Credent Connect IPO

Credent Connect N Care IPO is a book-built issue worth ₹93.90 crore. The IPO is entirely a fresh issue of 0.50 crore shares.

The IPO will open for subscription on August 13, 2026, and close on August 17, 2026. The allotment is expected to be finalised on August 18, 2026, while the shares are likely to list on the NSE SME platform on August 20, 2026.

The IPO has a price band of ₹179 to ₹189 per share, with a lot size of 600 shares. Retail investors need to apply for a minimum of 2 lots, or 1,200 shares, requiring an investment of ₹2,26,800 at the upper price band. HNI investors need to apply for at least 3 lots, or 1,800 shares, amounting to ₹3,40,200.

Hem Securities Ltd. is the book-running lead manager, while Kfin Technologies Ltd. is the registrar. Hem Finlease Pvt. Ltd. will act as the market maker.

About Credent Connect

Credent Connect N Care Limited, operating as C3 Logistics, is a technology-enabled healthcare logistics and services company. It mainly follows a B2B model and provides services to diagnostic laboratories, IVD companies, hospitals, clinics and pharmaceutical companies across India. Its services include cold-chain logistics for medical samples and supplies, doorstep sample collection through trained phlebotomists, healthcare staffing, corporate wellness programmes and technology-based courier services.

The company has a pan-India presence across 452+ cities and employs more than 6,300 people, including field staff, laboratory technicians and phlebotomists. In FY2026, it reported revenue of around ₹214.43 crore, EBITDA of ₹28.46 crore and profit after tax of ₹18.45 crore. The company is raising around ₹93.90 crore through its SME IPO and has an estimated valuation of around ₹344 crore.

Industry Outlook

• Rising lifestyle-related diseases, greater awareness of preventive healthcare and the expansion of diagnostic services in Tier-2 and Tier-3 cities are expected to drive demand for healthcare logistics and support services.
• The growing adoption of home sample collection, online test bookings and decentralised diagnostic services is creating new growth opportunities across urban and semi-urban markets.
• Increasing demand for temperature-controlled transportation of diagnostic samples, pharmaceutical products and clinical trial materials is supporting the growth of cold-chain logistics.
• Technologies such as IoT, GPS, RFID and laboratory management systems are helping companies improve sample tracking, turnaround time and operational efficiency.
• The industry continues to face challenges from regulatory changes, economic conditions, intense competition and the need to retain skilled phlebotomists, laboratory technicians and other specialised staff.

Credent Connect N Care IPO Objectives

1. ₹37.00 crore (50.82%) will be used to support the company’s day-to-day operations, expand its logistics network and manage working capital needs.
2. ₹26.80 crore (36.81%) will be invested in Credent Healthcare Private Limited to meet its working capital requirements and support business expansion.
3. ₹6.00 crore (8.24%) will be used to repay or prepay existing borrowings, helping reduce finance costs.
4. ₹3.00 crore (4.12%) will be invested in the subsidiary for purchasing machinery and other equipment.
5. The remaining proceeds will be used for general business needs and other corporate expenses.

Financial Performance of Credent Connect

Credent Connect Peer Comparison

There are no directly listed peers in India that operate in the exact same specialised business model of healthcare cold-chain logistics resembling Credent Connect.

Strengths and Opportunities for Credent Connect N Care IPO

1. The company offers an end-to-end healthcare logistics model covering temperature-controlled sample collection, cold-chain transportation and deployment of phlebotomists and lab technicians.
2. It operates in a niche segment combining cold-chain diagnostic logistics with healthcare workforce management, with no direct listed peers in India offering the same combination.
3. Revenue from operations increased from ₹59.75 crore in FY2023 to ₹77.94 crore in FY2025, reflecting steady growth across B2B diagnostic networks.
4. Operating EBITDA rose from ₹4.23 crore in FY2023 to ₹5.33 crore in FY2025, indicating improved operational profitability and cost management.
5. The company follows WHO-GSDP/GDP guidelines for temperature-controlled transportation to maintain the quality and integrity of diagnostic samples.
6. Its use of LIMS, GPS-enabled transportation and IoT-based temperature monitoring helps improve tracking, turnaround time and operational efficiency.
7. The service-led and asset-light model keeps capital requirements relatively low compared with traditional asset-heavy logistics businesses.
8. Promoters Ashok Kumar Sharma, Karan Sharma and Tarun Sharma have experience in healthcare operations and cold-chain logistics.
9. Expansion into Tier-2 and Tier-3 cities could benefit the company as organised diagnostic services and home sample collection gain popularity in smaller cities.
10. Increasing outsourcing of sample collection and healthcare staffing by diagnostic chains and hospitals could create additional growth opportunities.

Risks and Threats for Credent Connect N Care IPO

1. The company depends significantly on its top 10 B2B customers, and the absence of long-term volume commitments means the loss or reduction of business from a major client could impact revenue and cash flows.
2. The business is working-capital intensive, with trade receivables of ₹17.91 crore as of FY2025. Delays in payments from hospitals and diagnostic labs could put pressure on liquidity.
3. Revenue depends on service agreements that are periodically renewed and may be renegotiated or terminated, creating uncertainty around future business volumes.
4. The company relies on a large, geographically dispersed workforce of phlebotomists, lab technicians and paramedical staff. High employee attrition or difficulty hiring skilled workers could affect operations.
5. Any failure in cold-chain transportation, including spoilage, delays, packaging issues or contamination of samples, could result in financial losses, legal claims and reputational damage.
6. Past losses or negative net worth at subsidiaries such as Credent Healthcare Private Limited could remain a financial burden if the investments do not generate expected returns.
7. Shortages or price increases in cold-chain packaging, temperature monitoring equipment and phlebotomy consumables could disrupt operations and put pressure on profit margins.
8. The company’s decentralised field operations expose it to risks related to employee misconduct, sample handling errors and irregularities in cash collection.
9. Consolidation among large diagnostic chains could increase their bargaining power and put pressure on pricing and margins for third-party healthcare logistics providers.
10. Changes in regulations and higher compliance requirements from bodies such as CDSCO and ICMR, including rules related to medical waste and diagnostic transportation, could increase operating costs.
11. Competition from diagnostic companies developing in-house logistics networks and technology platforms entering healthcare logistics could intensify competition and put pressure on margins.

Credent Connect N Care IPO Reservation

Credent Connect N Care IPO Promoter Holding

The promoters of the company are Ashok Kumar Sharma, Karan Sharma, Tarun Sharma, Dimple Sharma and Tanveen. 

Note: Equity dilution will be determined by subtracting the Shareholding Post Issue from the Shareholding Pre Issue.

Credent Connect N Care IPO Registrar and Lead Managers

Credent Connect N Care IPO Lead Managers

Hem Securities Ltd.

Registrar for Credent Connect N Care IPO

Name: Kfin Technologies Ltd. 

Phone: 040-79615565

Email: credentconnect.ipo@kfintech.com

How To Check the Allotment Status of the Credent Connect N Care IPO?

Steps to check IPO allotment status on Angel One’s app:

1. Log in to the Angel One app.
2. Go to the IPO Section and then to IPO Orders.
3. Select the individual IPO that you had applied for and check the allotment status.
4. Angel One will notify you of your IPO allotment status via push notification and email.

How To Apply for Credent Connect N Care IPO Online?

1. Login to Your Angel One Account: Open the Angel One app or website and log in with your credentials.
2. Locate the IPO Section: Navigate to the 'IPO' section on the platform.
3. Select IPO: Find and select the Credent Connect N Care IPO from the list of open IPOs.
4. Enter the Lot Size: Specify the number of lots you want to bid for.
5. Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application.
6. Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN.

Contact Details of Credent Connect N Care IPO

Address: B-3, Second Floor, Nimri Commercial Complex, Ashok Vihar, Phase-4, Delhi, New Delhi, 110052

Phone: +91-9971777199

Email: cs@c3logistics.co.in