Nephrocare Health Services Limited
Bookbuilding IPO · NSE, BSE
- Price band
- ₹438 - ₹460
- Lot size
- 32 shares
- Issue amount
- ₹871.05 cr
- Total subscription
- 14.08×
- Opens
- 10 Dec 2025
- Closes
- 12 Dec 2025
- Allotment
- 15 Dec 2025
- Listing
- 17 Dec 2025
Offer at a glance
Issue overview
- Issue size
- 1,89,35,819 shares
- Face value
- ₹2 Per Share
- Minimum investment
- ₹14,016
- Fresh issue
- ₹353.4 cr
- Offer for sale
- ₹517.64 cr
- Registrar
- Kfin Technologies Limited
- Listing exchange
- NSE, BSE
- Maximum investment
- ₹14,720
- Issue type
- Bookbuilding IPO
- Shares before issue
- 9,26,50,799
- Shares after issue
- 10,03,33,516
Lot sizes
| Category | Lots | Shares | Amount |
|---|---|---|---|
| RETAIL | 1 | 32 | ₹14,720 |
| sHNI | 14 | 448 | ₹2,06,080 |
| bHNI | 68 | 2,176 | ₹10,00,960 |
Share reservation
Subscription & GMP
Subscription by category
Reported 12 Dec 2025
GMP history
Day-wise demand
Application-wise demand
| Category | Reserved applications | Applied applications |
|---|---|---|
| RETAIL | 2,06,197 | 4,01,889 |
| EMPLOYEES | 0 | 3,820 |
| HNIs(10L +) | 4,208 | 25,725 |
| HNIs (2-10L) | 2,104 | 27,685 |
Subscription demand
Amounts in ₹ crore. HNI subcategories are included in the NII total.
| Category | Offered | Demand |
|---|---|---|
| QIBs | 173.34 | 4,649.18 |
| FIIs | 0 | 1,237.5 |
| FIs | 0 | 880.28 |
| Mutual Funds | 0 | 882.04 |
| Others | 0 | 1,649.35 |
| RETAIL | 303.52 | 714.76 |
| HNIs 2+ | 43.36 | 583.57 |
| HNIs 10+ | 86.72 | 2,638.84 |
| EMPLOYEES | 3.84 | 10.82 |
Financial performance
Company financials
In Crores · Reported periods may include interim results.
Key performance indicators
| Metric | Sep-25 | Mar-25 | Mar-24 | Mar-23 |
|---|---|---|---|---|
| EPS | 1.69 | 8.28 | 4.55 | -1.53 |
| ROE | 2.19 | 13.45 | 8.76 | -3 |
| ROCE | 11.99 | 18.67 | 10 | 0.44 |
| RONW | 0 | 0 | 0 | 0 |
| PRE IPO(PE) | 0 | 63.52 | 0 | 0 |
| POST IPO(PE) | 162.19 | 0 | 0 | 0 |
Values and labels as reported in the issue data.
Peer comparison
| Company | P/E(X) | CMP* (₹) | Face value (₹) | NAV/Share (₹) | RONW(%) | EPS (Basic) (₹) |
|---|---|---|---|---|---|---|
| Nephrocare Health Services Limited | 0 | 0 | 2.00 | 59.56 | 13.19 | 8.28 |
| Narayana Health | 45.21 | 1758.80 | 10.00 | 160.35 | 21.77 | 38.9 |
| Jupiter Life Line Hospitals | 51.10 | 1506.00 | 10.00 | 192.55 | 14.27 | 29.47 |
| Rainbow Children Hospital | 56.84 | 1355.10 | 10.00 | 134.69 | 16.56 | 23.97 |
| Dr. Agarwal’s Healthcare | 179.42 | 498.80 | 1.00 | 55.13 | 5.73 | 2.8 |
| Dr. Lal Path Labs | 52.47 | 3064.10 | 10.00 | 245.26 | 22.3 | 58.48 |
| Metropolis Healthcare | 69.48 | 1955.90 | 2.00 | 236.34 | 10.9 | 28.29 |
| Vijaya Diagnostics | 73.14 | 1018.10 | 10.00 | 70.98 | 17.99 | 13.95 |
Company information
Company profile
Incorporated in 2010, Nephrocare Health Services Ltd. provides comprehensive dialysis care through an extensive network of clinics across India and select international markets. As of March 31, 2025, the company operated 490 clinics—447 in India and 43 across the Philippines, Uzbekistan, and Nepal—including the world’s largest dialysis clinic in Uzbekistan. Nephrocare serves 269 cities across 21 states and 4 union territories, with nearly 77% of its centers located in tier II and III regions to improve access for underserved populations. In FY 2025, it treated 29,281 patients and delivered over 2.88 million dialysis sessions, representing about 10% of India’s dialysis patient base. The company managed 5,068 dialysis machines by March 2025, demonstrating consistent growth over prior years. Nephrocare has also partnered with leading hospital chains such as Max, Fortis Escorts, Care Hospitals, Wockhardt, Paras, CMRI, Jehangir Hospital, and Ruby Hall Clinic to operate in-house dialysis centers and enhance service reach.
Strengths
- Efficient Large-Scale Expansion: Grew from one clinic in 2010 to 519 clinics across India, Nepal, the Philippines, and Uzbekistan using greenfield, brownfield, and PPP models—ensuring fast, cost-efficient scaling across 328 cities.
- Protocol-Based Clinical Excellence: Follows RenAssure, a standardized and regularly updated dialysis protocol tailored for each country, helping deliver better outcomes and improved patient life expectancy.
- Strong Organic Growth & Integration Ability: Expands through both organic growth and strategic acquisitions, with proven capability to integrate operations across regions using multiple clinic formats for wider reach and higher efficiency.
Risk factors
- Dialysis Operation Risks: Faces medical, operational, legal, and reputational risks. Any drop in service quality can lead to litigation, harm the brand, and affect financial performance. Outcomes also depend on patient condition, doctor skill, and overall experience.
- Dependence on Healthcare Talent: Relies heavily on skilled medical professionals. High competition and limited availability may make it difficult to attract or retain talent, which could impact service quality and slow expansion.
- PPP Project Risks: Involvement in PPP projects brings risks such as contract termination, blacklisting, or losing future government tenders if performance issues arise. Past debarment cases show this vulnerability and can impact growth and cash flows.
Promoters
Vikram Vuppala
Bessemer Venture Partners Trust
Edoras Investment Holdings Pte. Ltd.
Healthcare Parent Limited
Investcorp Private Equity Fund II
Investcorp Growth Opportunity Fund
Registrar & documents
Lead manager
Ambit Private Limited, ICICI Securities Limited, IIFL Capital Services Limited, Nomura Financial Advisory
Registrar & contacts
Kfin Technologies Limited
[email protected]Official registrar portal ↗IPO allotment status guide →Registered office
5 th Floor, D Block, iLabs Centre, Plot 18, Software Units Layout, Survey No. 64, Madhapur, Shaikpet, Hyderabad, Telangana, 500081
+91 40 4240 8039
[email protected]Company website ↗Understanding NEPHROPLUS IPO data
Compare the price band and required investment with the company profile, financial results and offer documents. Subscription figures show reported demand by category; they do not establish the value of the business. GMP is an unofficial indication and can change before listing.