- The IPO will close on Friday, December 12
- Anchor investors can bid a day earlier, on Tuesday, December 9
- The Price Band has been fixed at ₹438-₹460 per Equity Share
NE BUSINESS BUREAU
AHMEDABAD, DEC 5
The IPO of Hyderabad based NephroPlus – Asia’s largest dialysis services provider and fifth largest globally (in terms of number of treatments performed in Fiscal 2025), will open for subscription on Wednesday, December 10, and close on Friday, December 12.
The anchor-bidding of the company, which is valued at over ₹4,600 crore, will be on Tuesday, December 9
The Price Band has been fixed from ₹438 per Equity Share to ₹460 per Equity Share. There is a discount of ₹41 per Equity Share being offered to Eligible Employees.
The minimum application lot is 32 shares, which will translate to a minimum investment of ₹14,720 for retail investors.
The IPO is a combination of a fresh issue of equity shares aggregating up to ₹353.4 crore and an offer for sale of up to 1,12,53,102 equity shares valued at ₹517.6 crore at the upper end by the selling shareholders.
The promoters, Investcorp Private Equity Fund II, Healthcare Parent, Investcorp Growth Opportunity Fund, Edoras Investment Holdings Pte. Ltd, along with other shareholders, Investcorp India Private Equity Opportunity, International Finance Corporation and 360 One Special Opportunities Funds, will offload shares as a part of the OFS.
NephroPlus, whose 165-bedded dialysis clinic in Tashkent, Uzbekistan is the largest dialysis clinic globally, proposes to utilize ₹129.1 crore from the Net Proceeds of the Fresh Issue towards capital expenditure for opening new dialysis clinics in India and ₹136 crore for pre-payment or scheduled repayment of certain borrowings.
According to Group Chief Executive Officer Rohit Singh, the company aims not only to scale its operations but also to strengthen access to high-quality dialysis, create stand-alone facilities for immunocompromised patients, and eventually invest in preventive care programmes for chronic kidney disease (CKD), a move that could significantly reduce the long-term disease burden.
“With only 10 per cent of patients in India who reach CKD stage 5 currently receiving dialysis, the need for accessible, high-quality services is immense,” Singh said. “Our goal is to scale sustainably, both in India and internationally, while maintaining the quality of care that patients deserve.”
NephroPlus, incorporated in 2009, is the largest organized dialysis service network in India with pan-India network of clinics across 288 cities across 21 States and 4 Union Territories. It has a global network of 519 clinics, including 51 clinics across the Philippines, Uzbekistan and Nepal.
It offers haemodialysis, with capabilities such as home haemodialysis, hemodiafiltration, holiday dialysis, dialysis on call, and dialysis on wheels, ensuring patients have access to the most suitable and convenient treatment options.
Financially, NephroPlus reported revenue from operations of ₹755.8 crore and profit after tax of ₹ 67 crore in FY25. For the six months ended September 2025, reported profit was ₹14.2 crore on turnover of ₹473.5 crore, indicating continued performance momentum.
In Fiscal 2024, the Indian dialysis service market was valued at USD 818 million, and it is expected to reach about USD 1,979 million in 2029.
NephroPlus is expected to list on both the BSE and NSE.
ICICI Securities, Ambit, IIFL Capital Services, and Nomura Financial Advisory and Securities are acting as the lead managers.
