AZB & Partners has been appointed as legal counsel for the Paras Healthcare IPO, a proposed ₹1,800 crore initial public offering for which Paras Healthcare Limited has filed a Draft Red Herring Prospectus with SEBI. The firm is advising both the company and the promoter-selling shareholder on one of the more significant healthcare listings proposed in India’s mid-2026 IPO calendar. The transaction has been confirmed by Bar & Bench and multiple financial publications.
Introduction
Paras Healthcare Limited has filed a Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for an initial public offering of equity shares. The proposed IPO is structured as a combination of a fresh issue and an offer for sale (OFS) by selling shareholders, with the total offering aggregating up to ₹1,800 crore. The equity shares are proposed to be listed on both the BSE and NSE upon completion of the offering.
Paras Hospitals is described in the DRHP as a multi-speciality healthcare provider established in 2006, offering advanced medical services across clinical specialties with a network of hospitals spread across North India. The company operates under the “Paras Health” brand, providing tertiary and quaternary healthcare services through eight hospitals with an aggregate bed capacity of 2,211 beds as of March 31, 2026. Its hospital network spans five states and one union territory — Gurugram and Panchkula in Haryana; Patna and Darbhanga in Bihar; Kanpur in Uttar Pradesh; Udaipur in Rajasthan; Ranchi in Jharkhand; and Srinagar in Jammu & Kashmir.
The promoter of the company is Dr. Dharminder Kumar Nagar, who is also a selling shareholder in the OFS component of this offering. JM Financial, BofA Securities India, and Nuvama Wealth Management have been appointed as book-running lead managers to the issue. Further details on pricing and listing timelines were not disclosed.
Deal Value
The proposed IPO aggregates up to ₹1,800 crore in total. It comprises a fresh issue of equity shares aggregating up to ₹500 crore and an offer for sale of equity shares aggregating up to ₹1,300 crore by the selling shareholders. The company intends to use the net proceeds from the fresh issue to prepay or make scheduled repayments on certain outstanding borrowings.
Legal Teams Involved
AZB & Partners is the sole legal team disclosed in connection with this transaction.
Representing: Paras Hospitals and promoter-selling shareholder Dr. Dharminder Kumar Nagar
Firm: AZB & Partners
- Agnik Bhattacharyya — Senior Partner
- Sweta Ananthanarayanan — Partner
- Tanaiy Tewari — Senior Associate
No other legal teams were disclosed in connection with this transaction.
Significance and Impact
This DRHP filing marks Paras Healthcare’s second approach to SEBI for an IPO, having previously filed draft papers in 2024 and secured regulatory clearance before shelving those plans. The refiled offering is substantially larger — the total issue size has grown considerably from the earlier proposal, reflecting the company’s expanded operational footprint and improved market conditions for healthcare listings in mid-2026.
The sizable OFS component of ₹1,300 crore signals a meaningful liquidity event for existing investors and the promoter. The fresh issue proceeds earmarked for debt repayment are expected to reduce the company’s leverage profile post-listing, which is a notable structural feature of this transaction. If successfully executed, the listing on both NSE and BSE would mark a significant milestone for a North India-focused hospital chain operating in healthcare markets that are considered underpenetrated relative to southern and western metros.
For AZB & Partners, the mandate adds to the firm’s established track record in Indian capital markets and healthcare sector transactions. The firm is consistently ranked among India’s top-tier advisers for equity issuances and IPO mandates, as recognised by Chambers Asia-Pacific and Legal 500. Readers looking to track the evolving landscape of Indian deal activity can follow the Deal Meter for ongoing coverage.
AZB & Partners is advising Paras Healthcare Limited and promoter Dr. Dharminder Kumar Nagar on the company’s proposed ₹1,800 crore IPO, structured as a ₹500 crore fresh issue and a ₹1,300 crore offer for sale. The DRHP has been filed with SEBI, and the equity shares are proposed to be listed on the BSE and NSE. Further details on the price band, open dates, and allotment timeline were not disclosed at the time of this report.
Disclaimer: This article is for informational purposes only and does not constitute legal advice. It is based on the details provided and publicly available sources.
