

Investor Category	Day 1 Subscription	Day 2 Subscription	Total Subscription
Qualified Institutional Buyers (QIB)	0.00x	0.07x	0.07x
Non-Institutional Investors (NII)	0.08x	0.26x	0.34x
Retail Individual Investors (RII)	0.73x	1.37x	2.10x
Overall subscription on each day	0.15x	0.36x	0.51x

What is next?

Market analysts attribute the steady retail oversubscription on Day 2 to Paras Healthcare's established asset footprint in Tier 2 and Tier 3 North Indian cities, its strong Q1 FY27 profitability, and the balance-sheet relief expected from ₹375 crore in planned debt repayment.

But some investors are cautious because of the massive offer for sale (OFS) portion, the debt of ₹1,393.86 crore as of March 2026 and the liquidity competition from the simultaneous mega-IPO of Jio Platforms.

As the subscription window heads into its last subscription day tomorrow (Friday, October 23, 2026), the spotlight rests on institutional and HNI bidders to determine the final subscription tally ahead of Monday's allotment finalisation.