Raajmarg Infra Investment Trust IPO...
05 Mar, 2026
Nephrocare Health Services IPO
The size of the Nephrocare Health Services IPO is ₹871.05 crores, comprising a fresh issue of ₹353.40 crores and an offer-for-sale (OFS) component worth ₹517.64 crores. It is a book-built IPO with a price band set between ₹438 to ₹460 per share. The offer will open on 10 December 2025 and close on 12 December 2025, with an expected listing date of 17 December 2025 on BSE and NSE.
Company Background
Nephrocare Health Service Limited, which runs the brand NephroPlus, is headquartered in Hyderabad and is India's and Asia’s largest provider of dialysis services. Established in 2009, the organization offers comprehensive renal care such as hemodialysis and home dialysis, mobile dialysis and wellness support. It operates a network of more than 519 clinics both locally and abroad, such as in Uzbekistan, the Philippines and Nepal.
Operations And Product Range
Nephrocare runs a wide range of dialysis services, supported with 5,562 dialysis machines as of September 2025. The company serves a sizable portion of India’s dialysis population, with over 2.8M treatments served in FY2025. Its delivery model focuses on providing accessible, quality and affordable healthcare services through a pan-India network of in-hospital clinics, standalone clinics (Kidney Care Centers), management contract units and public-private partnership with state governments; Lifestyle disease management centers to provide holistic treatment.
Revenue Channels
The company derives its revenue from dialysis treatment services provided in the clinic network. It posted revenues of ₹769.92 crores and a PAT of ₹67.10 crores for FY2025, up from revenues of ₹574.72 crores and a PAT of ₹35.13 crores for FY2024. The business enjoys a high EBITDA margin and a scalable, asset-light model that enables rapid growth.
Management And Shareholding
Promoters And Shareholding
The promoters of the company are Investcorp Private Equity Fund II, Investcorp Growth Opportunity Fund, Edoras Investment Holdings Pte Ltd and Healthcare Parent, as well as other institutional investors that will sell shares through OFS. The promoters have a strong pre- and post-IPO stake of approximately 61-71%.
Board Members
The board is a combination of leadership team under the Chairman & MD Vikram Vuppala and independent & nominee directors from private equity and health care, ensuring robust governance & strategic guidance.
WHAT IS GMP?
GMP (Grey Market Premium) is the difference between the IPO price and the grey market price. It is the premium amount paid for the traded IPO shares. It plays an important role in IPOs as it reflects how the IPO would react on the listing day.
A grey market is a place where shares/stocks are traded before being listed officially on the stock exchange.
Nephrocare Health Services IPO GMP
| GMP Date | IPO Price | GMP | Last Updated |
|---|---|---|---|
| - | - | - | - |
**The GMP prices displayed here are solely for informational purposes related to the grey market news. India IPO does not engage in or facilitate grey market trading, nor are these rates (sub2) indicative of any trading activity. We also do not recommend or endorse participation in the grey market.**
Nephrocare Health Services IPO Details
| Detail | Description |
|---|---|
| IPO Date | December 10, 2025 to December 12, 2025 |
| Listing Date | [.] |
| Face Value | ₹2 per share |
| Issue Price Band | ₹438 to ₹460 per share |
| Lot Size | 32 Shares |
| Sale Type | Fresh Capital-cum-Offer for Sale |
| Total Issue Size | 1,89,35,819 shares (aggregating up to ₹871.05 Cr) |
| Fresh Issue(Ex Market Maker) | 76,82,717 shares (aggregating up to ₹353.40 Cr) |
| Offer for Sale | 1,12,53,102 shares of ₹2 (aggregating up to ₹517.64 Cr) |
| Employee Discount | ₹41.00 |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Share Holding Pre Issue | 9,26,50,799 shares |
| Share Holding Post Issue | 10,03,33,516 shares |
Nephrocare Health Services IPO Timeline
| Detail | Description |
|---|---|
| IPO Open Date | Wed, Dec 10, 2025 |
| IPO Close Date | Fri, Dec 12, 2025 |
| Tentative Allotment | Mon, Dec 15, 2025 |
| Initiation of Refunds | Tue, Dec 16, 2025 |
| Credit of Shares to Demat | Tue, Dec 16, 2025 |
| Tentative Listing Date | Wed, Dec 17, 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on Fri, Dec 12, 2025 |
Nephrocare Health Services IPO Lot Size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Individual investors (Retail) (Min) | 1 | 32 | ₹14,720 |
| Individual investors (Retail) (Max) | 13 | 416.00 | ₹1,91,360 |
| S-HNI (Min) | 14 | 448.00 | ₹2,06,080 |
| S-HNI (Max) | 67 | 2,144 | ₹9,86,240 |
| B-HNI (Min) | 68 | 2,176 | ₹10,00,960 |
Nephrocare Health Services IPO Promoter Holding
| Share Holding Pre Issue | Share Holding Post Issue |
|---|---|
| Promoter Holding Pre Issue | 78.90% |
| Promoter Holding Post Issue | 71.49% |
Competitive Strength:
- • Largest dialysis network in India and Asia, with over 500 clinics serving more than 10% of India’s dialysis patients, supported by a scalable and asset-light business model leveraging hospital partnerships.
- • Strong clinical protocols, such as RenAssure® and Zero Infection Point (ZIP) kit, are achieving near-zero cross-infection rates and superior patient outcomes with advanced dialysis technologies.
- • Robust financial growth demonstrated by 34% revenue growth to ₹769.92 crore in FY2025 and healthy profitability, driven by high-margin margin scalable operations and diverse renal care services.
Nephrocare Health Services IPO Financial Information
| Period Ended | Assets | Total Income | Profit After Tax | Net Worth | Reserves and Surplus | Total Borrowing | ||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 30 Sep 2025 | 1,193.68 | 483.97 | 14.23 | 716.06 | - | 207.04 | ||||||||||||||||||||||||||||||||||
| 31 Mar 2025 | 996.46 | 769.92 | 67 | 594 | - | 225.8 | ||||||||||||||||||||||||||||||||||
| 31 Mar 2024 | 806.02 | 574.72 | 35.13 | 423.55 | - | 243.37 | ||||||||||||||||||||||||||||||||||
| 31 Mar 2023 | 666.23 | 443.26 | -11.79 | 384.73 | - | 196.21 | ||||||||||||||||||||||||||||||||||
| Amount in ₹ Crore | ||||||||||||||||||||||||||||||||||||||||
Key Performance Indicator
| KPI | Values |
|---|---|
| ROE | 13.45% |
| ROCE | 18.67% |
| RoNW | 13.19% |
| PAT Margin | 8.88% |
| EBITDA Margin | 22.05% |
| Price to Book Value | 7.72 |
| Market Capitalization | ₹4,615.34 Cr. |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (Rs) | 7.24 | 2.84 |
| P/E (x) | 63.52 | 162.19 |
Nephrocare Health Services IPO Objectives
- • New dialysis clinics (to be opened with the proceeds generated from fresh issues to be raised through this public issue) – ₹129.11 crores.
- • Prepayment or scheduled repayment of debt – ₹136 crores. All other corporate purposes – for the balance amount on general corporate purposes.
- • Among other shareholders, including promoters and institutional investors, for providing liquidity to them.
Conclusion
As a direct play on the booming dialysis healthcare sector, supported by a large network, scalability, rising patient demand and financial growth, Nephrocare Health Service IPO is ready to offer an amazing opportunity to investors right from the start. With its leadership position and care protocols, the IPO has significant opportunities to leverage the increasing demand for renal care in India and specific overseas geographies.
RHP:
View RHPDRHP:
View DRHPMerchant Banker
- Ambit Private Limited
- Nomura Financial Advisory And Securities (India) Private Limited
- IIFL Securities Limited
- ICICI Securities Limited
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Frequently Asked Questions (FAQs)
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Q1: How big is the Nephrocare Health IPO?
The IPO size is ₹871.05 crore with a fresh issue of ₹353.40 crore and an OFS of ₹517.64 crore.
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Q2: Who are the promoters of Nephrocare Health Services IPO?
Promoters include Investcorp Private Equity Funds, Edoras Investment, Healthcare Parent and institutional shareholders.
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Q3: What is the goal of the Nephrocare Health IPO?
Funds will be used for opening new clinics, debt repayment and general corporate purposes.
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Q4: What services does Nephrocare Health IPO provide?
Comprehensive dialysis care services, including hemodialysis, home dialysis, mobile dialysis and wellness support across 519 clinics.
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Q5: What is Nephrocare Health’s recent financial performance?
In FY2025, it reported revenue of ₹769.92 crore and PAT of ₹67.10 crore, showing strong growth over previous years.
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Q6: Where will Nephrocare Health IPO shares be listed?
The shares will be listed on BSE and NSE, expected on 17 December 2025.
