Adisoft Technologies Ltd. IPO

Paras Healthcare 

• Paras Healthcare is coming out with a 100% book building; initial public offering (IPO) of 2,19,69,695 shares of face value Rs 1 each in a price band Rs 660-693 per equity share.
• Not more than 75% of the issue will be allocated to Qualified Institutional Buyers (QIBs), including 5% to the mutual funds. Further, not less than 15% of the issue will be available for the non-institutional bidders and the remaining 10% for the retail investors.
• The issue will open for subscription on October 21, 2026 and will close on October 23, 2026.
• The shares will be listed on both BSE and NSE.
• The face value of the share is Rs 1 and is priced 660.00 times of its face value on the lower side and 693.00 on the higher side.
• Book running lead managers to the issue are JM Financial, BofA Securities India and Nuvama Wealth Management.
• Compliance officer for the issue is Rahul Kumar. 

Profile of the company

Paras Healthcare is a clinical specialty-led hospital platform providing tertiary and quaternary healthcare services through a network of eight hospitals with an aggregate bed capacity of 2,211 beds as of June 30, 2026 across North India, Bihar and Jharkhand. It operates under the “Paras Health” brand, with a presence in 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 the union territory of Jammu and Kashmir.

The company operates its hospitals through a mix of owned, leased, revenue-sharing and public-private partnership models, and have adopted a calibrated approach to capital deployment, evaluating capital-efficient structures selectively based on market characteristics, capital efficiency considerations and long-term operating control. The company’s leased facilities are structured through fixed rent, revenue sharing or hybrid arrangements comprising a partial fixed rent and a partial revenue share. Its growth decisions are guided by defined return thresholds and the strength of its balance sheet.

The company’s hospitals have modern operating theatres (OTs), procedure rooms and ICUs built to rigorous design, safety and technology standards. These facilities are underpinned by advanced equipment from globally reputed manufacturers, including biplane cath labs, MRI machines, radiotherapy systems, linear accelerators (LINACs), surgical robots, PET-CT scanners, neuro and ortho navigation systems, O-arm surgical imaging systems, endoscopic ultrasound (EUS) and endobronchial ultrasound (EBUS) systems, and are built to deliver complex care at scale. The company’s critical care infrastructure spans organ and condition-specific ICUs, enabling focused and protocol-driven care. It operates dedicated cardiac, neuro, liver transplant, kidney transplant, bone marrow transplant, extracorporeal membrane oxygenation (ECMO)-enabled, neonatal, paediatric, medical and surgical ICUs. For immuno-compromised and post-transplant patients, it maintains dedicated ICU rooms equipped with laminar airflow systems and strict infection-control protocols to minimise the risk of cross-infection. 

Proceed is being used for: 

• Prepayment or scheduled re-payment, in full or part, of certain outstanding borrowings availed by the company
• Investment in its wholly owned Subsidiary, Plus Medicare Hospitals (PMHPL) (which also operates its hospital in Srinagar), for repayment/prepayment of borrowings, in full or part, of PMHPL
• General corporate purposes

Industry overview

The healthcare industry, like other industries, is constantly evolving in terms of technology. Real-time and continuous data available in its surroundings and emerging technologies such as telemedicine, AI and other tools such as sensors, wearables and ingestible are facilitating healthcare availability. These advancements also help the healthcare providers to make accurate decisions based on diagnoses, enable individualised care, anticipate early danger or decline and take quick action. Developments in information technology have helped create systems that ensure faster and reliable services, on one hand, by helping increase the reach and quality of healthcare delivery systems across the country and on the other hand, enabling healthcare delivery providers to improve efficiency by helping them in resource planning, maintaining patient records, etc. However, the quality of the experience can be hampered by poorly handled data, inadequate data quality, low data point count and lack of trained personnel to manage these technologies.

The Indian healthcare delivery market was valued at approximately Rs 7.0 trillion in fiscal 2025, supported by increased demand for routine medical treatments, elective surgeries and Out-patient Department (OPD) services. The segments of critical care, oncology, neurology and Orthopedics, which saw a surge in demand post-pandemic, are estimated to continue their growth momentum in fiscal 2026. As of fiscal 2026, the Indian healthcare delivery market is estimated to have reached Rs 7.6 to Rs 7.8 trillion. In terms of value, the In-patient Department (IPD) is estimated to have accounted for 71 to 72% of the healthcare delivery market in fiscal 2025, and the OPD for the balance. Though OPD volume outweighs IPD volume, the latter contributes the bulk of revenue for healthcare facilities.

From Fiscals 2020 to 2026E, the market shares of the regions remained largely the same. As of Fiscal 2026E, the South region had the largest share at 33.5 to 35.5%, while the east region had a share of 10.5 to 12.5% in Fiscal 2026E. The share of the northern region has increased from 29 to 30% in Fiscal 2020 to 30 to 32% in Fiscal 2026E due to an increase in urbanisation and lifestyle-related diseases, which drove demand for healthcare services in the region. The southern region is expected to maintain its largest market share (32 to 35%) in Fiscal 2030 due to a combination of factors, including the presence of well- established healthcare infrastructure with several reputable hospitals and medical research institutions. The market shares of the western and eastern regions are expected to be stable at 22 to 25% and 10 to 13%, respectively, in Fiscal 2030.

Pros and strengths 

Leading healthcare provider in North India with strong regional presence: The company is one of the largest healthcare providers in North India, Bihar and Jharkhand in terms of bed capacity, with 2,211 beds across eight hospitals as of June 30, 2026. It established its first hospital in Gurugram, Haryana in 2006 with a vision to provide accessible, high-quality healthcare services in North India. As of June 30, 2026, it operates eight hospitals in five states and one union territory in India, which offer geographic diversification while allowing it to maintain a regional focus.

Advanced tertiary and quaternary care capabilities: The company’s hospitals are designed to deliver tertiary and quaternary care with deep clinical capabilities across CONGOR specialties and an ability to treat complex and high-acuity cases. While it offers a broad range of specialties across its hospitals, its clinical model emphasises specialty depth, enabling the delivery of advanced procedures, complex surgeries and quaternary care programs. The company’s critical care infrastructure spans organ and condition-specific ICUs, enabling focused and protocol driven care. It operates dedicated cardiac, neuro, liver transplant, kidney transplant, bone marrow transplant, ECMO enabled, neonatal, paediatric, medical and surgical ICUs. For immuno-compromised and post-transplant patients, it maintains dedicated ICU rooms equipped with laminar airflow systems and strict infection control protocols to minimise the risk of cross infection. It has increased the number of ICU beds across its hospitals from 425 beds as of March 31, 2024 to 559 beds as of June 30, 2026.

Flexible hospital operating model supporting disciplined expansion: The company operates its hospitals through a calibrated mix of owned, leased, revenue-sharing and public-private partnership models, allowing it to tailor capital deployment to market characteristics while maintaining long-term operational control. The company’s flexible operating model enables lower upfront capital intensity, faster market entry in identified white-space markets and adherence to defined return on invested capital thresholds. The company’s expansion decisions are guided by clearly defined financial return criteria, balance sheet strength and long-term scalability considerations, supporting disciplined growth across its hospital network.

Experienced clinical team supported by advanced medical infrastructure: The company’s clinical model is anchored around experienced and nationally recognised doctors, supported by modern infrastructure and institutional clinical governance frameworks. The quality of its clinical team is central to its ability to deliver high-quality healthcare services. As of June 30, 2026, the company had a team of 1,084 doctors and 1,937 nurses. The company’s ability to introduce pioneering clinical programs has also been a key factor in attracting senior clinicians. The introduction of robotic spine surgery at some of its hospitals and advanced oncology platforms including LINACs has enabled it to attract subspecialty-trained surgeons and oncologists, who seek access to advanced equipment and high-volume complex case environments.

Risks and concerns

High attrition rates may affect operational efficiency: The company is highly dependent on doctors, nurses, other healthcare professionals and housekeeping and support staff for its operations. The company has experienced high attrition rates of 12.01%, 16.09%, 60.38%, 66.74% and 65.27% in the three months period ended June 30, 2026 and June 30, 2025 and in Fiscals 2026, 2025 and 2024, respectively. If it is unable to reduce or manage the attrition rates of these professionals, its business, results of operations and financial condition may be adversely affected.

Geographic concentration of hospitals and revenue in North India: Five of the company’s eight hospitals are located in North India. In the three months period ended June 30, 2026 and June 30, 2025 and Fiscals 2026, 2025 and 2024, the revenue from these hospitals accounted for 68.07%, 66.89%, 66.07%, 68.40% and 67.33% of its revenue from operations, respectively. Any adverse developments affecting these hospitals or the regions in which they are located could affect its business, results of operations and financial condition.

High revenue dependence on CONGOR specialties: The company generates a significant portion of its revenue from the provision of cardiac sciences, oncology sciences, neuro sciences, gastro sciences, orthopedics and sports injury and renal sciences (collectively, “CONGOR”) specialties, which contributed 74.35%, 75.30%, 74.70%, 71.92% and 72.34% of its revenue from operations in the three months period ended June 30, 2026 and June 30, 2025 and Fiscals 2026, 2025 and 2024, respectively. Any adverse developments in the demand for such services could adversely affect its business, results of operations and financial condition.

High operating costs and inability to pass on cost increases: The provision of healthcare services involves high costs such as employee benefit expenses, retainers and consultants fee and purchases of stock-in-trade, which together accounted for 66.13%, 64.40%, 65.08%, 63.69% and 66.95% of its total expenses in the three months period ended June 30, 2026 and June 30, 2025 and in Fiscals 2026, 2025 and 2024, respectively. If the company fails to pass on these costs to patients, its business, results of operations and financial condition could be adversely affected.

Outlook

Paras Healthcare is a leading clinical specialty-led hospital platform providing tertiary and quaternary healthcare services across North India, Bihar, and Jharkhand under the 'Paras Health' brand. It has network of 8 hospitals with 2,211-bed capacity. It also has strong occupancy growth and operational efficiency. On the concern side, the company faces key business risks arising from its high employee attrition rates, geographic concentration of hospitals in North India, significant dependence on CONGOR specialties for revenue and high operating costs. Any inability to retain skilled healthcare professionals, adverse regional developments, a decline in demand for key clinical specialties or failure to pass on rising costs to patients could adversely affect its business, profitability, results of operations and financial condition.

The issue has been offering 2,19,69,695 shares in a price band of Rs 660-693 per equity share. The aggregate size of the offer is around Rs 1450.00 crore to Rs 1522.50 crore based on lower and upper price band respectively. Minimum application is to be made for 21 shares and in multiples thereof thereafter. On performance front, the company’s revenue from operations increased by 27.66% from Rs 3,683.87 million in the three months period ended June 30, 2025 to Rs 4,702.78 million in the three months period ended June 30, 2026. Moreover, the company recorded a profit for the period of Rs 496.82 million in the three months period ended June 30, 2026, compared to a loss for the period of Rs 10.24 million in the three months period ended June 30, 2025. 

Meanwhile, the company has expanded its footprint through the launch of hospitals in Srinagar in 2023 and Kanpur in 2024. Together with its Emerging Hospitals in Ranchi and Udaipur, its New Hospitals in Srinagar and Kanpur are in relatively early stages of their ramp-up and offer significant growth opportunities. Each of these hospitals operates in markets with identifiable clinical gaps and unmet patient demand, offering headroom for improvement in occupancy, case mix and revenue per bed. The company intends to ramp up operations at these hospitals by attracting and retaining skilled clinicians, deepening existing clinical capabilities, introducing new multi-specialty services where clinical gaps and patient demand exist, expanding empanelment with government schemes and insurance providers, and operationalizing additional beds as demand increases.

Pursuant to Regulation 30 read with Part A of Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (‘SEBI Listing Regulations’) and in continuation of its intimation dated April 23, 2025 regarding the allotment of 20,00,000 fully convertible warrants (‘Warrants’) at an issue price of ₹550 per Warrant, Apollo Pipes has informed that the Finance Committee of the Board of Directors of the company, at its meeting held today, October 17, 2026, has approved the allotment of 20,00,000 fully paid-up equity shares of face value ₹10 each to KITARA PIIN 2401, belonging to the Non-Promoter category, upon exercise and conversion of an equivalent number of Warrants. The allotment has been approved upon receipt of the balance consideration of ₹412.50 per Warrant (being 75% of the issue price), aggregating to ₹82,50,00,000. The details of allotment are enclosed. Consequent to the aforesaid allotment, the paid-up equity share capital of the company stands increased from ₹44,04,82,060 comprising 4,40,48,206 equity shares of ₹10 each to ₹46,04,82,060 divided into 4,60,48,206 equity shares of ₹10/- each. The new equity shares issued shall rank with the existing equity shares of the company. The details as required under regulation 30 of the SEBI listing regulations read with SEBI master circular no. ho/49/14/14(7)2025-cfd-pod2/i/3762/2026 dated January 30, 2026 is enclosed as ‘Annexure-I’.

In furtherance of its earlier announcements dated July 07, 2026, July 14, 2026 and September 18,2026 regarding the First and Final Call of ₹195.00 per share (comprising ₹6.50 towards face value and ₹188.50 towards securities premium) (the ‘First and Final Call’) in respect of the outstanding partly paid-up equity shares of the Company, issued on a rights basis pursuant to the Letter of Offer dated December 15, 2025 (‘Letter of Offer’). The Company received ₹54,05,63,400/- towards the First and Final Call on 27,72,120 partly paid-up equity shares. Corporate actions for 27,72,095 shares were completed, and trading commenced on August 18, 2026. Corporate actions for the remaining 25 shares are pending due to technical errors in the concerned shareholders’ demat accounts and will be completed upon fulfilment of the necessary formalities. Further, reference is made to the approval of the Rights Issue Committee dated September 18, 2026, for issuance of the First and Final Call Reminder Notice to the holders of 5,61,040 outstanding partly paid-up equity shares, providing for the payment period from September 22, 2026 to October 05, 2026. The Company has received an aggregate amount of ₹10,75,01,355/- towards the First and Final Call on an additional 5,51,289 partly paid-up equity shares from the eligible shareholders. Accordingly, Krishival Foods has informed that the Rights Issue Committee, a duly authorised committee of the Board of Directors (‘Board’), has today approved the conversion of the aforesaid 5,51,289 partly paid-up equity shares of face value of ₹10 each (paid-up value of ₹6.50 each), bearing ISIN IN90GGO01013, into fully paid-up equity shares of face value of ₹10 each under the existing ISIN INE0GGO01015. The converted shares shall rank in all respects with the existing fully paid-up equity shares and shall be available for trading on the National Stock Exchange of India and BSE under ISIN INE0GGO01015, subject to completion of necessary formalities, including corporate actions and receipt of the requisite listing and trading approvals from the stock exchanges. Consequent to the above conversion, the paid-up equity share capital of the Company stands increased to ₹25,61,85,500/-, comprising 2,56,18,550 fully paid-up equity shares of ₹10 each and 9,751 partly paid-up equity shares of ₹10 each (paid-up value of ₹6.50 each). Further, in respect of the balance 9,751 partly paid-up equity shares on which the First and Final Call remains unpaid, the Company shall, subject to the approval of the Board/Rights Issue Committee and in accordance with the Articles of Association, the Letter of Offer and applicable laws, issue reminder notice(s) in due course. The meeting of the Right Issue Committee commenced at 09.30 am (IST) and concluded at 10.15 am (IST).

The above information is a part of company’s filings submitted to BSE.