Nephroplus IPO Opens Dec 10: Important Details & What Investors Must Know

December 4, 2025: Nephrocare Health Services Ltd. has announced its public issue opening on December 10, 2025, with subscription open until December 12, 2025. The IPO is a combination of fresh issue and offer for sale, with a total size of ₹871.05 crore. 

The IPO price band is set at ₹438-₹460 per share, and the lot size for retail investors is 32 shares, translating to a minimum investment of ₹14,720 at the upper band. The IPO will be listed on BSE and NSE, with a tentative listing date of December 17, 2025.

Nephrocare Health Services Ltd. provides end-to-end dialysis care through a wide network of clinics across India and select international markets. The company offers services including diagnosis, haemodialysis, home and mobile dialysis, and wellness programs, supported by an in-house pharmacy. Nephrocare operated 519 clinics with 51 across the Philippines, Uzbekistan, and Nepal. In India, the company had a presence across 288 cities in 21 States and 4 Union Territories. Approximately 77.53% of its clinics were located in tier II and tier III cities, addressing a critical need in underserved regions.

ICICI Securities Ltd. is the book running lead manager and Kfin Technologies Ltd. is the registrar of the issue.

Lots Size and Reservation

Nephrocare Health IPO lot size for an application is 32. The minimum amount of investment required by a retail is ₹14,720 (32 shares) (based on upper price). The lot size investment for sNII is 14 lots (448 shares), amounting to ₹2,06,080, and for bNII, it is 68 lots (2,176 shares), amounting to ₹10,00,960.

The Nephrocare Health IPO has allocated shares across investor categories based on regulatory norms. Qualified Institutional Buyers (QIBs) have been offered up to 50% of the net issue, while retail investors are guaranteed at least 35% of the net offer. The Non-Institutional Investors (NII) segment has been allocated a minimum of 15% of the net issue, ensuring a balanced participation across institutional and retail investors in the IPO.

Use of Proceeds 

The Nephrocare Health IPO intends to utilise the net proceeds from the issue for specific objectives. A portion of the funds, ₹129.11 crore, will be allocated for capital expenditure to open new dialysis clinics across India. Another ₹136.00 crore is planned for pre-payment or scheduled repayment of certain borrowings, either in full or in part. The remaining proceeds will be used for general corporate purposes, supporting the company’s overall operations and strategic growth initiatives.

Financial Performance

Nephrocare Health Services Ltd. reported a 34% increase in revenue and a 91% rise in profit after tax (PAT) between the financial years ending March 31, 2024, and March 31, 2025. As of 31 March 2025, the company’s total income stood at ₹769.92 crore, with PAT at ₹67.10 crore, up from ₹574.72 crore and ₹35.13 crore, respectively, the previous year. EBITDA improved to ₹166.64 crore, and net worth rose to ₹594.21 crore. Total assets increased to ₹996.46 crore, while total borrowings slightly decreased to ₹225.80 crore, reflecting a stronger financial position.

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