Paras Healthcare plans to use the proceeds from the IPO for debt repayment and investment in subsidiaries. Credit: A9 Studio/Shutterstock.

Paras Healthcare, a hospital chain headquartered in Gurugram, India, has secured the approval of the Securities and Exchange Board of India (SEBI) to raise funds through initial public offerings (IPO).

Paras aims to raise Rs4bn ($47.57m) via fresh issuance of equity shares. Additionally, there is an offer for sale (OFS) of 14.97 million shares.

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IIFL Securities, Motilal Oswal Investment Advisors and ICICI Securities are the lead book runners for the hospital company’s IPO. Link Intime India Private Limited will serve as the registrar for the public issue.

Promoter Dharminder Kumar Nagar will sell 2.92 million equity shares, while investor Commelina will divest 12 million shares through the OFS mode.

Paras Healthcare plans to use the proceeds from fresh issue for debt repayment, investment in subsidiaries namely Paras Healthcare (Ranchi) and Plus Medicare Hospitals, and for other corporate purposes.

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In August, it was reported that Paras Healthcare had filed a Draft Red Herring Prospectus (DRHP) with the SEBI for an IPO.  

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Established by Dr. Dharminder Nagar in 2006, Paras Healthcare operates eight multi-specialty hospitals with a total of 2,100 beds across North and East India.

The company aims to expand its capacity by adding an additional 800 beds over the next two to four years, with new facilities planned for Gurugram and Ludhiana. While the hospitals in Gurugram and Udaipur are company-owned, the others utilise an asset-light model based on long-term real estate leases.

Paras Healthcare offers a range of medical specialities, including cardiac sciences, neurosciences, orthopaedics, oncology, and gastroenterology. The majority of its revenue is generated from the markets in Gurugram, Patna, and Panchkula.