NEPHROCARE HEALTH SERVICES LIMITED
₹ 438 - ₹ 460
10-Dec-2025 - 12-Dec-2025
₹ 14720.00

/ 32 Shares

NEPHROCARE HEALTH SERVICES LIMITED

10-Dec-2025 - 12-Dec-2025

₹ 438 - ₹ 460

Price Band

₹ 14720.00

Minimum Investment

32

Bid Lot

18,859,728

Shares

  • Face Value - ₹ 2/- Per Share

  • Listing at BSE, NSE

  • 206,278 Application Required in Retail for 1 Time.

  • Registrar : KFin Technologies Limited

IPO Details

Fresh Issue of Equity Shares aggregating up to ? 353.41 Cr and Offer for Sale of 1,12,53,102 Equity Shares

Category % Shares/Amount
QIB 50% 9,429,865 Shares RS.433.77 CR
HNI 1 5% 942,986 Shares RS.43.38 CR @ 2105 FORM 1X
HNI 2 10% 1,885,974 Shares RS,86.75 CR @ 4210 FORM 1X
Retail 35% 6,600,907 Shares RS.303.64 CR @ 206278 FORM 1X

BRLMs: ICICI Securities, Ambit Pvt. Ltd, IIFL Capital Services, Nomura Financial

Application Require for 1 Time

Retail (Upto 2 Lakh) HNI (2 Lakh to 10 Lakh) HNI (Above 10 Lakh)
206278 FORM 1X 2105 FORM 1X 4210 FORM 1X

IPO Lot Size

Category Lots Shares Amount
Retail (Upto 2 Lakh) 1 32 ₹ 14,720
Retail (Upto 2 Lakh) 13 416 ₹ 191,360
S-HNI (2 Lakh to 10 Lakh) 14 448 ₹ 206,080
S-HNI (2 Lakh to 10 Lakh) 67 2144 ₹ 986,240
B-HNI (Above 10 Lakh) 68 2176 ₹ 1,000,960

IPO Timeline

  • Open Date

    10-Dec-2025

  • Close Date

    12-Dec-2025

  • Basis of Allotment Date

    15-Dec-2025

  • Initiation of Refunds

    16-Dec-2025

  • Credit Shares to Demat A/c

    16-Dec-2025

  • IPO Listing Date

    17-Dec-2025

Subscription as on
10-Dec-2025 17:21

Category Book Size Subscription No. of Times
QIB 3,771,946 ₹ 173.51 Cr. 448 ₹ 0.02 Cr. 0.00x
HNI (<10 LAKH) 942,986 ₹ 43.38 Cr. 138,208 ₹ 6.36 Cr. 0.15x
HNI2 (>10 LAKH) 1,885,974 ₹ 86.75 Cr. 129,184 ₹ 5.94 Cr. 0.07x
RETAIL 6,600,907 ₹ 303.64 Cr. 1,358,400 ₹ 62.49 Cr. 0.21x
Total 13,201,813 1,626,240 0.12x
Category Book Size Subscription No. of Times
QIB 3,771,946 ₹ 173.51 Cr. 448 ₹ 0.02 Cr. 0.00x
HNI (<10 LAKH) 942,986 ₹ 43.38 Cr. 138,208 ₹ 6.36 Cr. 0.15x
HNI2 (>10 LAKH) 1,885,974 ₹ 86.75 Cr. 129,184 ₹ 5.94 Cr. 0.07x
RETAIL 6,600,907 ₹ 303.64 Cr. 1,358,400 ₹ 62.49 Cr. 0.21x
Total 13,201,813 1,626,240 0.12x

*Excluding Anchor

Total No. of Application Approx : ~31648 (0.15 Appwise)

Appwise Subscription
Category Total App App wise
HNIBT 230.72 2105 (For 1x) 0.11x
HNIAT 51.96 4210 (For 1x) 0.01x
RETAIL 28563.00 206278 (For 1x) 0.14x

Disclaimer: The above-mentioned information / data are sourced from the websites of National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) and are subject to change on real time basis. For updated information / data you can visit their respective website. The information / data provided herein above are for information purpose only and provided "AS IS" and "AS AVAILABLE" basis and without warranty, express or implied. We do not guarantee or warrant the accuracy, adequacy or completeness of the information received through the said websites. “We” hold not responsibility of any kind as regard to any discrepancies, errors, omissions, losses or damages. “We” including its affiliates and any of its officers, directors, personnel and employees, shall not liable for any loss, damage of any nature, including but not limited to direct, indirect, punitive, special, exemplary, consequential, as also any loss of profit in any way arising from the use of information / data received through the said websites. The recipient alone shall be fully responsible / are liable for any decision taken on the basis of such information / data. All recipients should before acting upon the said information make their own investigation, seek appropriate professional advice.

About Company

  • Incorporated on December 18, 2009, Nephrocare Health Services offers comprehensive dialysis care through its network of clinics – from diagnosis to treatment and wellness programs including haemodialysis, home and mobile dialysis, supported by pharmacy. The company also provides holiday dialysis, dialysis on call, and dialysis on wheels services to its patients in India.
  • The company is India’s largest dialysis service provider in terms of number of patients served, clinics, cities covered, treatments performed, revenue, and EBITDA in FY 2025. Further, the company is 4.4 times the size of the next largest organized dialysis provider in India in terms of operating revenue in FY 2024. 
  • In FY2025, the company served 29,281 patients and completed 2,885,450 treatments in India which represented ~10% of the total dialysis patients in India.
  • The company operates 519 clinics, forming India’s most extensive dialysis network, with a presence across 288 cities in 21 States and 4 Union Territories as of September 30, 2025, with 77.35% of its clinics located in tier II and tier III cities and towns.
  • As of September 30, 2025, 80 clinics operated through greenfield, 259 through brownfield, and 180 via PPP collaborations.
  • The company has partnered with leading hospital chains in India including Max Super Speciality Hospital, Fortis Escorts Hospitals, Care Hospitals, Wockhardt Hospitals, Paras Healthcare, The Calcutta Medical Research Institute, Jehangir Hospital and Grand Medical Foundation (Ruby Hall) to operate certain dialysis clinics.
  • The company is the leader in dialysis services in FY 2025, with a market share of over 50% of the organized market (in terms of number of treatments) and ~ 50% share in terms of revenue generated by organized dialysis service providers.
  • The company’s clinics are accredited by leading bodies in India with, as of September 30, 2025, 145 of its dialysis clinics accredited by the NABH and 3 of its dialysis clinics accredited by JCI. The company also comply with ISO standards ISO 9001:2015 for quality management systems.
  • The company’s revenue from operations increased from ?437.30 cr in FY2023 to ?755.81 cr in FY2025, the EBITDA increased from ?48.60 cr in FY2023 to ?166.64 cr in FY2025 and the PAT increased from ? (11.79) cr to ?67.10 cr, during the same period. For 6-Months ended September 30, 2025, the company reported revenues from operations of ?473.50 cr, EBITDA of ?110.31 cr and Profit after tax of ? 14.23 cr.
Read More

Strengths

Competitive Strength 

  • India’s and Asia’s largest dialysis chain with leadership across the markets
  • Scale coupled with asset-light model driving cost efficiencies and operational excellence
  • Driving clinical excellence and quality through protocols and advanced technology
  • Organic growth augmented by proven track record of acquisitions and integration in India and internationally
  • Patient-centric leadership and 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

Business Strategies 

  • Continue to consolidate its leadership position in India
  • Scale operations in existing international markets including through inorganic growth opportunities
  • Expand further in South-East Asia, Commonwealth of Independent States and Middle East markets
  • Continue to focus on operating efficiency and leveraging the network scale to drive supply chain benefits and profitability
  • Continue to focus on innovation-led digital healthcare to enhance convenience, efficiency and reach

Company Promoters

Company Financials

Nephrocare Health Services Ltd.'s revenue increased by 34% and profit after tax (PAT) rose by 91% between the financial year ending with March 31, 2025 and March 31, 2024.

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
Amount in ? Crore

Objects of the Issue

S.No. Objects of the Issue Expected Amount (? in crores)
1 Capital expenditure by the Company for opening new dialysis clinics in India 129.11
2 Pre-payment, or scheduled repayment, in full or part, of certain borrowings availed by the Company 136.00
3 General corporate purposes

How to Apply

Apply for IPO in few simple steps.

  • Step 01 :

    Once you create your account, Login to InvestoYard.

  • Step 02 :

    Under IPO Section, you will be able to see a list of Ongoing IPOs, where you can click on apply button.

  • Step 03 :

    Add quantity of shares to apply – Maximum 3 bids are allowed (For retail category – max amount Rs.2,00,000/-).

  • Step 04 :

    Enter your UPI ID and you will receive mandate on your UPI App.

  • Step 05 :

    Once you accept the mandate, Application is submitted successful.

  • Applying for an IPO is easier than ever with InvestoYard, in just a few clicks your application is processed. You can bid for any IPO through InvestoYard, the bidding process is simple and hassle free. Every company has a lot size decided & you can buy in multiples of the decided lot.
  • If lot size is 15, then you have to bid for multiples of 15 share like 30,45,60 and so on.
  • The maximum subscription amount for retail investors is 2 lakh.
  • Any bid can be at a desired price or cut off price given by the company.

  • Enter the number of shares you wish to buy, as per the lot size.
  • You can apply at the cut off price set by the company or bid for a desired amount within the price band.
  • Maximum three bids will be accepted.
  • You then need to enter the UPI ID on InvestoYard’s IPO application form.

  • You will immediately get a fund blocked request on your UPI for the submitted IPO application.
  • The funds will be blocked in your bank account until allotment when it is debited.
  • The limit for IPO application is Rs 2 lakh per transaction on UPI.
  • On allotment of the shares, the money will be automatically debited.
  • If the share aren’t allotted the blocked funds will reflect back into your account.

Frequently Asked Questions

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