Nephrocare Health Services IPO: From GMP and issue details to financials; Here’s what you need to know

Synopsis: Nephrocare Health Services is launching an ₹871.05 crore book-built IPO with a price band of ₹438-460 per share, comprising a fresh issue of ₹353.40 crore and an offer for sale of ₹517.64 crore. The IPO opens on December 10, 2025, and closes on December 12, 2025, with listing tentatively on December 17, 2025.

Nephrocare Health IPO is a book build issue of Rs. 871.05 crores. The issue is a combination of fresh issue of 0.77 crore shares aggregating to Rs. 353.40 crores and offer for sale of 1.13 crore shares aggregating to Rs. 517.64 crores.

Nephrocare Health Services IPO opens for subscription on December 10, 2025, and closes on December 12, 2025, with the price band set at Rs. 438 to 460 per equity share. Nephrocare Health Services IPO will list on BSE and NSE, with a tentative listing date fixed as December 17, 2025. 

GMP of On Nephrocare Health Services IPO

As of December 10, 2025, the shares of Nephrocare Health Services have no GMP. If there is any GMP, we will keep it posted.

Overview of Nephrocare Health Services

Nephrocare Health Services Ltd., founded in 2010, provides complete dialysis care through its large network of clinics in India and a few international markets. Its services include diagnosis, haemodialysis, home and mobile dialysis, wellness programs, and an in-house pharmacy.

By September 30, 2025, the company operated 519 clinics, including 51 in the Philippines, Uzbekistan, and Nepal. It also runs the world’s largest dialysis clinic in Uzbekistan. In India, Nephrocare was present in 288 cities across 21 states and 4 union territories, with most clinics (about 78%) in tier II and III cities.

In FY 2025, the company served 29,281 patients and completed 2.89 million dialysis sessions, covering about 10% of India’s dialysis patient base. By September 30, 2025, it had served 31,046 patients and completed 1.59 million treatments in India, supported by 5,562 dialysis machines.

Nephrocare also partners with major hospital chains such as Max, Fortis Escorts, Care Hospitals, Wockhardt, Paras, CMRI, Jehangir, and Ruby Hall Clinic to run dialysis centers inside their hospitals.

Promoters of Nephrocare Health Services Ltd

The promoters of Nephrocare Health Services, Vikram Vuppala, Bessemer Venture Partners Trust, Edoras Investment Holdings Pte. Ltd., Healthcare Parent Limited, Investcorp Private Equity Fund II, and Investcorp Growth Opportunity Fund bring extensive expertise in healthcare management, clinical operations, medical technology, patient-centric service delivery, and scalable healthcare infrastructure development.

Offer For Sale

The Offer for Sale includes the Promoter Selling Shareholders and the Other Selling Shareholders: 

Promoter Selling Shareholders

Investorcp Private Equity Fund II is offering up to 1,521,728 equity shares, and Healthcare Parent Limited is offering up to 1,604,907 equity shares. Along with it, Investorcp Growth Opportunity Fund is offering up to 1,147,765 equity shares, and Edoras Investment Holdings Pte. Ltd. is offering up to 2,888,911 equity shares.

Other Selling Shareholders

Investorcp India Private Equity Opportunity Limited is offering up to 121,985 equity shares, and International Finance Corporation is offering up to 3,089,663 equity shares.

Along with it, 360 One Special Opportunities Fund – Series 9 is offering up to 1,433,468 equity shares and 360 One Special Opportunities Fund – Series 10 is offering up to 444,675 equity shares.

Lead Managers of Nephrocare Health Services Ltd

ICICI Securities Limited, Ambit Private Limited, IIFL Capital Services Limited and Nomura Financial Advisory and Securities (India) Private Limited are acting as the Book Running Lead Managers. KFin Technologies Limited is the registrar managing investor applications and allotment.

Objectives of the IPO Offer

Nephrocare Health intends to utilise the net proceeds from its IPO for three key purposes. First, it will allocate about Rs. 129.11 crore towards capital expenditure for establishing new dialysis clinics across India, supporting its expansion plans. Second, around Rs. 136 crore will be used for pre-payment or scheduled repayment of specific borrowings, helping the company reduce its debt and strengthen its financial position, and the rest will be utilised for general corporate purposes.

Financial Analysis of Nephrocare Health Services

The company has shown good financial performance in recent years. Total Income increased from Rs. 443.26 crore in FY23 to Rs. 574.72 crore in FY24, then further increased to Rs. 769.92 crore in FY25, with Rs. 483.97 crore recorded for the quarter ended September 30, 2025.

Profit After Tax (PAT) improved over the period, rising from a loss of Rs. 11.79 crore in FY23 to a profit of Rs. 35.13 crore in FY24, then increasing to Rs. 67.10 crore in FY25, and reaching Rs. 14.23 crore for the quarter ended September 30, 2025.

Nephrocare Health Services Vs Peers

• Nephrocare Health Services Ltd: It has a basic EPS of Rs. 8.28 and a diluted EPS of Rs. 8.01, with a net asset value (NAV) per equity share of Rs. 59.56. The return on net worth (RoNW) stands at 13.19%. 
• Narayana Health: It has a basic and diluted EPS of Rs. 38.9, and the net asset value per equity share is Rs. 160.35; the company’s P/E ratio is 45.21, and its RoNW is 21.77%. 
• Jupiter Life Line Hospitals: It has a basic and diluted EPS of Rs. 29.47, and the net asset value per equity share is Rs. 192.55. The company’s P/E ratio is 51.1, and its RoNW is 14.27%.
• Rainbow Children Hospital: It has a basic EPS of Rs. 23.97 and a diluted EPS of Rs. 23.84, with a net asset value per equity share of Rs. 134.69. The company’s P/E ratio is 56.84, and its RoNW is 16.56%.
• Dr. Agarwal’s Healthcare: It has a basic EPS of Rs. 2.8 and a diluted EPS of Rs. 2.78, with a net asset value per equity share of Rs. 55.13. The company’s P/E ratio is 179.42, and its RoNW is 5.73%. 
• Dr. Lal Path Labs: It has a basic EPS of Rs. 58.48 and a diluted EPS of Rs. 58.4, with a net asset value per equity share of Rs. 245.26. The company’s P/E ratio is 52.47, and its RoNW is 22.3%. 
• Metropolis Healthcare: It has a basic EPS of Rs. 28.29 and a diluted EPS of Rs. 28.15, and the net asset value per equity share is Rs. 236.34. The company’s P/E ratio is 69.48, and its RoNW is 10.9%. 
• Vijaya Diagnostics: It has a basic EPS of Rs. 13.95 and a diluted EPS of Rs. 13.92, with a net asset value per equity share of Rs. 70.98. The company’s P/E ratio is 73.14, and its RoNW is 17.99%.

Nephrocare Health Services Strengths and Weaknesses

Strengths

• It is one of India’s and Asia’s largest dialysis chains, with leadership across its present markets in patients served, clinics, and cities covered.
• Scale, coupled with an asset-light model, drives cost efficiencies and operational excellence
• Driving clinical excellence and quality through protocols and advanced technology
• Organic growth augmented by a proven track record of acquisitions and integration in India and internationally
• Patient-centric leadership and a seasoned management team backed by marquee investors
• Driving sustainable dialysis leadership with environmental, social and governance measures
• Track record of sustainable growth, profitability and return.

Weakness

• Captive Clinic Revenue Risk: Dependence on revenue from captive clinics exposes the Company to material adverse effects if contracts are cancelled or not renewed.
• PPP Contract Risk: Failure to secure or renew public-private partnership contracts could negatively impact business prospects, financial condition, and cash flows.
• Operational & Compliance Risk: Non-compliance with quality standards or medical errors in dialysis services could lead to litigation, reputational damage, and materially adverse effects on operations.
• Healthcare Professional Retention Risk: Inability to attract or retain qualified healthcare professionals may significantly affect the Company’s operations and performance.

Conclusion

Nephrocare Health Services Ltd. is one of India’s and Asia’s largest dialysis chains in the markets present, providing comprehensive dialysis care through a wide network of clinics across India and select international markets. The company demonstrates strong operational scale, a proven track record of growth and profitability, and partnerships with leading hospitals, supported by a seasoned management team and marquee investors. 

The IPO provides investors with an opportunity to participate in the expanding healthcare services sector, particularly dialysis care, in India and abroad. However, risks include dependency on captive and PPP clinic revenues, operational and compliance challenges, and the need to attract and retain skilled healthcare professionals, which investors should carefully consider before investing.

Written by Sridhar J 

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