In 2025, India’s primary market continues to see strong activity, with several sector leaders tapping the capital markets for growth and partial exits. Within this backdrop, Nephrocare Health Services Ltd., a leading player in dialysis care, is set to launch its initial public offering on 10 December 2025.
The Nephrocare Health IPO is a book-built issue of ₹871.05 crore, combining a fresh issue and an offer for sale. The IPO gives investors an opportunity to participate in a scaled healthcare platform that focuses on chronic kidney care across India and select international markets.
Below is a detailed look at Nephrocare Health, its IPO structure, financial performance, and growth plans.
About Nephrocare Health Services Ltd.
Incorporated in 2010, Nephrocare Health Services Ltd. provides end-to-end dialysis care through a wide network of clinics in India and select international locations. The company’s offerings include:
- Diagnosis and consultation for kidney-related ailments
- Haemodialysis
- Home and mobile dialysis solutions
- Wellness programs
- In-house pharmacy support
As of 30 September 2025:
- Nephrocare operated 519 clinics, of which 51 clinics were in the Philippines, Uzbekistan, and Nepal.
- This includes the world’s largest dialysis clinic in Uzbekistan.
- In India, the company had presence across 288 cities in 21 states and 4 union territories.
- Around 77.53% of its clinics are in tier II and tier III cities, helping address the need for affordable dialysis in underserved regions.
For Fiscal 2025, Nephrocare:
- Served 29,281 patients
- Completed 2,885,450 dialysis treatments, accounting for roughly 10% of India’s total dialysis patient base
By 30 September 2025, it had already served 31,046 patients and completed 1,591,377 treatments in India. The company operated 5,562 dialysis machines at that date.
Nephrocare also runs in-house dialysis centres in partnership with major hospital chains, including:
- Max Super Speciality Hospital
- Fortis Escorts Hospitals
- Care Hospitals
- Wockhardt Hospitals
- Paras Healthcare
- The Calcutta Medical Research Institute
- Jehangir Hospital
- Ruby Hall Clinic
Nephrocare Health IPO Details
The Nephrocare Health IPO is a bookbuilding IPO with a mix of fresh capital and offer for sale.
Key IPO Terms
| Particulars | Details |
| IPO Type | Bookbuilding IPO |
| IPO Size | ₹871.05 crore |
| Total Issue Size | 1,89,35,819 shares |
| Fresh Issue | 76,82,717 shares (₹353.40 crore) |
| Offer for Sale | 1,12,53,102 shares (₹517.64 crore) |
| Face Value | ₹2 per share |
| Price Band | ₹438 to ₹460 per share |
| Lot Size | 32 shares |
| Issue Structure | Fresh Capital cum Offer for Sale |
| Listing Platforms | BSE, NSE |
| Employee Discount | ₹41 per share |
| Market Cap (Pre IPO) | ₹4,615.34 crore |
| Shareholding Pre Issue | 9,26,50,799 shares |
| Shareholding Post Issue | 10,03,33,516 shares |
Important IPO Timeline
| Event | Date |
| IPO Open Date | Wednesday, 10 Dec 2025 |
| IPO Close Date | Friday, 12 Dec 2025 |
| Tentative Allotment | Monday, 15 Dec 2025 |
| Initiation of Refunds | Tuesday, 16 Dec 2025 |
| Credit of Shares to Demat | Tuesday, 16 Dec 2025 |
| Tentative Listing Date | Wednesday, 17 Dec 2025 |
| Cut off time for UPI mandate confirmation | 5 PM on Friday, 12 Dec 2025 |
Nephrocare Health IPO Reservation
| Investor Category | Shares Offered |
| QIB | Not more than 50% of Net Offer |
| Retail | Not less than 35% of Net Offer |
| NII | Not less than 15% of Net Offer |
Investor Category Reservations
- Only RII (Retail Individual Investors)
- Maximum bidding limit up to ₹2 lakh
- Bidding at cut off price allowed
- Only sNII (small Non-Institutional Investors)
- Bids from ₹2 lakh to ₹10 lakh
- Cut off bidding not allowed
- Only bNII (big Non-Institutional Investors)
- Bids above ₹10 lakh up to the NII reservation portion
- Cut off bidding not allowed
- Only Employee
- Limit up to ₹2 lakh
- Bidding at the cut-off price allowed
- Employee plus RII or NII
- Employee limit up to ₹2 lakh (in some cases, with a discount when the bid amount is up to ₹2 lakh)
- If applying as RII, up to ₹2 lakh
- If applying as NII, sNII between ₹2 lakh and ₹10 lakh, bNII above ₹10 lakh
- Cut off bidding allowed for employee and applicable RII or NII portion
Nephrocare Health IPO Lot Size
Investors can bid for a minimum of 32 shares and in multiples of 32 thereafter.
| Investor Type | 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 Services Ltd. Financials
Nephrocare has delivered strong top-line growth with improving profitability over the last few years. Between FY 2024 and FY 2025,
- Total income grew by 34%
- Profit after tax (PAT) increased by 91%
Key Company Financials (Restated Consolidated)
All figures in ₹ crore
| 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 |
Nephrocare Health IPO: Key Performance Indicators
| KPI | Value |
| ROE | 13.45% |
| ROCE | 18.67% |
| RoNW | 13.19% |
| PAT Margin | 8.88% |
| EBITDA Margin | 22.05% |
| Price to Book Value | 7.72 |
EPS, Valuation and Promoter Holding
| Metric | Pre IPO | Post IPO |
| EPS (₹) | 7.24 | 2.84 |
| P/E (x) | 63.52 | 162.19 |
| Promoter Holding | 78.90% | 71.49% |
Promoters include:
- Vikram Vuppala
- Bessemer Venture Partners Trust
- Edoras Investment Holdings Pte. Ltd.
- Healthcare Parent Ltd
- Investcorp Private Equity Fund II
- Investcorp Growth Opportunity Fund
Nephrocare Health IPO: Competitive Strengths
According to the company’s disclosures, some of the key strengths include:
- Largest dialysis chain in India and Asia with leadership positions across its markets
- Scale with an asset-light model, which aids cost efficiency and operational flexibility
- Focus on clinical excellence and quality, supported by protocols and advanced technology
- Combination of organic growth and acquisitions, both in India and overseas, with a strong integration track record
- Patient-centric leadership and an experienced management team backed by marquee investors
- Focus on ESG and sustainable practices while scaling dialysis services
- Proven record of growth, profitability and returns, supported by rising income and expanding margins
Objects of the Issue
The company plans to use the net proceeds from the Nephrocare Health IPO towards the following purposes:
Use of Fresh Issue Proceeds
| S No | Objects of the Issue | Expected Amount (₹ crore) |
| 1 | Capital expenditure for opening new dialysis clinics in India | 129.11 |
| 2 | Pre-payment or scheduled repayment of certain borrowings of the company | 136.00 |
| 3 | General corporate purposes | Balance |
Nephrocare Health IPO: Peer Comparison
Nephrocare Health IPO can be compared with peers such as Aster DM Healthcare Ltd, Apollo Hospitals Enterprise Ltd, Fortis Healthcare Ltd, Max Healthcare Institute Ltd, Narayana Hrudayalaya Ltd, and Kims Health Care Management Ltd. Reviewing these companies helps investors understand Nephrocare Health’s position within the healthcare services and specialty dialysis segment, offering insights into its scale, operating model, and growth potential before making informed investment decisions.
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Nephrocare Health IPO Review Summary
Nephrocare Health Services Ltd. offers investors exposure to a scaled, speciality healthcare platform that focuses on chronic kidney care. The company has:
- A wide network of clinics across India and select international markets
- Strong presence in tier II and tier III cities, which broadens its addressable market
- Strategic hospital partnerships and a large installed base of dialysis machines
- Healthy revenue growth and improving profitability over recent years
At the same time, the IPO notes highlight that on recent financial data, the issue appears aggressively priced, with relatively high valuation multiples when compared to its earnings. Investors also need to factor in:
- Dependence on sustained patient volumes in chronic care
- Regulatory and reimbursement risks in healthcare
- Leverage levels and planned expansion driven by capital expenditure
Well-informed investors who understand the healthcare delivery space and are comfortable with valuation-related risks may consider Nephrocare Health IPO from a medium to long-term perspective, after evaluating the offer in the context of their risk appetite and portfolio allocation.
If you are exploring more investment opportunities, check out our dedicated page on upcoming IPO listings to stay updated on the latest market offerings.
