Nephrocare Health Services (operating under the NephroPlus brand) is a leading provider of dialysis services in India, offering haemodialysis, home haemodialysis, hemodiafiltration, holiday dialysis, dialysis on call, and dialysis on wheels. Founded in 2009 and headquartered in Hyderabad, it operates a network of 447 clinics across 269 cities in 21 states and 4 Union Territories, serving over 33,000 patients annually. The company also has an international presence in the Philippines, Uzbekistan, Nepal, and the Kingdom of Saudi Arabia.
IPO schedule
Issue open date
2025-12-10
Issue close date
2025-12-12
UPI mandate deadline
2025-12-12 (5 PM)
Allotment finalization
2025-12-15
Refund initiation
2025-12-16
Share credit
2025-12-16
Listing date
2025-12-17
Mandate end date
2025-12-27
Lock-in end date for anchor investors (50%)
2026-01-14
Lock-in end date for anchor investors (remaining)
2026-03-15
Financials
Financial Year Ended
March 2024
March 2025
September 2025
Total Assets
806.0
996.5
1193.68
Revenue
574.7
769.9
483.97
Profit After Tax
35.1
67.1
14.23
Issue size
Funds Raised in the IPO
Amount
Total issue size
871.05
Fresh Issue - Proceeds go to the company
353.40
Offer for sale - Proceeds go to the existing investors
517.64
Utilisation of proceeds
Purpose
INR crores (%)
Repayment/ prepayment, in full or part, of all or certain outstanding borrowings and accrued interest
136 (38%)
Capital expenditure
129 (37%)
General corporate purposes and miscellaneous
88.3 (25%)
Strengths
Asia’s largest dialysis provider by treatment volumes.
447 centres ensuring broad national geographic reach.
Innovative models like holiday and mobile dialysis.
Strong patient base of over 33,000 annually.
Experienced management backed by private equity funding.
Risks
Capital-intensive model requiring continuous funding support.
Quality control challenges across a large clinic network.
Dependent on kidney disease prevalence and policy support.
Increasing competition from hospitals and local players.
High operating costs may pressure profitability margins.