Nephrocare Health Services IPO Listing: Healthy Start On NSE, BSE, Shares Debut With Nearly 7% Premium

Healthcare company Nephrocare Health Services saw a healthy start on the bourses on December 17 as its shares list with nearly 7 per cent premium over the issue price. On the NSE, the stock opened at Rs 490 apiece, up by Rs 30, or 6.52 per cent. On the BSE, it started trading at Rs 491.70 per share, up by Rs 31.70, or 6.89 per cent.

Nephrocare Health Services raised Rs 871.39 crore through its IPO, which consisted of 7.69 million fresh equity shares worth Rs 353.75 crore and 11.25 million offer-for-sale shares aggregating to Rs 517.64 crore. The company offered its shares at a price band of Rs 438 to 460.

Nephrocare Health Services IPO was available for public subscription from December 10 to December 12. Following the closure of the bidding window, the share allotment process for Nephrocare Health Services IPO was finalised on December 15.

Ahead of the listing, the company’s shares were trading in the unlisted market at a grey market premium (GMP) of around Rs 37. This had indicated a potential listing gain of about 8 per cent, broadly in line with the performance seen on debut.

ICICI Securities, Ambit Private, IIFL Capital Services and Nomura Financial Advisory and Securities (India) were the book-running lead managers of the IPO and KFin Technologies acted as the registrar.

How Much Profit Did Investors Make

The Nephrocare Health Services IPO was allotted at Rs 460 per share. Retail investors had to apply for a minimum of one lot of 32 shares. This required an investment of Rs 14,720 at the issue price.

At the listing price of Rs 490 on the NSE, one lot was valued at Rs 15,680, translating into a gain of Rs 960 per lot. At the listing price of Rs 491.70 on the BSE, investors’ profit came in at about Rs 1,014 per lot.

Nephrocare Health IPO Subscription Details

The Nephrocare Health Services IPO was subscribed 13.96 times by the end of the bidding period.

Qualified institutional buyers subscribed 27.47 times, bidding for 101.07 million shares against 3.68 million reserved. Non-institutional investors subscribed 24.27 times, with bids for 70.05 million shares against 2.88 million on offer. The retail portion was booked 2.31 times, receiving bids for 15.54 million shares against 6.73 million reserved.

The employee category, which had a discount of nearly 9 per cent to the upper end of the price band, was subscribed 2.67 times.

What Nephrocare Health Services Does

Established in 2010, Nephrocare Health Services provides dialysis-led healthcare services through a wide network of clinics in India and select overseas markets. Its offerings include haemodialysis, home and mobile dialysis, diagnostics, wellness programmes and an in-house pharmacy.

As of September 30, 2025, the company operated 519 clinics, including 51 centres in the Philippines, Uzbekistan and Nepal, according to its red herring prospectus (RHP). In India, it is present across 288 cities in 21 states and four Union Territories, with nearly 78 per cent of its clinics located in tier II and tier III cities.

Nephrocare also runs dialysis centres within hospitals through tie-ups with major healthcare chains such as Max Healthcare, Fortis Escorts, Care Hospitals, Wockhardt, Paras Healthcare, CMRI, Jehangir Hospital and Ruby Hall Clinic.

Nephrocare Health IPO Objectives

The dialysis-led healthcare services provider plans to use the Rs 353.75-crore net proceeds for capital expenditure towards opening new dialysis clinics in India for which it will allocate Rs 129.11 crore. The company will also use Rs 136 crore for prepayment or scheduled repayment of certain borrowings, while the remaining amount will be allocated for general corporate purposes, according to its RHP.