Nephrocare Health Services Limited, the company behind Asia’s largest dialysis network NephroPlus, has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI), paving the way for an initial public offering (IPO) aimed at raising ₹353.4 crore through a fresh issue of equity shares.
According to the DRHP, the Hyderabad-headquartered healthcare provider’s IPO will consist of a fresh issue along with an Offer for Sale (OFS) of up to 1.27 crore equity shares by existing shareholders.
Nephrocare Health Services IPO will be an OFS, whch will include shares offloaded by promoter entities such as Investcorp Private Equity Fund II, Healthcare Parent Limited, Investcorp Growth Opportunity Fund, and Edoras Investment Holdings Pte. Ltd. Additional selling shareholders include Investcorp India Private Equity Opportunity Limited, International Finance Corporation, and funds managed by 360 One, specifically Series 9 and Series 10 of the Special Opportunities Fund.
The company, in consultation with the Book Running Lead Managers (BRLMs), is also considering a pre-IPO placement of up to ₹70.6 crore. Should this placement be executed, the size of the fresh issue will be adjusted accordingly.
Established in 2009, Nephrocare Health Services operates under the NephroPlus brand and claims the title of the largest dialysis provider in Asia and the 5th largest globally, in terms of treatments conducted in FY25, as per a report by F&S. The company manages a robust network of 447 clinics across 269 cities in 21 states and four Union Territories, catering to more than 33,000 patients annually.
Sahajanand Medical Technologies (SMT) Limited, a key player in advanced vascular and structural heart intervention devices, has also filed its DRHP with SEBI on July 25, 2025, seeking to raise funds through a pure Offer for Sale (OFS).
The company’s equity shares are set to be listed on both the NSE and BSE, with Motilal Oswal Investment Advisors, Avendus Capital, HSBC Securities, and Nuvama Wealth Management acting as Book Running Lead Managers. MUFG Intime India has been appointed as the registrar for the offering.
The proposed public offering includes a sale of up to 2.76 crore equity shares with a face value of Re 1 each. Key stakeholders participating in the OFS include Shree Hari Trust and Dhirajkumar Savjibhai Vasoya (offloading up to 27 lakh shares each), Samara Capital Markets Holding Limited (up to 1.29 crore shares), Kotak Pre-IPO Opportunities Fund (26.15 lakh shares), and NHPEA Sparkle Holding B.V. (66.7 lakh shares).
The IPO will follow a book-building process, reserving up to 50% of the issue for Qualified Institutional Buyers (QIBs), with at least 15% earmarked for non-institutional investors and 35% for retail investors. An additional reservation is available for eligible employees at a discounted rate.
Also Read: Upcoming IPO: Oswal Energies Files DRHP with SEBI to Raise Funds via IPO
Founded in 2001 by Dhirajlal Kotadia, SMT has grown into a leading developer of cutting-edge medical devices focused on treating cardiovascular conditions. Prominent investors include Ashish Kacholia, Samara Capital, Kotak’s Pre-IPO Fund, and Plutus Wealth Management LLP.
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.
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Published on: Jul 28, 2025, 11:32 AM IST
Sachin Gupta
Sachin Gupta is a Content Writer with 6+ years of experience in the stock market, including global markets like the US, Canada, and Australia. At Angel One, Sachin specialises in creating financial content that simplifies complex market trends. Sachin holds a Master's in Commerce, specialising in Economics.
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