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Nephrocare Health Services IPO is a bookbuilt issue of ₹871.05 crore. It combines a fresh issue of 0.77 crore shares aggregating to ₹353.40 crore and offer for sale of 1.13 crore shares aggregating to ₹517.64 crore.
The IPO opens for subscription on December 10, 2025 and closes on December 12, 2025. The allotment is expected to be finalized on Monday, December 15, 2025. The price band for the IPO is set at ₹438 to ₹460 per share, and the minimum lot size for an application is 32 shares.
Company Summary
Incorporated in 2010, Nephrocare Health Services Ltd. provides end-to-end dialysis care through a wide network of clinics across India and select international markets. The company offers services including diagnosis, haemodialysis, home and mobile dialysis, and wellness programs, supported by an in-house pharmacy.
As of Sep 30, 2025, Nephrocare operated 519 clinics with 51 across the Philippines, Uzbekistan, and Nepal. This includes the world’s largest dialysis clinic in Uzbekistan. In India, the company had a presence across 288 cities in 21 States and 4 Union Territories. Approximately 77.53% of its clinics were located in tier II and tier III cities, addressing a critical need in underserved regions.
During Fiscal 2025, Nephrocare served 29,281 patients and completed 2,885,450 dialysis treatments, accounting for roughly 10% of the country’s total dialysis patient base. Additionally, by Sep 30, it has served 31,046 patients and completed 1,591,377 treatments in India. As of Sep 30, 2025, the company has 5,562 dialysis machines.
Nephrocare has formed strategic partnerships with established hospital chains such as 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.
Company Strengths
- India’s and Asia’s largest dialysis chain with leadership across our markets
- Scale coupled with asset-light model driving cost efficiencies and operational excellence
- Driving clinical excellence and quality through protocols and advanced technology
- Organic growth augmented by proven track record of acquisitions and integration in India and internationally
- Patient-centric leadership and seasoned management team backed by marquee investors
- Driving sustainable dialysis leadership with environmental, social and governance measures
- Track record of sustainable growth, profitability and return
Company Financials
| 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 | 67.1 | 35.13 | -11.79 |
| EBITDA | 110.31 | 166.64 | 99.66 | 48.6 |
| Net Worth | 716.06 | 594.21 | 423.55 | 384.73 |
| Reserves and Surplus | 704.14 | 578.68 | 408.57 | 383.5 |
| Total Borrowing | 207.04 | 225.8 | 243.37 | 196.21 |
| Amount in ₹ Crore | ||||
Objectives of IPO
- 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
Promoters of the company
Vikram Vuppala, Bessemer Venture Partners Trust, Edoras Investment Holdings Pte. Ltd., Healthcare Parent Limited, Investcorp Private Equity Fund II and Investcorp Growth Opportunity Fund are the company promoters.
IPO Details
| IPO Date | December 10, 2025 to December 12, 2025 |
| Listing Date | December 17, 2025 |
| Face Value | ₹2 per share |
| Price Band | ₹438 to ₹460 per share |
| Lot size | 32 shares |
| Total Issue size | 1,89,35,819 shares (aggregating upto ₹871.05 Cr ) |
| Fresh Issue | 76,82,717 shares (aggregating upto ₹353.40 Cr ) |
| Offer for Sale | 1,12,53,102 shares of ₹2 (aggregating upto ₹517.64 Cr ) |
| Issue type | Bookbuilding IPO |
| Listing at | NSE, BSE |
| Share Holding Pre Issue | 9,26,50,799 shares |
| Share Holding Post Issue | 10,03,33,516 shares |
Category Reservation table
| Application Category | Maximum Bidding Limits | Bidding at Cut-off Price Allowed |
| Only RII | Upto Rs 2 Lakhs | Yes |
| Only sNII | Rs 2 Lakhs to Rs 10 Lakhs | No |
| Only bNII | Rs 10 Lakhs to NII Reservation Portion | No |
| Only employee | Upto Rs 2 Lakhs | Yes |
| Employee + RII/NII | 1. Employee limit: Upto Rs 2 lakhs (In certain cases, employees are given a discount if the bidding amount is upto Rs 2 Lakhs) 2. If applying as RII: Upto Rs 2 Lakhs 3. If applying as NII: sNII > Rs 2 Lakhs and upto Rs 10 Lakhs and bNII > Rs 10 lakhs | Yes for Employee and RII/NII |
Lot Allocation Details
| Application | Lots | Shares | Amount |
| Retail (Min) | 1 | 32 | ₹14,720.00 |
| Retail (Max) | 13 | 416 | ₹1,91,360.00 |
| S-HNI (Min) | 14 | 448 | ₹2,06,080.00 |
| S-HNI (Max) | 67 | 2,144 | ₹9,86,240.00 |
| B-HNI (Min) | 68 | 2,176 | ₹10,00,960.00 |
Allotment Schedule
| Basis of Allotment | Mon, 15 Dec, 2025 |
| Initiation of Refunds | Tue, 16 Dec, 2025 |
| Credit of Shares to Demat | Tue, 16 Dec, 2025 |
| Tentative Listing Date | Wed, 17 Dec, 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on December 12, 2025 |
IPO Reservation
| Investor Category | Shares Offered |
| QIB Shares Offered | Not more than 50% of the Net Offer |
| Retail Shares Offered | Not less than 35% of the Net Offer |
| NII Shares Offered | Not less than 15% of the Net Offer |
Source – SEBI, Chittorgarh
To check allotment, click here
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