Summary of this article
Nephrocare Health Services entered its final day of subscription on December 12
IPO was oversubscribed 13.68 times the shares on offer, as of 4: 13 PM
Nephrocare Health IPO’s GMP indicated a listing gain prospect of 3.48 per cent
The initial public offering (IPO) of Nephrocare Health Services entered its final day of subscription on December 12. The mainboard issue, which started for bidding on December 12, is attracting strong interest from investors across categories.
Meanwhile, its grey market premium (GMP) in the unlisted market rose more than 39 per cent on the last day.
Nephrocare Health IPO Subscription Status: Day 1
Nephrocare Health Services IPO was oversubscribed 13.68 times as of 4:13 PM on December 12. Qualified institutional buyers (QIBs) subscribed the issue 27.47 times, non-institutional investors (NIIs) booked the issue 23.96 times, and retail investors subscribed 1.88 times their quota. The issue also includes a reservation of up to 83,532 shares for employees at a discount of Rs 41 per share to the issue price. Employees have subscribed to the issue 2.58 times so far.
Nephrocare Health IPO Details
Issue Size: Nephrocare Health aims to raise Rs 871.05 crore through a combination of a fresh issue of 7.70 million shares aggregating to Rs 353.40 crore and an offer for sale (OFS) of 11.30 million shares worth Rs 517.64 crore.
Price Band, Lot Size, Minimum Investment: The price band has been set at Rs 438-460 per share. The lot size is 32 shares, requiring a minimum investment of Rs 14,720 for retail investors, based on the upper end of the price band.
Allotment, Listing Dates: The share allotment for the IPO is expected to be finalised on December 15, and the stock is scheduled to list on the NSE and the BSE tentatively on December 17.
BRLMs, Registrar: The IPO is being managed by ICICI Securities, Ambit Private, IIFL Capital Services and Nomura Financial Advisory and Securities (India). KFin Technologies is acting as the registrar to the issue.
Objectives: The company plans to utilise the fresh issue 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 balance will be used for general corporate purposes, according to the red herring prospectus (RHP).
Nephrocare Health IPO GMP Today
Nephrocare Health Services IPO’s GMP, as of 4:00 PM on December 12, stood at Rs 16 per share, according to websites that track such trades. Given the current GMP and the upper end of the price band of Rs 460, the expected listing price of Nephrocare Health Services IPO comes at Rs 476 per share, indicating a listing gain prospect of 3.48 per cent.
Nephrocare Health IPO: Key Financials
Nephrocare Health Services reported a total income of Rs 483.97 crore for the quarter ended September 30, 2025. The company posted a profit after tax (PAT) of Rs 14.23 crore for the period, while its earnings before interest tax depreciation and amortisation (Ebitda) stood at Rs 110.31 crore.
For the full FY25, the healthcare services provider registered a total income of Rs 769.92 crore, up from Rs 574.72 crore in FY24 and Rs 443.26 crore in FY23. Its PAT for FY25 came in at Rs 67.10 crore, as against Rs 35.13 crore in FY24, and a loss of Rs 11.79 crore in FY23.
As of September 30, 2025, the company’s net worth stood at Rs 716.06 crore, with reserves and surplus of Rs 704.14 crore. Its total assets amounted to Rs 1,193.68 crore, and it had a net debt of Rs 207.04 crore.
Nephrocare Health Services: Company Profile
Nephrocare Health Services was established in 2010 and provides integrated dialysis care through a wide network of clinics across India and a few overseas markets. Its services include diagnosis, haemodialysis, home and mobile dialysis, and wellness programmes, supported by an in-house pharmacy.
As of September 30, 2025, the company operated 519 clinics, including 51 centres in the Philippines, Uzbekistan and Nepal. In India, Nephrocare is present in 288 cities across 21 states and four Union Territories. It has about 77.53 per cent of its clinics located in tier II and tier III cities.
Nephrocare also runs in-house dialysis centres through partnerships with leading hospital chains, such as Max Healthcare, Fortis Escorts, Care Hospitals, Wockhardt, Paras Healthcare, CMRI, Jehangir Hospital and Ruby Hall Clinic.
