The Paras Healthcare IPO will open for public subscription on October 21, with the Gurugram-based hospital operator setting a price band of ₹660-693 per share.
The three-day initial public offering will close on October 23, according to an announcement issued on Thursday. Bidding for anchor investors is scheduled for October 19, while the company’s shares are expected to list on stock exchanges on October 28.
Paras Healthcare operates hospitals under the Paras Health brand. The company has reduced the proposed IPO size to ₹1,450 crore from the ₹1,800 crore planned earlier.
Paras Healthcare IPO Structure and Use of Proceeds
The public issue comprises a fresh issue of equity shares worth ₹500 crore and an offer for sale (OFS) worth ₹950 crore by existing shareholders.
Promoter Dharminder Kumar Nagar and investor Commelina Ltd will sell shares through the OFS. Proceeds from the fresh issue will be used to repay debt.
Unlike the fresh issue, proceeds from the OFS will go to the selling shareholders.
The IPO has allocated 75 per cent of the net offer to qualified institutional buyers (QIBs). Non-institutional investors (NIIs) will receive 15 per cent, while retail individual investors will have a 10 per cent allocation.
JM Financial, BofA Securities India and Nuvama Wealth Management are the book-running lead managers for the issue. MUFG Intime India has been appointed registrar.
Paras Health Operates Eight Hospitals Across Five States
Paras Healthcare operates a network of eight hospitals across five states and one Union Territory.
Its facilities are located 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 IPO will provide the company with an opportunity to raise fresh capital while allowing existing shareholders to partially exit their investments.
Investors will be able to subscribe to the issue between October 21 and October 23, with the final listing scheduled for October 28.
