IPO Alert: NephroPlus to Open for Subscription on December 10, 2025

Nephrocare Health Services Ltd, known as NephroPlus, will open its initial public offering(IPO) on December 10 and close on December 12, 2025. Anchor bidding is scheduled for December 9, according to the Red Herring Prospectus.  

The offer includes a fresh issue of ₹353.4 crore and an Offer for Sale of up to 1.12 crore shares. A pre-IPO placement of ₹70.6 crore may also be considered. The equity shares are proposed to list on the NSE and BSE. 

Selling Shareholders and Lead Managers 

Promoter groups such as Investcorp Private Equity Fund II, Healthcare Parent Ltd., Investcorp Growth Opportunity Fund and Edoras Investment Holdings Pte Ltd will sell shares through the OFS.  

Other participating investors include Investcorp India Private Equity Opportunity, International Finance Corporation, and 360 One Special Opportunities Fund Series 9 and 10. The issue will be managed by ICICI Securities, Ambit, IIFL Capital Services and Nomura, while KFin Technologies will serve as registrar. 

Allocation of Proceeds 

As per PTI, from the fresh issue, ₹129.1 crore is set aside for opening new dialysis clinics and ₹136 crore for repayment or pre-payment of borrowings.  

The remaining proceeds will be used for general corporate purposes. The company mentions in its prospectus that listing will help establish a wider market for its shares. 

Operations and Scale 

NephroPlus, founded in 2009, operates a large dialysis network across the country. As of March 31, it ran 447 clinics in 269 cities across 21 states and four Union Territories. The company treats around 33,000 patients each year and holds a revenue market share of over 50% in the organised dialysis segment by treatments.  

Its services include haemodialysis, home haemodialysis, hemodiafiltration and mobile options such as dialysis on call and dialysis on wheels. 

Financials and International Presence 

The company operated more than 5,000 dialysis machines and completed over 3.3 million treatments as of March 31. Its footprint includes clinics in the Philippines, Nepal, Uzbekistan and its recent entry into Saudi Arabia, with a total international count of 51 clinics as of September 2025.  

In FY25, NephroPlus reported revenue from operations of ₹755.8 crore and a profit after tax of ₹67 crore. 

Read More: Oyo Parent Prism Seeks Shareholder Approval for IPO Worth ₹6,650 Crore! 

Conclusion 

The IPO brings together a fresh capital raise and share sales by existing investors as the company outlines its expansion and repayment plans. 

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions.