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Nephrocare Health Services Ltd., operator of the NephroPlus dialysis chain, has set a price band of INR 438-460 for its INR 871-crore IPO, valuing the company at over INR 4,600 crore. The issue, open from December 10 to 12, includes a fresh issue of INR 353.4 crore and an OFS of 1.12 crore shares. Proceeds will fund new clinics, debt repayment and general corporate needs. Founded in 2009, NephroPlus runs 519 clinics across India and overseas, including the world's largest dialysis centre in Tashkent. The company reported FY25 revenue of INR 756 crore and profit of INR 67 crore. The stock is set to list on December 17.
Nephrocare Health Services Ltd, the company behind the NephroPlus dialysis chain, has set a price band of INR 438-460 per share for its upcoming INR 871-crore Initial Public Offering (IPO), valuing the company at over INR 4,600 crore. The Hyderabad-based firm will open the issue for public subscription from December 10 to 12, with anchor bidding scheduled for December 9. The IPO includes a fresh issue of INR 353.4 crore and an Offer for Sale (OFS) of 1.12 crore shares worth INR 517.6 crore at the upper price band. Advertisement
Promoters Investcorp Private Equity Fund II, Healthcare Parent, Investcorp Growth Opportunity Fund, Edoras Investment Holdings Pte. Ltd, along with existing shareholders such as International Finance Corporation, Investcorp India Private Equity Opportunity, and 360 One Special Opportunities Funds, will divest part of their stake through the OFS. Of the fresh proceeds, INR 129.1 crore will go toward opening new dialysis clinics across India, INR 136 crore toward debt repayment, and the remaining funds toward general corporate purposes. NephroPlus is scheduled to make its stock market debut on December 17.
Founded in 2009, NephroPlus has built a network of 519 clinics worldwide as of September 30, 2025, including locations in the Philippines, Uzbekistan and Nepal. The company expanded into Saudi Arabia in FY24 through a joint venture with Arabian International Healthcare Holding Company. Its 165-bed dialysis centre in Tashkent is currently the largest such facility in the world. In India, NephroPlus has clinics across 288 cities in 21 states and 4 union territories, with 77% of its centres located in tier II and tier III markets.
Financially, the company reported INR 756 crore in revenue from operations and INR 67 crore in profit after tax for FY25. The IPO will allocate 50% of shares to qualified institutional buyers, 35% to retail investors, and 15% to non-institutional investors. ICICI Securities, Ambit, IIFL Capital Services and Nomura are acting as the book-running lead managers for the issue.
Source: PTI
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