Nephrocare Health IPO: Price, Analysis, Allotment, And GMP

Nephrocare Health IPO - Company Analysis

Nephrocare Health IPO, a Mainboard IPO, is a bookbuilding issue of Rs. 871.05 Cr by Nephrocare Health Services Ltd., which delivers end-to-end dialysis care through a vast network of clinics across India and certain overseas markets. With the help of an internal pharmacy, the organization provides services like diagnostics, hemodialysis, home and mobile dialysis, and wellness initiatives.

During Fiscal 2025, Nephrocare serviced 29,281 patients and completed 2,885,450 dialysis treatments, accounting for nearly 10% of the country's entire dialysis patient base.  Furthermore, as of September 30, it had done 1,591,377 treatments and serviced 31,046 patients in India.

Nephrocare has formed strategic partnerships with prominent hospital chains, such as Max Super Speciality Hospital, Fortis Escorts Hospitals, Care Hospitals, Wockhardt Hospitals, Paras Healthcare, The Calcutta Medical Research Institute, Jehangir Hospital, and Ruby Hall Clinic, to operate in-house dialysis facilities.

Nephrocare Health IPO Details

The Nephrocare Health Ltd IPO open date is from Dec 10 to Dec 12, with IPO allotment on Dec 15, refund initiation on Dec 16, 2025.

The Rs. 871.05 Cr mainline IPO comprises a combination of fresh issue of 0.77 crore shares (Rs. 353.40 Cr) and offer for sale of 1.13 crore shares (Rs. 517.64 Cr).

The Nephrocare Health IPO listing date might be on Wednesday, 17 December 2025, and it will be listed at the BSE and NSE.

The Nephrocare Health IPO price band is Rs. 438 to Rs. 460 for each Share. 

Events	Date
IPO Opening Date	December 10, 2025
IPO Closing Date	December 12, 2025
IPO Allotment Date	December 15, 2025 (Tentative)
Refund Initiation	December 16, 2025 (Tentative)
Tentative IPO Listing Date	December 17, 2025

 

Industry Outlook

If you want to apply for the IPO, click to open a Demat Account.

 

Company Financial 

(Amount in Cr)

Period Ended	31 Mar 2025	31 Mar 2024	31 Mar 2023
Assets	996.46	806.02	666.23
Total Income	769.92	574.72	443.26
PAT	67.10	35.13	-11.79
EBITDA	166.64	99.66	48.60
Net Worth	594.21	423.55	384.73
Reserves & Surplus	578.68	408.57	383.50
Total Borrowing	225.80	243.37	196.21

 

Cash Flows

The cash flows for various activities are shown below:

(Amount in Mn)

Net Cash Flow In Multiple Activities	FY25	FY24	FY23
Net Cash Flow Operating Activities	1,353.47	722.80	112.69
Net Cash Flow Investing Activities	(1,250.73)	(506.60)	(782.06)
Net Cash Flow Financing Activities	543.71	267.39	599.66

 

Revenue Bifurcation 

(Source RHP)

The Objective of The Issue

• Capital expenditure by the Company for opening new dialysis clinics in India. ~ Rs. 129.11 Cr.

• Pre-payment, or scheduled repayment, in full or part, of certain borrowings availed by the Company. ~ Rs. 136 Cr.

Click to check the IPO application status.

Listed Peers of Nephrocare Health Ltd.

Company Name	Face Value (₹)	EPS (₹)	P/E (x)
Jupiter Life Line Hospitals	10	29.47	51.10
Rainbow Children Hospital	10	23.97	56.84
Dr. Agarwal’s Healthcare	1	2.80	179.42
Dr. Lal Path Labs	10	28.09	52.47
Metropolis Healthcare	2	28.29	69.48
Vijaya Diagnostics	10	13.95	73.14

 

Valuation

KPI	Values
ROE	13.45%
ROCE	18.67%
RoNW	13.19%
PAT Margin	8.88%
EBITDA Margin	22.05%
PB Value	7.72

 

 

Evaluation of P/E Ratio

The company's IPO price of Rs. 460 corresponds to a P/E multiple of 55.55x based on FY25 EPS of Rs. 8.28.

Explore the Corona Remedies IPO.

IPO's Strengths

• India's and Asia's largest dialysis chain, leading throughout our markets.

• Scale, paired with an asset-light approach, is driving cost efficiencies and operational efficiency.

• Using cutting-edge technologies and practices to promote clinical excellence and quality.

• Organic development augmented by an established track record of acquisitions and integration in India and abroad.

• Leading investors support an experienced management team and patient-focused leadership.

IPO Weaknesses

• Dialysis Services pose significant operational, medical, and legal risks.

• Challenges include reliance on regulatory approvals in India.

• Abroad, equipment failures and technological risks.

Nephrocare Health IPO GMP 

Nephrocare Health IPO GMP today has not started yet as of 04 Dec 2025, while writing this information.

Nephrocare Health Limited IPO Summary

IPO Opening & Closing Date	Dec 10, 2025 to Dec 12, 2025
Face Value	Rs. 2 per Share
Issue Price	Rs. 438 to Rs. 460
Lot Size	32 Shares
Issue Size	1,89,35,819 Shares (Rs. 871.05 Cr)
Offer for Sale	1,12,53,102 Shares (Rs. 517.64 Cr)
Fresh Issue	76,82,717 Shares (Rs. 353.40 Cr)
Listing At	BSE, NSE
Issue Type	Book Built Issue IPO
Registrar	Kfin Technologies Ltd.

Nephrocare Health IPO Lot Size

The Nephrocare Health Ltd. IPO allows retail investors to invest in a minimum and maximum of 1 Lot (32 Shares) amounting to Rs. 14720 and 13 Lots (416 Shares) amounting to Rs. 191360, respectively, while for S-HNI investors, the minimum Lot is 14 (448 Shares) amounting to Rs. 206080.

Minimum Lot Investment (Retail)	1 Lot
Maximum Lot Investment (Retail)	13 Lots
SHNI (Minimum)	14 Lots
SHNI (Maximum)	67 Lots
BHNI (Minimum)	68 Lots

Nephrocare Health IPO Reservation

Institutional Share Portion	50%
Retail Investors' Share Portion	35%
Non-Institutional Shares Portion	15%

Nephrocare Health IPO Allotment Status

To check the Nephrocare Health IPO allotment status, visit the official Registrar’s website or the BSE website. Below are the website links for you.

Using BSE Website - ​BSE IPO allotment status

Promoters And Management of Nephrocare Health Ltd.

• Vikram Vuppala

• Bessemer Venture Partners Trust

• Edoras Investment Holdings Pte. Ltd.

• Healthcare Parent Limited

• Investcorp Private Equity Fund II

• Investcorp Growth Opportunity Fund.

Pre-Issue Promoter Shareholding	78.90%
Post-Issue Promoter Shareholding	71.49%

 

Nephrocare Health IPO Lead Managers

• ICICI Securities Ltd.

• Ambit Pvt. Ltd. 

• IIFL Capital Services Ltd. 

• Nomura Financial Advisory & Securities (India) Pvt. Ltd.  

Dividend Policy

The company has not paid a dividend during the past three financial years.

 

Conclusion

Investors can gain access to the biggest dialysis network in India through the Nephrocare Health IPO, which is supported by robust growth, increasing demand, and an asset-light development strategy. Long-term promise in the healthcare services sector is shown by its steady revenue growth and increasing profitability. Investors should, however, take into account the dialysis industry's high valuations, operational risks and regulatory requirements. 

Finowings IPO Analysis

Hope you enjoyed the Finowings IPO Analysis. We tried our best to give every required detail about the company that you should know before applying to the IPO. 

You must consult your financial advisor before making any financial decisions. 

To Apply for the IPO, Click Here.

To Read the Prospectus of the Company Click Here to Download the DRHP.

Click Here To Stay Updated With The Upcoming IPOs.

DISCLAIMER: This blog is NOT any buy or sell recommendation. No investment or trading advice is given. The content is purely for educational and information purposes only. Always consult your eligible financial advisor for investment-related decisions.