Bookbuilding IPO | ₹871 Cr | Listed at BSE, NSE
Nephrocare Health IPO is a book build issue of ₹871.05 crores. The issue is a combination of fresh issue of 0.77 crore shares aggregating to ₹353.60 crores and offer for sale of 1.13 crore shares aggregating to ₹517.45 crores.
Nephrocare Health IPO bidding started from Dec 10, 2025 and ended on Dec 12, 2025. The allotment for Nephrocare Health IPO was finalized on Dec 15, 2025. The shares got listed on BSE, NSE on Dec 17, 2025.
Nephrocare Health IPO price band is set at ₹460 per share. The lot size for an application is 32. The minimum amount of investment required by an retail is ₹14,720 (32 shares) (based on upper price). The lot size investment for sNII is 14 lots (448 shares), amounting to ₹2,06,080, and for bNII, it is 68 lots (2,176 shares), amounting to ₹10,00,960.
The issue includes a reservation of up to 83,532 shares for employees offered at a discount of ₹41.00 to the issue price.
ICICI Securities Ltd. is the book running lead manager and Kfin Technologies Ltd. is the registrar of the issue.
Refer to Nephrocare Health IPO RHP for detailed Information.
IPO Open
Wed, Dec 10, 2025
IPO Close
Fri, Dec 12, 2025
Issue Price
₹460 per share
Market Cap (Pre-IPO)
₹4,615.34 Cr
| IPO Date | 10 to 12 Dec, 2025 |
| Listed on | Wed, Dec 17, 2025 |
| Face Value | ₹2 per share |
| Price Band | ₹438 to ₹460 |
| Issue Price | ₹460 per share |
| Lot Size | 32 Shares |
| Sale Type | Fresh Capital & OFS |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Employee Discount | ₹41.00 |
| Total Issue Size | 1,89,43,020 shares (agg. up to ₹871 Cr) |
| Fresh Issue | 76,89,918 shares (agg. up to ₹354 Cr) |
| Offer for Sale | 1,12,53,102 shares of ₹2 (agg. up to ₹517 Cr) |
| Share Holding Pre Issue | 9,26,50,799 shares |
| Share Holding Post Issue | 10,03,40,717 shares |
| BSE Script Code / NSE Symbol | 544647 / NEPHROPLUS |
| ISIN | INE428V01029 |
Nephrocare Health IPO offers total 1,89,43,264 shares. Out of which 94,29,865 (49.78%) allocated to QIB, 37,71,946 (19.91%) allocated to QIB (Ex- Anchor), 28,28,960 (14.93%) allocated to NII 66,00,907 (34.85%) allocated to RII and 56,57,919 (29.87%) allocated to Anchor investors.
| Investor Category | Shares Offered | Max Allottees |
|---|---|---|
| QIB Shares Offered | 94,29,865 (49.78%) | NA |
| − Anchor Investor Shares Offered | 56,57,919 (29.87%) | NA |
| − QIB (Ex. Anchor) Shares Offered | 37,71,946 (19.91%) | NA |
| NII (HNI) Shares Offered | 28,28,960 (14.93%) | NA |
| − bNII > ₹10L | 18,85,973 (9.96%) | 4,209 |
| − sNII < ₹10L | 9,42,987 (4.98%) | 2,104 |
| Retail Shares Offered | 66,00,907 (34.85%) | 2,06,278 |
| Employee Shares Offered | 83,532 (0.44%) | NA |
| Total Shares Offered | 1,89,43,264 (100.00%) |
Investors can bid for a minimum of 32 shares and in multiples thereof.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 32 | ₹14,720 |
| Retail (Max) | 13 | 416 | ₹1,91,360 |
| S-HNI (Min) | 14 | 448 | ₹2,06,080 |
| S-HNI (Max) | 67 | 2,144 | ₹9,86,240 |
| B-HNI (Min) | 68 | 2,176 | ₹10,00,960 |
Nephrocare Health IPO raises ₹260.26 crore from anchor investors. Nephrocare Health IPO Anchor bid date is December 9, 2025.
📝 Anchor Investors Letter (PDF)
| Bid Date | Tue, Dec 9, 2025 |
| Shares Offered | 56,57,919 |
| Anchor Portion (₹ Cr.) | 260.26 |
| Anchor lock-in period end date for 50% shares (30 Days) | Tue, Jan 13, 2026 |
| Anchor lock-in period end date for remaining shares (90 Days) | Sat, Mar 14, 2026 |
| Application Category | Maximum Bidding Limits | Bidding at Cut-off Price Allowed |
|---|---|---|
| Only RII | Up to 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 | Up to Rs 2 Lakhs | Yes |
| Employee + RII/NII |
|
Yes for Employee and RII/NII |
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.
Competitive strengths
Nephrocare Health Services Ltd.'s revenue increased by 34% and profit after tax (PAT) rose by 91% between the financial year ending with March 31, 2025 and March 31, 2024.
| 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 | 67.10 | 35.13 | -11.79 |
| EBITDA | 110.31 | 166.64 | 99.66 | 48.60 |
| NET Worth | 716.06 | 594.21 | 423.55 | 384.73 |
| Reserves and Surplus | 704.14 | 578.68 | 408.57 | 383.50 |
| Total Borrowing | 207.04 | 225.80 | 243.37 | 196.21 |
| Amount in ₹ Crore | ||||
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:
| # | Issue Objects | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | Capital expenditure by the Company for opening new dialysis clinics in India | 129.11 |
| 2 | Pre-payment, or scheduled repayment, in full or part, of certain borrowings availed by the Company | 136.00 |
| 3 | General corporate purposes | 60.05 |
| KPI | Mar 31, 2025 |
|---|---|
| ROE | 13.45% |
| ROCE | 18.67% |
| RoNW | 13.19% |
| PAT Margin | 8.88% |
| EBITDA Margin | 22.05% |
| Price to Book Value | 7.72 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS Rs | 7.24 | 2.84 |
| P/E (x) | 63.52 | 162.19 |
| Promoter Holding | 78.90% | 71.49% |
| Market Cap | ₹4,615.34 Cr. |
| # | Issue Expenses | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | BRLMs fees and commissions (including underwriting commission, brokerage and selling commission) | 0.00 |
| 2 | Fees payable to the Registrar to the Offer | 0.00 |
| 3 | Selling commission/processing fee for SCSBs and Bankers to the Offer, fee payable to the Sponsor Bank for Bids made by RII using UPI, brokerage and selling commission and bidding charges for the Members of the Syndicate, Registered Brokers, RTAs and CDPs | 0.00 |
| 4 | Advertising and marketing expenses | 0.00 |
| 5 | Listing fees, SEBI filing fees, BSE and NSE processing fees, book building software fees | 0.00 |
| 6 | Other regulatory expenses | 0.00 |
| 7 | Printing and stationery expenses | 0.00 |
| 8 | Fees payable to the legal counsel | 0.00 |
| 9 | Fees payable to other advisors to the Offer, including but not limited to Statutory Auditors, independent chartered accountant, industry expert | 0.00 |
| 10 | Miscellaneous | 0.00 |
| Price Details | BSE | NSE |
|---|---|---|
| Final Issue Price | ₹460.00 | ₹460.00 |
| Open | ₹491.70 | ₹490.00 |
| Low | ₹463.50 | ₹463.80 |
| High | ₹498.70 | ₹499.00 |
| Last Trade | ₹471.60 | ₹471.25 |
Lead Manager Reports
Nephrocare Health IPO is a main-board IPO of 1,89,43,020 equity shares of the face value of ₹2 aggregating up to ₹871 Crores. The issue is priced at ₹460 per share. The minimum order quantity is 32.
The IPO opens on Wed, Dec 10, 2025, and closes on Fri, Dec 12, 2025.
Kfin Technologies Ltd. is the registrar for the IPO. The shares are proposed to be listed on BSE, NSE.
Zerodha customers can apply online in Nephrocare Health IPO using UPI as a payment gateway. Zerodha customers can apply in Nephrocare Health IPO by login into Zerodha Console (back office) and submitting an IPO application form.
Steps to apply in Nephrocare Health IPO through Zerodha
Visit Zerodha IPO Application Process Review for more detail.
The Nephrocare Health IPO opens on Wed, Dec 10, 2025 and closes on Fri, Dec 12, 2025.
Nephrocare Health IPO lot size is 32, and the minimum amount required for application is ₹14,720.
You can apply in Nephrocare Health IPO online using either UPI or ASBA as a payment method. ASBA IPO application is available in the net banking of your bank account. UPI IPO Application is offered by brokers who don't offer banking services. Read more detail about applying IPO online through Zerodha, Upstox, 5Paisa, Nuvama, HDFC Bank, and SBI Bank.
The finalization of Basis of Allotment for Nephrocare Health IPO will be done on Monday, December 15, 2025, and the allotted shares will be credited to your demat account by Tue, Dec 16, 2025. Check the Nephrocare Health IPO allotment status.
The Nephrocare Health IPO listing date is on Wed, Dec 17, 2025.
