Nephrocare Health IPO
ListedMainboardOpens 10 December 2025Closes 12 December 2025
Nephrocare Health Services Ltd., founded in 2010, is India’s and Asia’s largest dialysis chain, providing complete dialysis care, including haemodialysis, home/mobile dialysis, and wellness programs. The company…
Nephrocare Health Services Ltd., founded in 2010, is India’s and Asia’s largest dialysis chain, providing complete dialysis care, including haemodialysis, home/mobile dialysis, and wellness programs. The company operates 519 clinics globally (51 internationally) and approximately 78% of its Indian clinics are located in Tier II and III cities. Nephrocare follows an asset-light model, partnering with major hospital chains like Max, Fortis, and Care Hospitals. The company has a track record of growth, profitability, and positive returns since recovering from losses in FY23.
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Key ratios
As per RHP / filingsTimeline
IPO Opens
10 Dec 2025
IPO Closes
12 Dec 2025
Allotment
15 Dec 2025
Listing
17 Dec 2025
IPO Timeline & Listing Details
| Event | Date |
|---|---|
| IPO Open Date | 10 December 2025 |
| IPO Close Date | 12 December 2025 |
| Allotment Date | 15 December 2025 |
| Listing Date | 17 December 2025 |
Investment Categories
| Category | Lots | Amount |
|---|---|---|
Retail (Min) | 1 | ₹14,720 |
Retail (Max)Just less than ₹2,00,000 | 13 | ₹1,91,360 |
SHNI (Min)Just above ₹2,00,000 | 14 | ₹2,06,080 |
SHNI (Max)Below ₹10,00,000 | 67 | ₹9,86,240 |
BHNIAbove ₹10,00,000 | 68 | ₹10,00,960 |
IPO Reservation Details
| Category | Reservation |
|---|---|
| QIB (Qualified Institutional Buyer) | 50% |
| NII (Non-Institutional Investor) | 15% |
| Retail | 35% |
| Total | 100.00% |
IPO Objectives
- Capital expenditure by the Company for opening new dialysis clinics in India (₹129.11 Cr).
- Pre-payment, or scheduled repayment, in full or part, of certain borrowings availed by the Company (₹136.00 Cr).
- General corporate purposes.
Strengths
- The company holds Market Leadership as India’s and Asia’s largest dialysis chain, demonstrating significant scale with a presence in 288 cities and 5,562 machines.
- It operates an Asset-Light Model through strategic partnerships with major hospital chains (Max, Fortis, Care), which drives cost efficiencies and operational excellence.
- The business has high Scalability and Reach in Tier II and III cities (77.53% of clinics), tapping into underserved markets with high growth potential.
- It shows a Strong Financial Turnaround, shifting from a loss in FY23 to significant profitability (₹67.10 Cr PAT in FY25), demonstrating successful growth and cost management.
- The company is Capital Efficient with a healthy RoCE of 18.67% and a low Debt/Equity ratio (0.38) for the healthcare sector.
- Fresh Issue funds are dedicated to opening new clinics (₹129.11 Cr) and debt repayment (₹136.00 Cr), which supports future expansion.
Weaknesses
- The Aggressive Valuation with a P/E ratio of 162.19x (Post-IPO) is extremely high, reflecting a significant premium for market leadership and future growth.
- The majority of the issue (₹517.64 Cr) is an Offer for Sale (OFS), limiting the fresh capital available for direct business growth and making the company heavily reliant on the success of the new clinic expansion.
- The business has Dependence on Partnerships with hospital chains, which may face termination or renegotiation risks.
- It faces Regulatory Risk due to high regulation and fixed prices in the healthcare sector, which may cap margin expansion.
- The IPO involves Dilution Risk through significant equity dilution, which is already reflected in the high post-IPO P/E.
Financial Performance
| Period Ended | 30 Sep 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Assets (₹ Cr.) | 1,193.68 | 996.46 | 806.02 | 666.23 |
| Revenue (₹ Cr.) | 483.97 | 769.92 | 574.72 | 443.26 |
| PAT (₹ Cr.) | 14.23 | 67.1 | 35.13 | -11.79 |
| Net Worth (₹ Cr.) | 716.06 | 594.21 | 423.55 | 384.73 |
Peer Comparison
| Company | P/B Ratio | P/E Ratio | RONW (%) | Net Worth (₹ Cr.) |
|---|---|---|---|---|
| Nephrocare Health | 7.72 | 162.19 | 13.45% | 716.06 |
| Jupiter Life Line Hospitals | 6.49 | 47.33 | 13.68% | 1,356 |
| Rainbow Children Medicare | 9.04 | 53.83 | 16.72% | 1,475 |
Subscription Details
Daily Bids Status
| Category | Day 1 | Day 2 | Day 3 |
|---|---|---|---|
| QIB | 0x | 0.29x | 26.82x |
| NII | 0.1x | 0.23x | 24.77x |
| S-HNI | 0.15x | 0.36x | 13.46x |
| B-HNI | 0.07x | 0.16x | 30.43x |
| RII | 0.21x | 0.47x | 2.36x |
| EMP | 0.6x | 1.26x | 2.81x |
| Total | 0.13x | 0.37x | 14.08x |
Overall Subscription Statistics
| Category | Shares Offered | Shares Bid | Bid Amount (₹ Cr) |
|---|---|---|---|
| QIB | 37,68,224 | 10,10,69,088 | 4,649.18 |
| NII | 28,27,843 | 7,00,52,352 | 3,222.41 |
| Small NII | 9,42,614 | 1,26,86,272 | 583.57 |
| Big NII | 18,85,229 | 5,73,66,080 | 2,638.84 |
| RII | 65,98,301 | 1,55,67,296 | 716.1 |
| EMP | 83,532 | 2,35,136 | 10.82 |
| Total | 1,32,77,900 | 18,69,23,872 | 8,598.5 |
Company Details
- Nephrocare Health Services Ltd.
- 5th Floor, D Block, iLabs Centre, Plot 18, Software Units Layout, Survey No. 64, Madhapur, Shaikpet, Hyderabad, -500081
- +91 40 4240 8039
- cs@nephroplus.com
- http://www.nephroplus.com/
Registrar Details
- Kfin Technologies Ltd.
- 04067162222, 04079611000
- nephrocare.ipo@kfintech.com
- https://ipostatus.kfintech.com/
Frequently Asked Questions
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Nephrocare Health IPO News & Updates
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Nephrocare Health IPO IPO Pages
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Nephrocare Health IPO Details
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Nephrocare Health IPO GMP
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Sources
We match Nephrocare Health IPO IPO numbers with official sources. For final dates and allotment results, double-check the registrar or exchange.
- SEBIRules for IPO allotment and disclosures in India
- NSEExchange notices, bidding data, and listing updates
- BSEExchange notices and IPO allotment check tools
- RHP / Offer DocumentCheck the company RHP on NSE/BSE or the IPO detail page
- Kfin Technologies Ltd.Official site to check allotment status for this IPO
Also read our Editorial Policy, How GMP is calculated, How allotment chances work, and IPO fund allocation.
Reviewed by
Dinesh Agrawal · Lead IPO Analyst
15+ years in Indian markets and IPO research. He reviews IPO dates and key details before they go live.