Nephrocare Health IPO, valued at ₹871.05 crore, is a book-built issue comprising both fresh equity and an offer for sale (OFS). The company will issue 0.77 crore new shares worth ₹353.40 crore, while existing shareholders plan to offload 1.13 crore shares totalling ₹517.64 crore.
The IPO will be open for subscription from December 10 to December 12, 2025, with the allotment expected on December 15, 2025. The shares are scheduled to list on the BSE and NSE on December 17, 2025.
Nephrocare Health has set a price band of ₹438–₹460 per share, and the lot size is 32 shares. For retail investors, the minimum investment, based on the upper price band, comes to ₹14,720. For the NII category, the minimum bid size is 14 lots (448 shares) amounting to ₹2,06,080 for sNII, and 68 lots (2,176 shares) totaling ₹10,00,960 for bNII.
ICICI Securities Ltd is acting as the book-running lead manager, while Kfin Technologies Ltd is the registrar for the offering. Refer to Nephrocare Health IPO RHP for complete details.
Nephrocare Health IPO Objectives
The company plans to utilise the Net Proceeds from the issue for the following purposes:
- ₹1,291.06 million will be allocated towards capital expenditure for setting up new dialysis clinics across India.
- ₹1,359.99 million is earmarked for the pre-payment or partial/complete repayment of specific borrowings taken by the company.
- For general corporate purposes.
About Nephrocare Health Services Limited
Nephrocare Health offers comprehensive dialysis care through its extensive network of clinics, covering everything from diagnosis to treatment and wellness programs, including haemodialysis, home dialysis, mobile dialysis, and pharmacy-supported services.
It is India’s largest dialysis service provider in Fiscal 2025 in terms of patients served, number of clinics, geographic presence, treatments performed, revenue, and EBITDA (excluding other income), standing 4.4 times larger than the next biggest organised player in operating revenue in Fiscal 2024.
In Fiscal 2025, the company served 29,281 patients and completed 2,885,450 treatments in India, accounting for around 10% of the country’s total dialysis patients. By September 30, 2025, Nephrocare Health had served 31,046 patients and completed 1,591,377 treatments. It is also the largest dialysis service provider in Asia in 2025 and ranks fifth globally based on the number of treatments performed in Fiscal 2025.
Nephrocare Health is the only Indian dialysis services provider to have expanded internationally, operating a global network of 519 clinics, including 51 overseas facilities across the Philippines, Uzbekistan, and Nepal as of September 30, 2025.
Within India, it has the most widely distributed dialysis network, present across 288 cities in 21 States and four Union Territories. Notably, 77.35% of its clinics are located in tier II and tier III regions, reinforcing its deep presence beyond major urban centres.
While nearly 90% of India’s dialysis facilities are concentrated in urban areas, Nephrocare Health has built a strong footprint in tier II and tier III locations with 128 and 234 clinics, respectively, as of September 30, 2025. Internationally, the company continues to grow through partnerships with hospitals, acquisitions, and public-private collaborations.
It operates 51 international clinics, 41 in the Philippines, six in Nepal, and four in Uzbekistan, and runs the largest dialysis clinic globally in Uzbekistan.
Additionally, Nephrocare Health enhances patient accessibility with services such as holiday dialysis, dialysis on call, and dialysis on wheels, reflecting its commitment to delivering care wherever and however patients need it.
Industry Outlook
- The Indian dialysis service market is projected to grow from USD 818 million in 2024 to USD 1,979 million by 2029 at a CAGR of 19.3%, with organised players accounting for 20% of the market and standalone private and government clinics covering the remaining 80%.
- The broader Indian healthcare industry is estimated at USD 443 billion in 2024 and is expected to reach USD 1,057 billion by 2029, growing at a CAGR of 19.0%, driven by expanding healthcare infrastructure and rising demand for quality services.
- Within the healthcare sector, the medical device segment is expected to witness the fastest growth at a CAGR of 20.4% between 2024 and 2029, followed by hospitals at 18.2%, diagnostics at 13.0%, and pharmaceuticals at 12.2%, highlighting strong investment opportunities across healthcare verticals.
How To Apply for the Nephrocare Health IPO Online?
- Login to Your Angel One Account: Open the Angel One app or website and log in with your credentials.
- Locate the IPO Section: Navigate to the 'IPO' section on the platform.
- Select IPO: Find and select the Nephrocare Health IPO from the list of open IPOs.
- Enter the Lot Size: Specify the number of lots you want to bid for.
- Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application.
- Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN.
How To Check the Allotment Status of Nephrocare Health IPO?
Steps to check IPO allotment status on Angel One’s app:
- Log in to the Angel One app.
- Go to the IPO Section and then to IPO Orders.
- Select the individual IPO that you had applied for and check the allotment status.
- Angel One will notify you of your IPO allotment status via push notification and email.
Contact Details of Nephrocare Health Limited
Registered office: 5th Floor, D Block, iLabs Centre, Plot 18, Software Units Layout, Survey No. 64, Madhapur, Shaikpet, Hyderabad 500 081, Telangana, India.
Phone: +91 40 4240 8039
Email: cs@nephroplus.com
Nephrocare Health IPO Reservation
| Application Category | Maximum Bidding Limits |
| Only RII | Up to ₹2 Lakhs |
| Only sNII | ₹2 Lakhs to ₹10 Lakhs |
| Only bNII | ₹10 Lakhs to NII Reservation Portion |
| Only Employee | Up to ₹2 Lakhs |
| Employee + RII/NII | Employee limit: Up to ₹2 Lakhs (discount in certain cases) If applying as RII: Up to ₹2 Lakhs If applying as NII: sNII > ₹2 Lakhs and up to ₹10 Lakhs, bNII > ₹10 Lakhs |
Nephrocare Health IPO Lot Size Details
| Application | Lots | Shares | Amount |
| Individual investors (Retail) (Min) | 1 | 32 | ₹14,720 |
| Individual investors (Retail) (Max) | 13 | 416 | ₹1,91,360 |
| HNI (Min) | 14 | 448 | ₹2,06,080 |
Nephrocare Health IPO Promoter Holding
The promoters of the company include Vikram Vuppala, Bessemer Venture Partners Trust, Edoras Investment Holdings Pte. Ltd., Healthcare Parent Limited, Investcorp Private Equity Fund II, and Investcorp Growth Opportunity Fund.
| Share Holding Pre-Issue | 78.90% |
| Share Holding Post Issue | 71.49% |
Note: Equity dilution will be determined by subtracting the Shareholding Post Issue from the Shareholding Pre Issue.
Key Performance Indicators for Nephrocare Health IPO
| KPI | Value (FY 2025) |
| RoNW (%) | 13.19 |
| RoE (%) | 13.45 |
| PAT Margin (%) | 8.88 |
| EBITDA Margin (%) | 22.05 |
Nephrocare Health IPO Registrar and Lead Managers
Nephrocare Health IPO Lead Managers
- ICICI Securities Ltd
- Ambit Pvt Ltd
- IIFL Capital Services Ltd
- Nomura Financial Advisory & Securities (India) Pvt Ltd
Registrar for Nephrocare Health IPO
Kfin Technologies Ltd
- Phone: 04067162222, 04079611000
- Email: nephrocare.ipo@kfintech.com
Financial Performance of Nephrocare Health Limited
| Particulars | Six Months Ended Sep 30, 2025 | FY Ended Mar 31, 2025 | FY Ended Mar 31, 2024 | FY Ended Mar 31, 2023 |
| Equity Share Capital (₹ million) | 36.18 | 17.65 | 17.49 | 17.40 |
| Revenue from Operations (₹ million) | 4,735.01 | 7,558.12 | 5,661.55 | 4,372.95 |
| Profit / (Loss) (₹ million) | 142.28 | 670.96 | 351.33 | (117.89) |
| Total Borrowings (₹ million) | 2,070.39 | 2,258.02 | 2,433.65 | 1,962.08 |
| Net Worth (₹ million) | 7,160.58 | 5,942.05 | 4,235.52 | 3,847.31 |
Peer Comparison
| Company Name | P/E | Revenue from Operations (₹ million) | RoNW (%) |
| Nephrocare Health Services Limited | NA | 7,558.12 | 13.19 |
| Narayana Health | 45.21 | 54,829.77 | 21.77 |
| Jupiter Life Line Hospitals | 51.10 | 12,615.45 | 14.27 |
| Rainbow Children Hospital | 56.84 | 15,158.66 | 16.56 |
| Dr. Agarwal’s Healthcare | 179.42 | 17,110.00 | 5.73 |
| Dr. Lal Path Labs | 52.47 | 24,614.00 | 22.30 |
| Metropolis Healthcare | 69.48 | 13,312.02 | 10.90 |
| Vijaya Diagnostics | 73.14 | 6,813.90 | 17.99 |
Strengths and Opportunities of Nephrocare Health Limited
- Nephrocare Health is India’s largest dialysis service provider by patients served, number of clinics, cities covered, treatments performed, revenue, and EBITDA in Fiscal 2025, and the largest in Asia and fifth globally based on treatments.
- The company has a diversified and scalable network of 519 clinics across India, Nepal, the Philippines, and Uzbekistan, with presence in 288 cities in India as of September 30, 2025.
- Asset-light business model allows efficient establishment and operation of clinics with lower costs compared to other healthcare services, enhancing profitability.
- Strong focus on quality and protocol-led approach ensures improved clinical outcomes and patient life expectancy.
- Experienced leadership, including founders Vikram Vuppala and Kamal D. Shah, backed by a management team with deep healthcare expertise in renal care.
- Expansion within India by establishing new dialysis clinics, particularly in tier II and tier III cities, to increase patient access and strengthen geographic footprint.
- Selective international growth through strategic acquisitions and partnerships in markets like the Philippines and Uzbekistan to strengthen network and offerings.
- Commitment to ESG initiatives and sustainability provides opportunity to build a socially responsible brand and attract investors and patients who value long-term healthcare solutions.
Risks and Threats of Nephrocare Health Limited
- Significant revenue comes from captive clinics; contract cancellations could affect operations and income.
- Revenue from PPP contracts may decline if the company fails to qualify or win government tenders.
- Operational, medical, and reputational risks arise from failure to maintain dialysis quality standards.
- Dependence on skilled healthcare professionals; inability to attract or retain them can impact services.
- Expansion challenges in existing and new cities could limit growth and financial performance.
- Business interruptions at standalone, captive, or PPP clinics may cause losses and reputational damage.
- Non-compliance with safety, health, and environmental regulations may increase costs and affect competitiveness.
- Exposure to interest rate and foreign exchange fluctuations can adversely impact financial results.
