Paras Healthcare IPO subscribed 32% so far on Day 2: Check lot size

The IPO received bids for 38,58,582 equity shares against 1,20,83,331 shares on offer, according to the NSE data until 3:54 pm.

The retail investors category was subscribed 1.24 times, while the portion kept aside for non-institutional investors was booked 21%.

The qualified institutional buyers (QIBs) segment received 6% subscription.

Before the IPO, the company garnered ₹652.5 crore from anchor investors, including SBI Mutual Fund, ICICI Prudential Life Insurance, Abu Dhabi Investment Authority, BlackRock and Eastspring Investments, among others.

The public issue will conclude on October 23. The company has set the IPO price band at ₹660 to ₹693 per share. A lot consists of 21 shares and is in multiples thereafter.

The ₹1,450 crore initial share sale is a combination of a fresh issue of equity shares worth ₹500 crore and an offer-for-sale (OFS) of shares valued at ₹950 crore by promoter Dharminder Kumar Nagar and investor Commelina Ltd.

The net proceeds from the fresh issue will be used by the company to repay debt and general corporate purposes.

"Our company expects to receive the benefits of listing its equity shares on the stock exchanges, including enhancing its visibility and brand image, and creating a public market for our equity shares," the company said in its red herring prospectus.

The company operates a network of eight hospitals with a presence across five states and one Union Territory. It specialises in cardiac sciences, oncology, neurosciences, gastro sciences, orthopaedics & sports injury, and renal sciences (CONGOR specialities).

The equity shares are scheduled to be listed on the National Stock Exchange (NSE) and BSE on October 28.

JM Financial, BofA Securities India and Nuvama Wealth Management are the issue's book-running lead managers. MUFG Intime India serves as the registrar.