Nephrocare Health Services Ltd. IPO: Date, Issue Price, Review, GMP & Allotment
Nephrocare Health Services Ltd. is set to launch its much-anticipated IPO, offering investors a chance to invest in Asia’s leading dialysis care provider. The IPO is a combination of fresh issuance and offer-for-sale, with the price band set at ₹438–₹460 per share. The issue opens on December 10, 2025, and closes on December 12, 2025, with allotment expected on December 15 and listing on both BSE and NSE on December 17, 2025.​
Company Information
Nephrocare specializes in providing end-to-end dialysis care, including haemodialysis, home dialysis, mobile dialysis, and wellness support programs. The company operates more than 519 clinics as of September 2025, with a presence in tier II and III cities, as well as in countries like the Philippines, Uzbekistan, and Nepal. It serves over 10% of India’s dialysis patient population and performed more than 2.8 million dialysis treatments in FY2025.​
Nephrocare follows an asset-light and capital-efficient model, partnering with major hospital chains to operate in-house dialysis centers and running standalone clinics. Its revenue is generated through three formats:
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Captive clinics inside private hospitals (revenue-sharing)
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Public-private partnership (PPP) clinics with government hospitals
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Standalone centers​
This model allows for rapid scalability, lower setup costs, and higher returns on capital, while ensuring wide access and high patient footfall.​
Product & Service Portfolio
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Haemodialysis
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Home dialysis
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Mobile dialysis units
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Renal diagnostics
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Wellness and nutrition counseling
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Pharmacy and consumables supply
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Chronic kidney disease management programs​
Key Strengths
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Market leadership in India and Asia
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Pan-India network with significant international presence
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Asset-light, scalable business model
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Standardized care protocols (RenAssure®)
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Long-term contracts with leading hospital chains​
Leadership
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Chairman & Managing Director: Vikram Vuppala
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Company Secretary: Kishore Kathri
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Nominee Directors: Vishal Vijay Gupta, Gaurav Sharma​
Nephrocare Health Services Ltd. is recognized for its operational efficiency, patient-centric approach, and commitment to making dialysis care accessible, affordable, and of high quality across diverse geographies.
Nephrocare Health Services Ltd. IPO Details
| Aspect | Details |
|---|---|
| Issue Size | ₹871.05 Crores (Fresh: ₹353.4 Cr, OFS: ₹517.64 Cr)​ |
| Price Band | ₹438 – ₹460 per share​ |
| Face Value | ₹2 per share​ |
| Lot Size | 32 shares​ |
| Minimum Investment | ₹14,720 (for 32 shares at upper band)​ |
| Issue Type | Book Building (Public Cum Offer for Sale)​ |
| Listing Date | December 17, 2025​ |
| Allotment Date | December 15, 2025​ |
| Refund Initiation | December 16, 2025​ |
| Credit to Demat | December 16, 2025​ |
Market Lot Size Category-wise
| Category | Shares Offered (Nos) | % of Total Issue | Max Retail (Shares/Amount) |
|---|---|---|---|
| Anchor Investors | 56,57,920 | 29.88% | – |
| Employee Reserved | 76,087 | 0.40% | 76,087 (₹35.31 lakh max) |
| Non-Institutional (NII) | 28,28,960 | 14.94% | 28,28,960 (₹130.13 crore) |
| Qualified Institutional | 37,71,946 | 19.92% | 37,71,946 (₹173.51 crore) |
| Retail Individual | 66,00,906 | 34.86% | 416/₹1.91 lakh per bid |
| Others | 54,99,997 | 30.28% | – |
| Total | 1,89,35,819 | 100% |
Review & GMP
Nephrocare Health Services Ltd. IPO presents a unique opportunity for investors seeking exposure to India’s growing dialysis sector. With a proven track record, robust financials, and strong institutional backing, the IPO is poised for keen investor interest. However, careful consideration of sectoral risks and valuation metrics is advised before investing.
The IPO has received flat grey market premium (GMP), indicating no significant premium or discount in the unofficial market, with shares trading at the upper band price. Analysts highlight the company’s robust growth, consistent financials, and strong investor backing as positives. However, the healthcare sector’s competitive landscape and high valuations are noted as risks.​
Anchor Investors List
Key anchor investors include:
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SBI Healthcare Opportunities Fund
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ICICI Prudential Mutual Fund
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Fidelity Funds
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DSP Healthcare Fund
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The Prudential Assurance Company
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Eastspring Investments
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Polar Capital Funds
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Manulife Global Fund
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SBI Life Insurance Company
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HDFC Life Insurance Company
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Bandhan Mutual Fund
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Baroda BNP Paribas MF
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Axis Max Life Insurance
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Motilal Oswal India Excellence Fund
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Think Investments’ TIMF Holdings
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Malabar India Fund
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Enam’s Akash Bhanshali​
Merchant Bankers & Registrar
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Lead Managers: ICICI Securities Ltd, Ambit Pvt Ltd, IIFL Capital Services Ltd, Nomura Financial Advisory & Securities (India) Pvt Ltd​
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Registrar: KFin Technologies Ltd​
Allotment Details
Allotment will be finalized on December 15, 2025. Refunds will be initiated and shares credited to demat accounts on December 16, 2025. Listing is scheduled for December 17, 2025.​
Promoters Holding Pattern
The pre-issue promoter holding is not publicly disclosed in available sources. Post-issue, the promoter holding will be diluted due to fresh issuance and offer-for-sale components.​
Company Financial Statements
| Particulars | FY25 (₹ Cr) | FY24 (₹ Cr) | FY23 (₹ Cr) |
|---|---|---|---|
| Total Income | 769.92 | 574.72 | 443.26 |
| PAT (Profit) | 67.10 | 35.13 | -11.79 |
| EBITDA | 166.64 | 99.66 | 48.60 |
| Net Worth | 594.21 | 423.55 | 384.73 |
| Reserves & Surplus | 578.68 | 408.57 | 383.50 |
| Total Borrowing | 225.80 | 243.37 | 196.21 |
| PAT Margin (%) | 8.7 | 6.1 | 0.0 |
| ROE (%) | 11.5 | 8.5 | 0.0 |
| ROCE (%) | 20.6 | 15.2 | 8.3 |
Valuation Report
At the upper price band, the post-issue market cap is estimated at ₹4,615 crore. The IPO proceeds will be used for capital expenditure (₹129.1 crore), debt repayment (₹136 crore), and general corporate purposes.​
Peer Company Comparison
| Company | P/E (FY25) | EBITDA Margin (%) | PAT Margin (%) | ROE (%) | ROCE (%) |
|---|---|---|---|---|---|
| Nephrocare Health | NA | 16 | 7 | 10.5 | 14 |
| Jupiter Life Line | 29.47 | 51.10 | 10 | 10 | 20 |
| Rainbow Children Hosp. | 23.97 | 56.84 | 10 | 10 | 20 |
| Dr. Agarwal’s Hosp. | 2.80 | 179.42 | 1 | 10 | 20 |
| Dr. Lal Path Labs | 28.09 | 52.47 | 10 | 10 | 20 |
| Metropolis Healthcare | 28.29 | 69.48 | 2 | 20 | 20 |
| Vijaya Diagnostics | 13.95 | 73.14 | 10 | 10 | 20 |
| Industry Average | – | 30 | 14 | 16.9 | 22 |
Company & Registrar Contact Details
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Company Name:Â Nephrocare Health Services Ltd.
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Website:Â www.nephrocare.com
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Address:Â Hyderabad, Telangana, India
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Registrar:Â KFin Technologies Ltd.
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Registrar Website:Â www.kfintech.com
Mr. Nadim Abbas M G is an Intermediate Chartered Accountant with a strong background in Information Technology. He combines his expertise in IT with a deep understanding of the stock market, making him a valuable resource for both financial and technical insights. With hands-on experience in accounting, IT systems, and stock market analysis, Nadim excels in bridging the gap between finance and technology, offering strategic advice and expert guidance in both domains.
