Paras Healthcare, a healthcare provider based in Gurugram, has raised Rs 86.94 crore from Axis New Opportunities AIF, including Rs 21.3 crore in a pre-IPO round on April 16, 2024.
The company, backed by global private equity firm Creador, operates eight hospitals with 2,135 beds under the Paras Health brand. As part of this investment, Paras Healthcare approved the sale of 8,98,735 equity shares to Axis New Opportunities AIF at Rs 237 per share, raising Rs 21.3 crore. The deal was approved by the company’s board and shareholders on April 11 and April 12.
In addition, Commelina, another investor in Paras Healthcare, sold 27,69,704 shares to Axis New Opportunities AIF at the same price, amounting to Rs 65.64 crore.
With this transaction, Axis New Opportunities AIF now holds a total of 36,68,439 shares in Paras Healthcare, valued at Rs 86.94 crore.
Paras Healthcare has also filed draft papers with the Securities and Exchange Board of India (SEBI) for an upcoming IPO, which will involve issuing new shares worth Rs 400 crore. The IPO will also include an offer to sell 1.49 crore shares by the company’s promoter, Dharminder Kumar Nagar, and investor Commelina. SEBI has already approved the draft papers for the IPO.
Paras Healthcare’s promoters, Dharminder Kumar Nagar and Commelina (an affiliate of Creador), hold 75.32% and 24.68% stakes in the company, respectively. Commelina has been an investor since 2017.
The company plans to use Rs 300 crore from the new share issue to pay off its debt. It is also expanding its operations by setting up new hospitals in Gurugram and Ludhiana through long-term lease agreements. These hospitals are expected to open in FY27 and FY28, with 300 and 500 beds, respectively. By March 2029, Paras Healthcare expects its bed capacity to increase from 2,135 to 2,935.
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ICICI Securities, IIFL Securities, and Motilal Oswal Investment Advisors are managing the IPO.
