- Price band
- ₹438–460per share
- Issue size
- ₹871.05 Cr1,89,43,264 shares
- Face value
- ₹2per equity share
- Lot size
- 32 sharesMin. ₹14,720 at the upper price
- Anchor biddingTue, 2025
- OpensWed, 2025
- ClosesFri, 2025
- AllotmentMon, 2025
- ListingWed, 2025
Dates marked in the offer document as tentative. Times in IST.
Information only, not investment advice. This page provides information compiled from official offer documents for information purposes only. It is not investment advice or a recommendation to apply for, buy or sell any security. We are not a SEBI-registered investment adviser or research analyst. Investments in IPOs are subject to market risks; read the offer document carefully before investing.
Issue details
- Issue type
- Book built, fresh issue and offer for sale
- Fresh issue
- 76,90,162 shares (₹353.41 Cr)
- Offer for sale
- 1,12,53,102 shares (₹517.64 Cr)
- Total issue
- 1,89,43,264 shares (₹871.05 Cr)
- Face value
- ₹2
- Listing at
- NSE, BSE
- Promoter holding
- 19.57% → 18.03%
Source: ProspectusUpdated
Reservation
Share of the total issue- Retail34.8%
- Anchor29.9%
- QIB ex-anchor19.9%
- Small NII10.0%
- Big NII5.0%
- Employees0.4%
| Category | Shares | Of net offer | Stated in RHP |
|---|---|---|---|
| Retail individual investors | 66,00,907 | 34.85% | 35% |
| Non-institutional investors (NII) | 28,28,960 | 14.93% | 15% |
| Small NII (₹2–10 lakh) | 18,85,973 | 9.96% | — |
| Big NII (above ₹10 lakh) | 9,42,987 | 4.98% | — |
| Qualified institutional buyers (QIB) | 94,29,865 | 49.78% | 50% |
| QIB, excluding anchor | 37,71,946 | 19.91% | — |
| Anchor investors | 56,57,919 | 29.87% | — |
| Employees | 83,532 | 0.44% | — |
Source: ProspectusUpdated
Lot size
Amounts at ₹460 per share| Category | Lots | Shares | Amount |
|---|---|---|---|
| Retail individual investors | 1 | 32 | ₹14,720 |
Source: ProspectusUpdated
Special quotas
- Employees
- ₹41 discount per share
Source: ProspectusUpdated
Subscription
Category-wise subscription is published by the exchanges while the issue is open. It appears here once the figures are added.
Valuation
FY 2024-25, pre-issue- EPS (basic)
- ₹8.28
- EPS (diluted)
- ₹8.01
- P/E (FY 2024-25 basic at upper band)
- 55.53×
- RoNW
- 13.19%
- NAV per share (After the Offer at Offer Price)
- ₹104.67
- NAV per share (As on September 30, 2025)
- ₹71.62
Source: ProspectusUpdated
Financials
Consolidated, restated · ₹ crore| Period ended | 30 Sep 20256 months | 31 Mar 2025FY 2024-25 | 31 Mar 2024FY 2023-24 | 31 Mar 2023FY 2022-23 |
|---|---|---|---|---|
| Revenue from operations | 473.50 | 755.81 | 566.16 | 437.30 |
| Total income | 483.97 | 769.92 | 574.72 | 443.26 |
| EBITDA | — | 166.64 | 99.66 | 48.60 |
| Profit after tax | 14.23 | 67.10 | 35.13 | -11.79 |
| Net worth | 716.06 | 594.21 | 423.55 | 384.73 |
| Total assets | 1,193.68 | 996.46 | 806.02 | 666.23 |
| Total borrowing | 207.04 | 225.80 | 243.37 | 196.21 |
FY 2024-25 vs FY 2023-24: revenue +33.5%, profit after tax +91.0%. Periods shorter than 12 months are shown as reported and are not annualised.
Source: ProspectusUpdated
About the company
The company operates a network of dialysis clinics in India and several other countries, offering haemodialysis, home and mobile dialysis, and pharmacy support. It runs clinics through hospital-based, standalone and government public-private partnership formats.
- Incorporated
- 2009
- Industry
- Healthcare Services
- Sector
- Healthcare and Pharma
- CIN
- U85100TG2009PLC066359
- Website
- nephroplus.com
Source: ProspectusUpdated
Promoters and shareholders
| Name | Type | Before issue | After issue | Shares offered |
|---|---|---|---|---|
| Vikram Vuppala | Promoter | 10.39% | 9.57% | — |
| Bessemer Venture Partners Trust | Promoter | 9.18% | 8.46% | — |
| Edoras Investment Holdings Pte. Ltd. | Selling shareholder | 33.08% | 27.66% | 28,88,911 |
| Healthcare Parent Limited | Selling shareholder | 7.86% | 5.67% | 16,04,907 |
| Investcorp Private Equity Fund II | Selling shareholder | 7.25% | 5.20% | 15,21,728 |
| International Finance Corporation | Selling shareholder | 6.53% | 3.01% | 30,89,663 |
| 360 One Special Opportunities Fund - Series 9 | Selling shareholder | 3.03% | 1.40% | 14,33,468 |
| 360 One Special Opportunities Fund - Series 10 | Selling shareholder | 0.94% | 0.43% | 4,44,675 |
| Investcorp Growth Opportunity Fund | Selling shareholder | 0.66% | 0.46% | 1,47,765 |
| Investcorp India Private Equity Opportunity Limited | Selling shareholder | 0.54% | 0.38% | 1,21,985 |
Source: ProspectusUpdated
Objects of the issue
₹ crore| Purpose | Amount |
|---|---|
| Capital expenditure for opening new dialysis clinics in India | 129.11 |
| Pre-payment or scheduled repayment of certain borrowings | 136.00 |
| General corporate purposes | 60.05 |
Source: ProspectusUpdated
Peer comparison
As listed in the offer document| Company | EPS | P/E | RoNW | NAV per share |
|---|---|---|---|---|
| Nephrocare Health Services LimitedIssuer | ₹8.28 | — | 13.19% | ₹59.56 |
| Narayana Health | ₹38.9 | 45.21× | 21.77% | ₹160.35 |
| Jupiter Life Line Hospitals | ₹29.47 | 51.10× | 14.27% | ₹192.55 |
| Rainbow Children Hospital | ₹23.97 | 56.84× | 16.56% | ₹134.69 |
| Dr. Agarwal's Healthcare | ₹2.8 | 179.42× | 5.73% | ₹55.13 |
| Dr. Lal Path Labs | ₹58.48 | 52.47× | 22.30% | ₹245.26 |
| Metropolis Healthcare | ₹28.29 | 69.48× | 10.90% | ₹236.34 |
| Vijaya Diagnostics | ₹13.95 | 73.14× | 17.99% | ₹70.98 |
Source: ProspectusUpdated
Strengths and risks
Our summary of what the offer document statesStrengths
- Claims to be the largest dialysis service provider in India by several measures in FY 2025, per the industry report.
- Operates a wide pan-India and international clinic network across many cities.
- Revenue has grown over the last several years, with profitability improving in recent periods.
- Asset-light model combining hospital-based, standalone and PPP clinic formats.
- Leadership led by founder and promoter with long healthcare experience.
Risks
- A significant share of revenue comes from captive clinics in private hospitals that can be non-renewed or terminated.
- Substantial revenue depends on government PPP contracts that are awarded through competitive tenders.
- Clinical and operational failures could lead to litigation and reputational damage.
- Dependence on attracting and retaining healthcare professionals.
- Expansion into new cities and countries may not succeed and the offer price may not reflect post-listing market price.
Source: ProspectusUpdated
Documents
Contacts
Source: ProspectusUpdated
Allotment status
Check whether shares were allotted on the official pages below, using your PAN, application number or DP/client ID. Results appear once the basis of allotment is finalised.
- Allotment
- Refunds
- Demat credit
- Listing
Source: ProspectusUpdated
After listing
Listing price, day-one high and low, and the change from the issue price (set at allotment) appear here after the shares list on NSE and BSE.
Frequently asked questions
When does the Nephrocare Health Services IPO open and close?
According to the Prospectus, the issue opens on Wednesday, 10 December 2025 and closes on Friday, 12 December 2025.
What is the Nephrocare Health Services IPO price band?
The price band is ₹438–460 per share, with a face value of ₹2.
What is the lot size of the Nephrocare Health Services IPO?
One lot is 32 shares, which is ₹14,720 at ₹460 per share.
Where will Nephrocare Health Services shares list?
On NSE and BSE. The tentative listing date is Wednesday, 17 December 2025.
Who is the registrar of the issue?
KFin Technologies Limited (SEBI registration INR000000221). Allotment status is checked on the registrar's website.
How do I check the Nephrocare Health Services IPO allotment status?
The basis of allotment is expected to be finalised on Monday, 15 December 2025. After that, search by PAN, application number or DP/client ID on the registrar's website (KFin Technologies Limited), the NSE website or the BSE website. Shares that are allotted are credited to your demat account; for an application that is not allotted, the blocked amount is released.
How will the money raised be used?
₹129.11 Cr for capital expenditure for opening new dialysis clinics in India, ₹136 Cr for pre-payment or scheduled repayment of certain borrowings, ₹60.05 Cr for general corporate purposes.
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Spotted something wrong?
Our data comes from official offer documents, but mistakes can slip through. Report an error and tell us which figure looks wrong and where you saw the correct one (the offer-document page number helps). For anything else, see Contact.