Nephrocare Health Services Limited IPO

Mainboard

Healthcare Service Provider

Listed On: Dec 17, 2025 at ₹ 490.0(NSE)

₹ 14720 /32 Shares

Check Allotment

10 Dec, 2025

Open Date

12 Dec, 2025

Close Date

15 Dec, 2025

Allotment Date

17 Dec, 2025

Listing Date

Price Summary

Last Closing

515.60 (12.09%)

52 Week High

517.85

52 Week Low

446.00

Last Update

19-Jan-2026 3:30 PM

Expected Premium

+ ₹32-33 (6.96%)

*Expected Premium provided in this app is derived from market rumors. It is not a guaranteed indicator of the actual listing price and should be interpreted with caution.

Nephrocare Health Services IPO Live Subscription Details

View Subscription Details

QIB 26.82x

Retail 2.35x

NIIs 24.77x

BHNI 30.43x

SHNI 13.46x

Retail 2.35x

EMP 2.81x

Total 14.08x

Last updated: 12 Dec 2025, 05:57 PM

Nephrocare 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
List Price 490.0(NSE)
Listing Date 2025-12-17
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 Reservation

Nephrocare Health Services IPO offers total 18935819 shares. Out of which 3768224 (19.9%) allocated to QIB, 2827843 (14.93%) allocated to NII,6598301 (34.85%) allocated to RII, 83532 (0.44%) allocated to employees and 5657919 (29.88%) allocated to Anchor investors.

Investor Category	Shares Offered	Maximum Allottees
Anchor Investor Shares Offered	5657919 (29.88%)
QIB Shares Offered	3768224 (19.9%)
NII (HNI) Shares Offered	2827843 (14.93%)
bNII > ₹10L	1885229 (10%)
sNII < ₹10L	942614 (5%)
Retail Shares Offered	6598301 (34.85%)
Employee Shares Offered	83532 (0.44%)
Total Shares Offered	18935819 (100%)

Nephrocare Health Services IPO Documents

DRHP

RHP

ANCHOR

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.

As on	QIB	NII bNII sNII	Retail	Total
Day 1 - 10-12-25 05:00 PM	0.00 x	0.10 x 0.07 x 0.15 x	0.21 x	0.13 x
Day 2 11-12-25 05:00 PM	0.29 x	0.23 x 0.16 x 0.36 x	0.47 x	0.37 x
Day 3 12-12-25 05:00 PM	26.82 x	24.77 x 30.43 x 13.46 x	2.35 x	14.08 x

Total No of Applications

4,59,377

Subscription on the basis of Applications

Retail:1.95x BHNI:6.11x SHNI:13.16x

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

Capital expenditure by the Company for opening new dialysis clinics in India

Pre-payment, or scheduled repayment, in full or part, of certain borrowings availed by the Company

General corporate purposes

Nephrocare Health Services IPO - Anchor Investors

Nephrocare Health Services raises over Rs 260 crore from 14 anchor investors.

Nephrocare Health on Tuesday has finalised the allocation of 56.57 lakh shares to anchor investors at the upper price band. Of the total allocation, 25.82 lakh shares were allotted to 5 domestic mutual funds: SBI Mutual Fund, ICICI Prudential AMC, DSP MF, Baroda BNP Paribas MF and Bandhan MF.
Apart from these, Fidelity Funds, Prudential Assurance Company, Eastspring Investments, Polar Capital Funds, Manulife Global Fund, SBI Life Insurance Company, and HDFC Life Insurance Company also invested in the company via anchor book.

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

cs@nephroplus.com

http://www.nephroplus.com/

Registrar Contact Details

Kfin Technologies Limited

04067162222, 04079611000

nephrocare.ipo@kfintech.com

https://ipostatus.kfintech.com/

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.