Minimum Investment
About Company
Company Name: Nephrocare Health Services Limited
Industry / Sector: Healthcare - Dialysis & Kidney Care Services
Founded Year: 2010
Promoters: Vikram Vuppala and other key investors (private equity backed)
Nephrocare Health Services Limited, operating under the NephroPlus brand, is India's largest and Asia's leading provider of comprehensive dialysis care. It manages an extensive network of over 500 clinics across India and select international markets, offering services from diagnosis and in-center hemodialysis to home-based and mobile dialysis options, along with wellness programs and in-house pharmacy support. The company focuses on tier-2 and tier-3 cities, serving a significant portion of India's dialysis patients with innovative, patient-centric models.
IPO Basic Details
| Company Name | Nephrocare Health Services Limited |
| IPO Type | Mainboard IPO |
| Price Band | ₹438 – ₹460 |
| Lot Size | 32 |
| Total Issue Size | ₹871.05 Cr |
IPO Strengths & Risks
Strengths
- Market leadership in India (largest by patients, clinics, and revenue)
- Broad geographic reach in tier-2/3 cities
- Innovative service models (holiday/mobile dialysis)
- Strong clinical expertise and private equity backing
Risks
- High capital needs for clinic expansion
- Dependence on dialysis demand and reimbursement policies
- Competition from hospitals and regional players
- Potential impact of finance costs on profitability
IPO Important Dates
| IPO Open Date | 10 Dec 2025 |
| IPO Close Date | 12 Dec 2025 |
| Basis of Allotment | 15 Dec 2025 |
| Refund Initiation | 16 Dec 2025 |
| Demat Credit Date | 16 Dec 2025 |
| Listing Date | 17 Dec 2025 |
| Anchor Investor Date | - |
| UPI Mandate Deadline | 12 Dec 2025 |
IPO Objectives
- Capital expenditure for machinery and equipment – -
- Funding working capital requirements – -
- Debt repayment – Pre-payment/repayment of borrowings (₹136 Cr)
- General corporate purposes – General corporate purposes (₹60.05 Cr)
Investor Reservation
| QIB Quota | ~50% (incl. anchor portion) |
| Retail Quota | ~35% |
| HNI Quota | ~15% |
| Employee Quota | - |
| Shareholder Quota | - |
| Anchor Investor Allocation | - |
Market Lot Details
| Application | Lot Size | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 1 lot | 32 | ₹14,720 |
| Retail Maximum | 13 lots | 416 | ₹1,91,360 |
| S-HNI Minimum | 14 lots | 448 | ₹2,06,080 |
| S-HNI Maximum | - | - | - |
| B-HNI Minimum | - | - | - |
Key Performance Indicators (KPI)
| ROE | 13.45% |
| ROCE | 18.67% |
| RoNW | 13.19% |
| PAT Margin | 8.88% |
| EBITDA Margin | 22.05% |
| EPS | ₹7.24 |
| NAV per share | - |
| Debt to Equity | Low (post-repayment focus) |
| P/E Ratio | 63.52x (pre-IPO) |
| Industry P/E | - |
Company Financial Data
| Period | Assets | Total Income | PAT | EBITDA | Net Worth | Borrowings |
|---|---|---|---|---|---|---|
| 30 Sep 2025 | ₹1,193.68 Cr | ₹483.97 Cr | ₹14.23 Cr | ₹110.31 Cr | ₹716.06 Cr | ₹207.04 Cr |
| 31 Mar 2025 | ₹996.46 Cr | ₹769.92 Cr | ₹67.10 Cr | ₹166.64 Cr | ₹594.21 Cr | ₹225.80 Cr |
| 31 Mar 2024 | ₹806.02 Cr | ₹574.72 Cr | ₹35.13 Cr | ₹99.66 Cr | ₹423.55 Cr | ₹243.37 Cr |
| 31 Mar 2023 | ₹666.23 Cr | ₹443.26 Cr | -₹11.79 Cr | ₹48.60 Cr | ₹384.73 Cr | ₹196.21 Cr |
Grey Market Premium
| GMP Price | N/A |
| Kostak Rate | N/A |
| Subject to Sauda | N/A |
| Last Updated | N/A |
| Estimated Listing Price | Listed at ~₹490 (6-7% premium on Dec 17, 2025); traded higher post-listing |
IPO Subscription Data
| Total Subscription | 14.08x |
| QIB (Ex Anchor) | 26.82x |
| HNI Subscription | 24.77x |
| Retail Subscription | 2.36x |
| Anchor | - |
IPO Intermediaries
Registrar: Kfin Technologies Ltd.
Registrar Website: https://www.kfintech.com
IPO Lead Manager(s)
Company Information
Address: 5th Floor, D Block, iLabs Centre, Madhapur, Hyderabad, Telangana - 500081
Website: https://www.nephroplus.com/
Email: cs@nephroplus.com
Phone: +91 40 4240 8039
IPO Documents
Frequently Asked Questions (FAQ)
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