SEBI approves Paras Healthcare’s IPO; firm to raise Rs 400 crore

The Securities and Exchange Board of India approved the initial public offerings of Paras Healthcare Ltd.

Paras Healthcare filed for IPO on Aug. 2, 2024. However, the approval was obtained on Oct. 18, 2024.

Paras Healthcare
The IPO of Paras Healthcare—which runs hospital chain under the Paras Health brand—also consists of both a fresh issue of equity shares of up to Rs 400 crore and an offer-for-sale of up to 1.5 crore shares, according to the draft red herring prospectus.

Promoter Dharminder Kumar Nagar will offload 29.28 lakh equity shares and investor Commelina Ltd. will divest 1.2 crore shares, via OFS.

Paras Healthcare proposes to utilise the proceeds from the fresh issue for payment of debt, investment in subsidiaries—Paras Healthcare (Ranchi) Pvt. and Plus Medicare Hospitals Pvt.—in the form of debt or equity for payment of borrowings and for general corporate purposes.

Paras Healthcare offers several clinical specialties across hospitals, including cardiac sciences, oncology, neuro sciences, gastro sciences and orthopedics and joint replacement.

ICICI Securities, IIFL Securities and Motilal Oswal Investment Advisors are the book-running lead managers to the public issue. NDTV Profit