Paras Healthcare Ltd, which runs eight hospitals under the Paras Health brand, has raised ₹652.5 crore from anchor investors ahead of its ₹1,450 crore initial public offering (IPO), which opens for subscription on Wednesday, October 21 and closes on October 23, PTI reported, citing circulars uploaded on the stock exchanges' websites.

The company allotted 94,15,584 equity shares to 39 funds at ₹693 apiece — the top of its ₹660-693 price band. Anchor investors included the Abu Dhabi Investment Authority, BlackRock, Eastspring Investments and Norway's Government Pension Fund Global, alongside domestic names such as SBI Mutual Fund, HDFC Mutual Fund, ICICI Prudential, Kotak and WhiteOak Capital, PTI reported.

The ₹1,450 crore (yaani ₹14.5 billion) issue combines a fresh issue of ₹500 crore with an offer for sale of ₹950 crore. Under the offer for sale, promoter Dharminder Kumar Nagar will sell shares worth ₹300 crore and Commelina Ltd, an affiliate of private-equity firm Creador, will offload shares worth ₹650 crore, according to the reports. The Gurugram-based company had earlier planned a larger ₹1,800 crore issue. Proceeds from the fresh issue are proposed to be used to repay debt.

Paras operates hospitals in Gurugram and Panchkula (Haryana), Patna and Darbhanga (Bihar), Kanpur (Uttar Pradesh), Udaipur (Rajasthan), Ranchi (Jharkhand) and Srinagar (Jammu and Kashmir) — five states and one Union Territory in all. Its shares are expected to list on the BSE and NSE on October 28, TradeBrains reported. JM Financial, BofA Securities India and Nuvama are among the issue's lead managers.

Sources: PTI (via exchange-circular reporting syndicated by multiple outlets); TradeBrains.