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InvestmentsIPONephrocare Health Services IPO

Nephrocare Health Services IPO

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Open Date

10 Dec 2025

Close Date

12 Dec 2025

Min Investment

₹ 14,720

Lot Size

32

Issue Size

₹ 871.05 Cr

Price Range

₹ 438 - ₹ 460

Subscribed

13.73 x
status

This IPO is now Live.

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IPO Timeline
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IPO Offer Start
10 Dec 2025
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IPO Offer Ends
12 Dec 2025
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Allotment Finalisation
15 Dec 2025
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Refund Initialisation
16 Dec 2025
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Non-Institutional Buyers (sHNI)
16 Dec 2025
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Listing of Shares
17 Dec 2025
IPO Subscription Details as on 2 Apr 2026, 03:32 PM
Qualified Instituational Buyers (QiB)
27.47 x
Retail
1.95 x
Employees
2.59 x
Total
13.73 x
Non-Institutional Buyer (bHNI)
29.81 x
Non-Institutional Buyer (sHNI)
12.39 x
Note: This information is provided for general guidance only. Dates may be subject to change.
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About the Company
The company is India's and Asia's largest dialysis services provider, offering comprehensive dialysis care through a network of 519 clinics across India, Nepal, Philippines, and Uzbekistan as of September 30, 2025. The company serves over 35,000 patients and operates under three key principles of Accessibility, Quality, and Value, utilizing an asset-light business model with captive clinics, standalone facilities, and public-private partnerships. The company is also the fifth largest dialysis provider globally based on number of treatments performed in Fiscal 2025.
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Founded In

2009

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CEO

Vishal Vijay Gupta

Financials of Nephrocare Health Services IPO

Income Statement
Balance Sheet
Cash Flows
Total Income
Total Expenses
Total Profit
Key Performance IndicatorsMar 2023Mar 2024Mar 2025
Operating Revenue437.30566.16755.81
Other Income5.968.5714.10
Total Income
443.26574.72769.91
Total Expenses
451.85541.56682.48
Profit Before Tax-8.5933.1687.44
Total Profit
-11.7935.1367.10

All figures are in crores (₹)

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Utilisation of Proceeds

All figures are in crores (₹)

PurposeAmount
The company intends to establish new dialysis clinics across India to increase penetration and expand its network. The funds will be used for setting up greenfield and brownfield clinics including civil work, clinical equipment, branding, and IT infrastructure.129
The company plans to prepay or repay outstanding borrowings to reduce indebtedness and debt servicing costs. This will help maintain a favorable debt to equity ratio and enable utilization of internal accruals for business growth.136
The company will utilize remaining proceeds for strategic business initiatives including payment of fees to nephrologists, international expansion funding, employee expenses, office expansion, and other corporate requirements as approved by the Board.-
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  • India's and Asia's largest dialysis chain with leadership across markets: The company is India's largest dialysis service provider in terms of patients served, clinics, cities covered, treatments performed, revenue, and EBITDA in Fiscal 2025, and is 4.4 times the size of the next largest organized dialysis provider in India in terms of operating revenue in Fiscal 2024.
  • Scale coupled with asset-light model driving cost efficiencies and operational excellence: The company operates an asset-light business model with 52.41% of 519 clinics on revenue-sharing model with limited investment in space. Capital expenditure per clinic was ₹10.31 million in six months ended September 30, 2025.
  • Driving clinical excellence and quality through protocols and advanced technology: The company has developed RenAssure protocols covering every aspect of dialysis treatment, implemented across all clinics. 145 dialysis clinics are accredited by NABH and three by JCI as of September 30, 2025.
  • Organic growth augmented by proven track record of acquisitions and integration: The company has scaled operations from one clinic in 2010 to 519 clinics across India, Nepal, Philippines and Uzbekistan as of September 30, 2025, with presence in 288 cities in India through greenfield, brownfield and PPP collaborations.
  • Patient-centric leadership and seasoned management team backed by marquee investors: The company is led by founder Vikram Vuppala with over 21 years of experience and co-founder Kamal D. Shah, a dialysis patient for over 28 years, backed by investors including International Finance Corporation, BVP Trust, and Investcorp.
  • Driving sustainable dialysis leadership with environmental, social and governance measures: The company has implemented ESG initiatives including 25% to 30% reduction in plastic bin cover consumption, elimination of over 18 tonnes of plastic waste per year, and 45.17% female workforce as of September 30, 2025.
  • Track record of sustainable growth, profitability and return: The company achieved revenue CAGR of 31.47% from Fiscal 2023 to 2025, with EBITDA margin improving from 11.11% in Fiscal 2023 to 22.05% in Fiscal 2025 and PAT margin improving from (2.70)% to 8.88% in the same period.

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