Paras Healthcare IPO Closes 2.23x, Lists October 28 — Startup Funding India, October 2026

Hospital chain Paras Healthcare has closed its ₹1,450-crore initial public offering with a subscription of 2.23 times, and its shares are scheduled to list on the BSE and NSE on October 28, 2026. The allotment is expected to be finalised on October 26. For founders watching startup funding in India, the muted-but-successful close is a useful read on how public investors are pricing healthcare growth right now.

Issue structure and demand

The IPO, which opened on October 21 and closed on October 23, comprised a fresh issue of 72.15 lakh shares worth ₹500 crore and an offer for sale of 1.37 crore shares worth ₹950 crore. The price band was fixed at ₹660–693 per share, with a lot size of 21 shares and a minimum retail investment of ₹14,553. By category, qualified institutional buyers subscribed around 3.1 times, retail investors around 2.0 times, and non-institutional investors around 0.7 times.

The issue had earlier raised ₹652.5 crore from anchor investors on October 19, including Abu Dhabi Investment Authority, BlackRock Global Funds, Eastspring Investments and Government Pension Fund Global. JM Financial, BofA Securities India and Nuvama Wealth Management were the book-running lead managers, with MUFG Intime India as registrar.

Grey market signals a flat listing

The grey market premium has faded through the offer period, from around ₹95 on October 15 to roughly ₹10–12 as of October 25, implying a listing price near ₹703–705 against the ₹693 upper price band — a gain of barely 2%. That cooling mirrors the subscription pattern: institutional and retail demand carried the issue while high-net-worth demand stayed soft. Paras Healthcare operates eight hospitals under the Paras Health brand across North India, Bihar and Jharkhand, focused on specialty-led tertiary and quaternary care.