When Para is at 10-50% of it's health, it will replicate itself when it uses a TP move if not defeated quickly. It is helpful to save MP or TP to do large damage once it reaches low HP. If you are soloing this, you'll probably have to fight a total of 4 copies; the original and what appears to a max possibility of 3 reincarnations.
The replications are exact copies with the same amount of Max HP and strength. The NM seems to be around the same strength as Funguars in the area but with substantially more HP. The first incarnation and all of its replications can easily be disposed of with any 70+ job.