Nephrocare Health IPO
Nephrocare Health IPO is a book-built issue comprising a fresh issue of Rs. 353.41 crore and an Offer for Sale of 1.13 crore equity shares.
The IPO opens on December 10, 2025 and closes on December 12, 2025. Tentative listing is scheduled for December 17, 2025 on BSE and NSE.
đź•— Last Update: 4Â December 2025, 6.00 AM
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Nephrocare Health IPO Details
| Particulars | Details |
|---|---|
| IPO Date | December 10, 2025 to December 12, 2025 |
| Listing Date | Wed, Dec 17, 2025 |
| Face Value | Rs. 2 per share |
| Issue Price Band | Rs. 438 to Rs. 460 per share |
| Lot Size | 32 shares |
| Issue Structure | Fresh Issue + Offer for Sale |
| Fresh Issue | Aggregating up to Rs. 353.41 crore |
| Offer for Sale | Rs.517.64 crore |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Pre-Issue Share Capital | 9,26,50,799 shares |
| Post-Issue Share Capital | [â—Ź] |
Nephrocare Health IPO Reservation
| Investor Category | Shares Offered |
|---|---|
| QIB | Not more than 50% of the Net Offer |
| Retail | Not less than 35% of the Net Offer |
| NII | Not less than 15% of the Net Offer |
Investor Category – Bidding Limits
| Category | Maximum Bidding Limit | Cut-off Allowed |
|---|---|---|
| Only RII | Up to Rs. 2 lakhs | Yes |
| sNII | Rs. 2 lakhs to Rs. 10 lakhs | No |
| bNII | Above Rs. 10 lakhs | No |
| Employee | Up to Rs. 2 lakhs | Yes |
| Employee + RII/NII | As per respective category | Yes |
Nephrocare Health IPO Timeline (Tentative Schedule)
| Event | Date |
|---|---|
| IPO Opens | Wed, Dec 10, 2025 |
| IPO Closes | Fri, Dec 12, 2025 |
| Allotment Finalisation | Mon, Dec 15, 2025 |
| Refund Initiation | Tue, Dec 16, 2025 |
| Shares to Demat | Tue, Dec 16, 2025 |
| Listing Date | Wed, Dec 17, 2025 |
| UPI Cut-off | 5 PM on Fri, Dec 12, 2025 |
Nephrocare Health IPO Promoter Holding
| Particulars | Percentage |
|---|---|
| Promoter Holding (Pre-Issue) | 78.90% |
| Promoter Holding (Post-Issue) | [â—Ź] |
About Nephrocare Health Services Ltd.
Incorporated in 2010, Nephrocare Health Services Ltd. provides comprehensive dialysis care through a widespread network of clinics across India and select global markets. Services include diagnostics, haemodialysis, home dialysis, mobile dialysis and wellness programs, supported by an in-house pharmacy model.
As of September 30, 2025:
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Operates 519 clinics, including 51 clinics internationally in the Philippines, Uzbekistan and Nepal
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Runs the world’s largest dialysis clinic in Uzbekistan
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Presence in 288 cities, spanning 21 States and 4 Union Territories
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77.53% of clinics in Tier-II and Tier-III cities
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Served 29,281 patients in FY25 and performed 2.88 million treatments
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Has 5,562 dialysis machines, one of the largest installed bases globally
Nephrocare has strong partnerships with leading hospital chains such as Max, Fortis Escorts, Care Hospitals, Wockhardt, Paras, CMRI, Jehangir Hospital and Ruby Hall Clinic, enabling in-house dialysis centers across India.
Competitive Strengths
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Largest dialysis chain in India and Asia
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Asset-light, scalable model driving cost efficiencies
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High clinical standards, protocols and advanced technology deployment
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Strong track record of acquisitions and integration
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Pan-India and international presence targeting underserved markets
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Large patient base and recurring-revenue business model
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Backed by marquee investors and experienced management
Nephrocare Health Services Ltd. Financial Information
(Restated Consolidated; Amount in Rs. crore)
| Period Ended | 30 Sep 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Assets | 1,193.68 | 996.46 | 806.02 | 666.23 |
| Total Income | 483.97 | 769.92 | 574.72 | 443.26 |
| Profit After Tax | 14.23 | 67.10 | 35.13 | -11.79 |
| EBITDA | 110.31 | 166.64 | 99.66 | 48.60 |
| 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 |
Key Performance Indicators (KPI)
| 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 | Rs.4,615.34Â Cr. |
| EPS Rs. | 7.24 |
| PE Ratio | 63.52 |
Objects of the Issue (Nephrocare Health IPO Objectives)
| S. No. | Purpose | Amount (Rs. crore) |
|---|---|---|
| 1 | Capital expenditure for opening new dialysis clinics in India | 129.11 |
| 2 | Pre-payment / repayment of borrowings | 136.00 |
| 3 | General corporate purposes | — |
Nephrocare Health Services Ltd. Contact Details
Nephrocare Health Services Ltd.
5th Floor, D Block, iLabs Centre
Plot 18, Software Units Layout
Survey No. 64, Madhapur, Shaikpet
Hyderabad, Telangana – 500081
Phone: +91 40 4240 8039
Email: cs@nephroplus.com
Website: http://www.nephroplus.com/
IPO Lead Manager(s)
ICICI Securities Ltd.
Ambit Pvt. Ltd.
IIFL Capital Services Ltd.
Nomura Financial Advisory & Securities (India) Pvt. Ltd.
Nephrocare Health IPO Registrar
Kfin Technologies Ltd.
Phone: 04067162222 / 04079611000
Email: nephrocare.ipo@kfintech.com
Website: https://ipostatus.kfintech.com/
Nephrocare Health IPO – Chanakya Short Review
Nephrocare is India’s largest dialysis network with 519 clinics, deep presence in Tier-II/III cities and one of the largest installed dialysis machine bases globally (5,562 machines). Revenue and profitability have grown steadily, with EBITDA margin improving to 22% and PAT turning positive over the last two years. Strong partnerships with leading hospitals and an asset-light, scalable model give the company long-term visibility.
However, valuations appear premium with PE ~63x, and the issue contains a significant OFS component. While the business enjoys recurring revenues and a dominant position in an underpenetrated segment, investors must evaluate the IPO considering premium pricing and competitive intensity in healthcare services.
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Disclaimer
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