|
Offer Date |
Dec 10 - Dec 12, 2025 |
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Offer Price |
₹ 438-460 |
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Lot Size |
32 |
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Nephrocare Health Services Limited IPO
Mainboard Pre-Apply
Offer Date: Dec 10, 2025 - Dec 12, 2025
₹ 14720 /32 Shares
Pre-Apply10 Dec, 2025
Open Date12 Dec, 2025
Close Date15 Dec, 2025
Allotment Date17 Dec, 2025
Listing DateNephrocare Health Services IPO Issue Details
- Issue Price ₹438-460 per equity share
- Face Value ₹2 Per Equity Share
- Total Issue Size 1,89,35,819 shares(aggregating up to ₹871.05 crore)
- Fresh Share 76,82,717 shares(aggregating up to ₹353.4 crore)
- Offer For Sale 1,12,53,102 shares(aggregating up to ₹517.64 crore)
- Listing at BSE, NSE
-
Lead Manager
ICICI Securities Limited/nAmbit Pvt.Ltd
IIFL Capital Services Ltd.
Nomura Financial Advisory & Securities (India) Pvt.Ltd. - Registrar Kfin Technologies Limited
Market Lot Size
Investors can bid for a minimum of 32 shares and in multiples thereof. The following table depicts the minimum and maximum investment by Retail Investors and HNI in terms of shares and amount.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 32 | ₹14,720 |
| Retail(max) | 13 | 416 | ₹1,91,360 |
| SHNI(min) | 14 | 448 | ₹2,06,080 |
| SHNI(max) | 67 | 2,144 | ₹9,86,240 |
| BHNI(min) | 68 | 2,176 | ₹10,00,960 |
Nephrocare Health Services IPO Details
Nephrocare Health Services IPO is a book-built issue of ₹871.05 crores, The total issue size is ₹871.05 crores. The IPO of Nephrocare Health Services is priced at ₹438-460 per equity share, which has a face value of ₹2 Per Equity Share each, IPO bidding starts from Dec 10, 2025 and ends on Dec 12, 2025. The allotment for Nephrocare Health Services IPO will be finalized on Dec 15, 2025. Nephrocare Health Services IPO will be listed on BSE, NSE, with a tentative listing date fixed as Dec 17, 2025. The company shall list its equity shares on the BSE, NSE. Kfin Technologies Limited is the registrar of the issue.
Retail investors can bid for a minimum of 32 shares, extendable to 14,720. S-HNIs will be able to bid for 448 shares at ₹2,06,080, while B-HNIs can also apply for a bid of 2,176 shares at ₹10,00,960. The book-running lead manager for the IPO is/are ICICI Securities Limited/nAmbit Pvt.Ltd, IIFL Capital Services Ltd., Nomura Financial Advisory & Securities (India) Pvt.Ltd..
The total issue ₹871.05 crore, comprising a fresh issue of 76,82,717 shares ₹353.4 crore and having Offer for Sale (OFS) of 1,12,53,102 shares to mop up ₹517.64 crore.
The Nephrocare Health Services IPO sets its price band at 438-460 for each share. A single application for Nephrocare Health Services Limited IPO must contain at least 32 shares. Sentiment investors need to invest a minimum of 32 through their retail account. For investors to prevent oversubscription issues, they should submit bids at the cutoff price, which estimates about ₹14,720 In order to participate in the sNII, investors must purchase at least 14 lots of 448 shares for ₹2,06,080, while the bNII requires 68 lots of 2,176 shares for an investment of ₹10,00,960.
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Nephrocare Health Services Valuations
EPS Pre IPO
₹/-
EPS Post IPO
₹/-
ROE
13.45%
ROCE
18.67%
RoNW
13.19%
PAT Margin
8.88%
Price to Book Value
7.72
Market Cap.
4615.34 Cr.
Nephrocare Health Services Company Financials
In Crs.
In Cr.
| 30-Sep-25 | 31-Mar-25 | 31-Mar-24 | 31-Mar-23 | |
|---|---|---|---|---|
| Assets | 1193.68 | 996.46 | 806.02 | 666.23 |
| Revenue | 483.97 | 769.92 | 574.72 | 443.26 |
| Profit After Tax | 14.23 | 67.10 | 35.13 | -11.79 |
| Net Worth | 716.06 | 594.21 | 423.55 | 384.73 |
| Reserves & Surplus | 704.14 | 578.68 | 408.57 | 383.50 |
| Total Borrowing | 207.04 | 225.80 | 243.37 | 196.21 |
About Nephrocare Health Services Company
Nephrocare Health Services Ltd, incorporated in the year 2010, is an end-to-end dialysis care provider through its wide network of clinics across India and select international markets. It offers services such as diagnosis, haemodialysis, home and mobile dialysis, and wellness programs, supported by an in-house pharmacy.
As of March 31, 2025, Nephrocare operated 490 clinics—447 in India and 43 across the Philippines, Uzbekistan, and Nepal. This includes the world’s largest dialysis clinic in Uzbekistan. In India, the company had a presence across 269 cities in 21 States and four Union Territories. Approximately 76.73% of its clinics were located in tier II and tier III cities, addressing a critical need in underserved regions.
In Fiscal 2025, Nephrocare treated 29,281 patients and performed more than 2.88 million dialysis treatments, amounting to approximately 10% of the country's total dialysis patient base. The number of dialysis machines operated by the company increased to 5,068 as of March 2025 from 4,714 in Fiscal 2024 and 3,662 in Fiscal 2023.
Nephrocare has formulated strategic alliances with leading hospital chains like Max Super Speciality Hospital, Fortis Escorts Hospitals, Care Hospitals, Wockhardt Hospitals, Paras Healthcare, The Calcutta Medical Research Institute, Jehangir Hospital, and Ruby Hall Clinic to operate in-house dialysis centers.
As of March 2025, the workforce consisted of 3,230 employees, including both medical and administrative staff working across its clinics and corporate office.
Nephrocare Health Services - Promoter(s)
Vikram Vuppala
Bessemer Venture Partners Trust
Edoras Investment Holdings Pte. Ltd
Healthcare Parent Limited
Investcorp Private Equity Fund II
Investcorp Growth Opportunity Fund
Pre Issue Share Holding : 78.90%
Post Issue Share Holding : 71.49%
Nephrocare Health Services IPO - Issue Objectives
1
Capital expenditure by the Company for opening new dialysis clinics in India
2
Pre-payment, or scheduled repayment, in full or part, of certain borrowings availed by the Company
3
General corporate purposes
Strength
Strong scale with efficient, asset-light expansion: Nephrocare has expanded from a single clinic in 2010 to 519 clinics across India, Nepal, the Philippines, and Uzbekistan as of September 30, 2025, present in 328 cities, using a mix of greenfield, brownfield, and PPP models-80, 259, and 180 clinics, respectively-to scale efficiently while meeting diverse patient needs.
Protocol-driven clinical excellence and adaptive standards: The company follows a protocol-led system for all aspects of dialysis called RenAssure, which is regularly updated with new research and adapted country-wise to help create better clinical outcomes and improve average life expectancy.
Organic growth supported by acquisitions and integration capabilities: Nephrocare's growth from a single clinic in India to 519 clinics, including 288 cities in India, is underpinned by organic expansion and a proven capability to acquire and integrate operations both domestically and internationally, again through greenfield, brownfield, and PPP formats to enhance reach and efficiency.
Weakness
Risks Associated with Dialysis Operations: The company is associated with operational, medical, reputational, and legal risks regarding dialysis services. Inability to sustain quality may result in litigations, character loss, and poor financial performance. Quality of service has to rely on external factors such as the health of the patients, expertise of the doctors, and overall patient experience.
Dependence on Healthcare Professionals: Growth and performance are highly dependent on the ability to attract and retain skilled healthcare professionals. The company faces high competition with limited availability, and such factors may make it hard to compete against hospitals or other providers offering better pay, reputation, or career opportunities that may impact service quality and expansion plans.
Risks from PPP Projects: The participation in PPP projects exposes the firm to the risk of contract termination, blacklisting, and exclusion in future government tenders due to non-performance. Previous incidents of debarment demonstrate its vulnerability, which may impact future growth, cash flows, and overall business performance.
Contact Details
Nephrocare Health Services
5th Floor, D Block, iLabs Centre, Plot 18, Software Units Layout, Survey No. 64, Madhapur, Shaikpet, Hyderabad, Telangana, 500081
+91 40 4240 8039
Registrar Contact Details
Kfin Technologies Limited
04067162222, 04079611000
Nephrocare Health Services IPO - FAQs
Ans. Nephrocare Health Services Limited IPO is a Mainboard IPO. The issue is priced at ₹438-460 per equity share. The minimum order quantity is 32 Shares. The IPO opens on Dec 10, 2025, and closes on Dec 12, 2025. Kfin Technologies Limited is the registrar for the IPO. The shares are proposed to be listed on BSE, NSE.
Ans. The Nephrocare Health Services Limited IPO opens on Dec 10, 2025 and closes on Dec 12, 2025.
Ans. You can track the real-time subscription numbers using the links below:
Ans. The size of Nephrocare Health Services Limited IPO is Total 871.05 Cr : #Fresh Issue : 76,82,717 shares(aggregating up to ₹353.40 Cr) + #OFS : 1,12,53,102 shares of ₹2(aggregating up to ₹517.64 Cr).
Ans. The Nephrocare Health Services Limited IPO price band is set between ₹438-460 per equity share.
Ans. To apply for Nephrocare Health Services Limited IPO, follow the steps given below:
- - Open the IPO Ji App or Website
- - Find Nephrocare Health Services Limited IPO in the List of IPOs
- - Press Apply Button
- - Select Your Demat Account
- - Select Your Shares Quantity and Submit
- - Track Your IPO Status
Ans. The share allotment date of Nephrocare Health Services Limited IPO is Dec 15, 2025.
Ans. The Nephrocare Health Services Limited IPO will be listed on Dec 17, 2025.
Ans. Follow the steps to check the Nephrocare Health Services Limited IPO allotment status online.
