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Nephrocare Health Services Ltd IPO

We offer comprehensive dialysis care through our network of clinics from diagnosis to treatment and wellness programs including haemodialysis, home and mobile dialysis, supported by pharmacy. We are India's largest dialysis service provider in terms of number of patients served, clinics, cities covered, treatments performed, revenue, and EBITDA (excluding other income) in Fiscal 2025. (Source: F&S Report) In Fiscal 2025, we served 29,281 patients and completed 2,885,450 treatments in India which represented approximately 10% of the total dialysis patients in India. We have a global network of 519 clinics and are the most widely distributed dialysis network in India with an extensive pan-India network of clinics across 288 cities, as of September 30, 2025 (Source: F&S Report) and 21 States and four Union Territories. In the six months period ended September 30, 2025 and Fiscal 2025, 2024, and 2023, our revenue from operations was Rs. 4,735.01 million, Rs. 7,558.12 million, Rs. 5,661.55 million and Rs. 4,372.95 million, respectively, highest amongst major organized dialysis service chains in India (Source: F&S Report). Our Profit / (loss) for the period / year was Rs. 142.28 million, Rs. 670.96 million, Rs. 351.33 million and Rs. (117.89) million in the six months period ended September 30, 2025, Fiscals 2025, 2024 and 2023, respectively. Our EBITDA (excluding other income) has consistently increased and was Rs. 1,103.10 million, Rs. 1,666.37 million, Rs. 996.58 million and Rs. 485.95 million in the six months period ended September 30, 2025, Fiscals 2025, 2024 and 2023, respectively.

Nephrocare Health Services Ltd IPO Details

Total Shares Offered

₹ 1,89,35,819

Offer to Public

1,12,53,102

Retail Max (Shares)

₹ 66,00,906

Pre Issue Promoters Holding

₹ 7,31,03,833

Exchange

BSE

Issue size

₹ 871.05 Cr

IPO Open Date

Dec 10, 2025

Close Date

Dec 12, 2025

Lot Size

Min Investment

₹ 14,016

Issue Type

Book Building

Listing Date

Dec 17, 2025

Nephrocare Health Services Ltd IPO Dates

Dec 10, 2025

Opening date

Dec 12, 2025

Closing date

Dec 15, 2025

Basis of Allotment

Dec 16, 2025

Initiation of Refunds

Dec 16, 2025

Credit of Shares

Dec 17, 2025

Listing date

Details

Sector	Type
Sector	Healthcare
Sub Sector	NA
Issue Type	Book Building

Subscription Status

*Values are in Lakhs

Investor Type	Subscription Times	Shares Offered*	Shares Bid*
QIB	10.72x	9429866	101069088
NII	24.76x	2828960	70051008
Retail	2.35x	6600906	15538304
Employee	3.09x	76087	235136
Total	9.87x	18935819	186893536

Investor Type

QIB

NII

Retail

Employee

Total

Subscription Times

10.72x

24.76x

2.35x

3.09x

9.87x

9429866

2828960

6600906

76087

18935819

101069088

70051008

15538304

235136

186893536

Nephrocare Health Services Ltd Financial Status

Income Statement

Particulars (In Rs. Crores)

Balance Sheet

Particulars (In Rs. Crores)

Particulars (in Rs. Crores)	FY23	FY22	FY21
Revenue from operations	755.81	566.16	437.30
EBITDA	147.08	85.68	68.94
PAT	34.24	3.88	-15.47
Total Assets	298.48	277.30	305.25
Share Capital	5.43	5.14	5.14
Total Borrowings	176.53	296.68	370.06
Operating Activities (Net Cash)	85.10	46.61	25.44
Investing Activities (Net Cash)	208.05	147.88	145.30
Financing Activities (Net Cash)	176.53	296.68	370.06
Net Cashflow	33.42	1.64	3.22

About Nephrocare Health Services Ltd

Our Company was incorporated as Nephrocare Health Services Private Limited, a private limited company under the Companies Act, 1956, at Hyderabad with a certificate of incorporation issued by the Assistant Registrar of Companies, Andhra Pradesh (RoC Andhra Pradesh) on December 18, 2009. Pursuant to resolutions dated April 11, 2025 and June 2, 2025 passed by our Board and Shareholders, respectively, our Company was converted into a public limited company and consequently, the name of our Company was changed to Nephrocare Health Services Limited with a fresh certificate of incorporation dated June 18, 2025 issued by the Registrar of Companies, Central Registration Centre.

The global revenue from dialysis services was estimated to be around USD 75.20 billion in 2024 and it is estimated to grow at a CAGR of 7.1% during the forecast period (2024 to 2029) to reach around USD 106.2 billion by 2029 driven by factors such as increasing prevalence of CKD, improved diagnosis of ESRD and increasing access to dialysis service. The total number of dialysis patients is expected to increase from 0.28 million in 2024 to 0.52 million by 2029, growing at a CAGR of 12.7%.

Peer Comparison:

Nephrocare Health Services Limited
Narayana Health Insurance Ltd
Jupiter Life Line Hospitals Ltd
Rainbow Children's Hospital Pvt Ltd
Dr Agarwal's Health Care Ltd
Dr Lal Pathlabs Ltd
Metropolis Healthcare Ltd
Vijaya Diagnostic Centre Ltd

Nephrocare Health Services Ltd Key Points

Strengths

India's and Asia's largest dialysis chain with leadership across our 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.

Risk

The company derive a portion of its revenue from operations from the company captive clinics, which are defined as the company dialysis clinics operated within private hospital premises under contractual arrangement, and such captive clinics accounted for 36.51%, 43.30%, 51.96% and 62.23% of its revenue from operations in the six months period ended September 30, 2025 and Fiscals 2025, 2024 and 2023, respectively. If the company contracts for operating captive clinics are cancelled or if its unable to renew or retain similar revenue and operational arrangements, the company business may be materially and adversely affected.

The company operate a number of its dialysis clinics under public private partnership (PPP) contracts awarded by government agencies through a competitive bidding process. Such contracts accounted for 30.96%, 32.62%, 29.24% and 22.39% of the company revenue from operations in the six months period ended September 30, 2025 and Fiscals 2025, 2024 and 2023, respectively. There can be no assurance that the company will qualify for, or that the company will successfully compete and win such tenders, which could have an adverse impact on the company business prospects, results of operations, financial condition and cash flows.

Its subject to various operational, reputational, medical and legal risks associated with the operations of the company dialysis services. Failure to establish and comply with appropriate quality standards when performing dialysis services could result in litigation and liability for it and could materially and adversely affect the company reputation and results of operations.

Strategy

Continue to consolidate our 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 our network scale to drive supply chain benefits and profitability.

Continue to focus on innovation-led digital healthcare to enhance convenience, efficiency and reach.

How To Apply for Nephrocare Health Services Ltd IPO Online?

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FAQs on IPO (Initial Public Offering)

What is the issue size of the Nephrocare Health Services Ltd IPO?

Nephrocare Health Services Ltd's IPO offers shares for up to 353.41 It begins on Dec 10, 2025 and ends on Dec 12, 2025.

What is the price of the Nephrocare Health Services Ltd IPO?

The price of Nephrocare Health Services Ltd IPO ranges between ₹438 to ₹460 per share.

What are the open and close dates for the Nephrocare Health Services Ltd IPO?

The Nephrocare Health Services Ltd IPO opens on Dec 10, 2025 and closes on Dec 12, 2025.

When will the Nephrocare Health Services Ltd IPO be allotted?

The allotment for the Nephrocare Health Services Ltd IPO will be finalised on Dec 15, 2025. The shares will be listed on BSE and NSE on Dec 17, 2025.

What is the minimum lot size required for Nephrocare Health Services Ltd IPO?

The minimum lot size for Nephrocare Health Services Ltd IPO is 32 shares, priced between ₹438 to ₹460 per share.

What is the GMP of Nephrocare Health Services Ltd IPO?

The GMP (Grey Market Premium) of Nephrocare Health Services Ltd IPO fluctuates based on market demand and sentiment.

How do you check the allotment status of Nephrocare Health Services Ltd IPO?

To check the allotment status of Nephrocare Health Services Ltd IPO, visit the registrar's website, select the IPO, enter your PAN Card number, Application Number, or DP Client ID, and click 'search.'

Where is the Nephrocare Health Services Ltd IPO getting listed?

The Nephrocare Health Services Ltd IPO is getting listed on the BSE and NSE. Bidding opens on Dec 10, 2025, and closes on Dec 12, 2025. The allotment is finalised on Dec 15, 2025.

How do you apply for the Nephrocare Health Services Ltd IPO?

To apply for the Nephrocare Health Services Ltd IPO, download the BlinkX app, complete KYC, select the IPO, enter bid details, and submit. Verify UPI payment for shares allotment.