Nephrocare Health IPO: Check IPO Date, Live Subscription and Key Details
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.
Price Range
₹438.0 - ₹460.0
Issue Size
₹871.05 Cr
Lot Size
32 shares
IPO Type
Mainboard
GMP
₹37(+8.04%)
Est. Listing Price
₹497
Estimate Profit
₹1,184
Retail Portion
35%
Key Metrics
Check Live GMPGMPFace Value
₹2
EPS
2.84
P/E Ratio
162.19
RoNW
13.19%
ROE
13.45%
Debt to Equity
0.38
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Timeline
IPO Opens
10 Dec
IPO Closes
12 Dec
Allotment
15 Dec
Listing
17 Dec
IPO Timeline & Listing Details
| Event | Date | Details |
|---|---|---|
| IPO Open Date | 10 December 2025 | Subscription starts |
| IPO Close Date | 12 December 2025 | Subscription ends |
| Allotment Date | 15 December 2025 | Allotment |
| Listing Date | 17 December 2025 | Listing |
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.
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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 |
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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
What is the core business of Nephrocare Health Services?
Nephrocare is India’s and Asia’s largest dialysis chain, providing end-to-end dialysis care, including haemodialysis, home/mobile dialysis, and wellness programs, primarily through an asset-light model in partnership with major hospitals.
When will the Nephrocare Health IPO open for subscription?
The Nephrocare Health IPO will open on December 10, 2025, and close on December 12, 2025.
What is the IPO price band and tentative listing date?
The price band is ₹438.00 to ₹460.00 per share, and the tentative listing date on the BSE and NSE is December 17, 2025.
What is the primary objective of the Fresh Issue proceeds?
The Fresh Issue proceeds (₹353.40 Cr) will be used mainly for funding capital expenditure (₹129.11 Cr) to establish new dialysis clinics in India and for repayment of certain borrowings (₹136.00 Cr).
What is the company's geographical scale?
As of September 30, 2025, the company operated 519 clinics globally (51 internationally) and served approximately 10% of India’s total dialysis patient base.
What is the valuation of the Nephrocare Health IPO?
The IPO is priced at an aggressive P/E ratio of 162.19x (based on annualized H1 FY26 profits and post-issue shares), reflecting a premium for its leadership position and future growth potential in the chronic healthcare sector.
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