Paras Healthcare has raised ₹652.5 crore from anchor investors ahead of its IPO, which opens on October 21. The ₹1,450 crore public issue includes a ₹500 crore fresh issue and a ₹950 crore offer for sale.
New Delhi, October 20 — Paras Healthcare has raised ₹652.5 crore from anchor investors ahead of the opening of its initial public offering on October 21.
The anchor investors include Abu Dhabi Investment Authority, BlackRock Global Funds, Eastspring Investments, Government Pension Fund Global, Natixis International Funds, Integrated Core Strategies (Asia) and Citigroup Global.
The IPO will remain open from October 21 to October 23, with a price band of ₹660-₹693 per share.
Paras Healthcare plans to raise ₹1,450 crore through the issue, comprising a fresh issue of ₹500 crore and an offer for sale worth ₹950 crore.
Domestic mutual funds participating in the anchor book include SBI Mutual Fund, HDFC AMC, ICICI Prudential AMC, Kotak Mahindra AMC, WhiteOak Capital, Motilal Oswal AMC, Edelweiss, Baroda BNP Paribas Mutual Fund and ITI Mutual Fund.
Insurance companies including ICICI Prudential Life Insurance, Edelweiss Life Insurance and Canara HSBC Life Insurance together acquired 6.49 lakh shares worth about ₹45 crore.
Paras Healthcare allotted 94.15 lakh equity shares to 21 institutional investors through the anchor book.
Of these, nine domestic mutual funds received 55.55 lakh shares worth about ₹385 crore through 24 schemes.
Under the offer-for-sale portion, promoter Dharminder Kumar Nagar will sell shares worth ₹300 crore, while Commelina, an affiliate of private equity firm Creador, will sell shares worth ₹650 crore.
Paras Healthcare currently operates eight hospitals with a combined capacity of 2,211 beds across North India, Bihar and Jharkhand.
The company plans to expand its network by adding a 300-bed hospital in Gurugram and a 500-bed hospital in Ludhiana.
These additions are expected to increase its total bed capacity to 3,011 by March 2028.
Of the ₹500 crore raised through the fresh issue, the company plans to use ₹375 crore to repay part of its debt, while the remaining proceeds will be used for general corporate purposes.
JM Financial, BofA Securities India and Nuvama Wealth Management are the merchant bankers managing the IPO.
