Nephrocare Health Services Limited IPO
Nephrocare Health Services Limited IPO
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The Initial Public Offering of Nephrocare Health Services Limited's culminated in its successful listing on 17-12-2025 at the NSE, BSE trading platform. The company secured 1,89,35,819 Shares through this capital market exercise, with 76,82,717 Shares allocated to new capital formation and ₹517.64 Cr to existing shareholder liquidity.
Investors participated within the price parameters of ₹438 to ₹460, with minimum investment requirements of 32 shares. The subscription period from 10-12-2025 to 12-12-2025 witnessed active investor engagement across categories.
Following the subscription closure, share allotment was processed on 15-12-2025. The subsequent listing established a public market for the company's shares, enabling price discovery and secondary market trading for investors.
Investors can bid starting from the minimum lot size specified for this IPO, and only in multiples of that lot size. The table below shows the minimum and maximum investment for retail investors and HNIs in terms of lots, quantity, and amount.
Nephrocare Health IPO About Company
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.
Note : "Calculations for ‘Shares Offered’ and ‘Total Amount’ are based on the highest price in the issue price band."
Nephrocare Health IPO Strength Factors
- 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.
Nephrocare Health IPO 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.
Nephrocare Health IPO Lead Manager(s)
- Ambit Private Limited
- ICICI Securities Limited
- IIFL Securities Limited
Nephrocare Health IPO Promoter(s)
- Vikram Vuppala
- Bessemer Venture Partners Trust
- Edoras Investment Holdings Pte. Ltd.
- Healthcare Parent Limited
- Investcorp Private Equity Fund II
- Investcorp Growth Opportunity Fund
Nephrocare Health IPO FAQs
Nephrocare Health Services Limited IPO subscribed 14.08 times. The public issue subscribed 2.35 times in the retail category,26.82times in QIB, and 30.43 times in the HNI (10+) category byDecember 17, 2025 4:15:00 AM (Day 17).
Note : "Calculations for ‘Shares Offered’ and ‘Total Amount’ are based on the highest price in the issue price band."
Nephrocare Health IPO IPO Investor Categories
The offer proceeds will be utilised towards the following investor categories in compliance with SEBI regulations:
Qualified Institutional Buyers (QIB)
Financial Institutions, Banks, FIIs, and Mutual Funds registered with SEBI are called QIBs. In most cases, QIBs represent small investors who invest through mutual funds, ULIP schemes, and pension schemes.
Non-Institutional Investors (NII / HNI)
Retail Individual Investors (HNI), NRIs, Companies, Trusts, etc. who bid for shares worth more than ₹2 lakhs are known as Non-Institutional Bidders. Unlike QIBs, they do not need SEBI registration.
Subcategories of NII:
- sNII (Small NII – bids below ₹10 Lakhs)
For bids between ₹2–10 lakhs. One-third of NII shares are reserved for this category, also known as Small HNI (sHNI).
- bNII (Big NII – bids above ₹10 Lakhs)
For bids above ₹10 lakhs. Two-thirds of NII shares are reserved for this category, also called Big HNI (bHNI).
- sNII (Small NII – bids below ₹10 Lakhs)
Retail Individual Investors (RII)
Individual investors or NRIs who apply up to ₹2 lakhs in an IPO are considered under the RII reserved category.
Employee (EMP)
A category of eligible employees who have a reserved quota in the IPO.
Others
This includes eligible shareholders or other investors with reserved quotas in the IPO.
Nephrocare Health IPO FAQs
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