The healthcare company operates 2,135 beds and manages eight hospitals across North India, as of 31 March 2024. Credit: wavebreakmedia/Shutterstock.

Indian company Paras Healthcare has filed a Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for an initial public offering (IPO).  

According to LiveMint, the IPO comprises a new issue of equity shares that are worth up to Rs4bn ($47.76m), along with an offer for sale (OFS) of up to 14,974,010 equity shares by the participating ‘selling shareholders’. 

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OFS includes equity shares from both Dr Dharminder Kumar Nagar, who is the ‘Promoter Selling Shareholder’, and Commelina, the ‘Investor Selling Shareholder’.  

Each equity share has a face value of Rs1.  

As per the report, the healthcare company intends to use the net proceeds from the IPO for debt repayment, investments in subsidiaries, and for other general corporate purposes. 

IIFL Securities, ICICI Securities, and Motilal Oswal Investment Advisors have been appointed as the book-running lead managers for the IPO.  

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Paras Healthcare, which mainly focuses on specialised tertiary medical care in Tier 2 and Tier 3 cities, offers various clinical specialities, such as neurosciences, oncology, joint replacement, orthopaedics, and gastro sciences, across its network of hospitals.

It operates 2,135 beds and manages eight hospitals under the Paras Health brand across North India, as of 31 March 2024.  

The company has seen significant growth, adding 885 beds over the past two fiscal years.  

The Kanpur hospital is currently the largest facility, with a capacity of 435 beds. The company’s average revenue per occupied bed (ARPOB) has increased to Rs44.34bn in fiscal year 2024. 

Looking ahead, Paras Healthcare is expanding its presence with new hospitals in Gurugram and Ludhiana, which are expected to open in fiscal years 2027 and 2028 respectively, LiveMint said. 

These expansions are projected to increase the company’s bed capacity to 2,935 by 31 March 2029.  

In addition, a new 250-bed facility adjacent to its Panchkula hospital is under construction to create synergies with the existing infrastructure.