The Nephrocare Health IPO opening date is December 10, 2025, and the IPO will close on December 12, 2025. The Nephrocare Health IPO is a book-built issue. The company will raise approximately ₹871.05 crore through the IPO, which includes a fresh issue of ₹353.40 crore and an offer for sale of 1,12,53,102 equity shares with a face value of ₹2 each.
The price band for the Nephrocare Health IPO is ₹438 to ₹460 per share. The retail quota is 35%, QIB 50%, and HNI 15%. The Nephrocare Health IPO will be listed on the BSE and NSE on December 17, 2025. The allotment date for the Nephrocare Health IPO is December 15, 2025.
The company reported revenue of ₹769.92 crore in 2025, compared to ₹574.72 crore in 2024. The company reported a profit of ₹67.10 crore in 2025, compared to a profit of ₹35.13 crore in 2024. According to financials, IPO investors should apply for the long term in IPOs.
Nephrocare Health IPO Details
| IPO Open Date | December 10, 2025 |
| IPO Close Date | December 12, 2025 |
| Face Value | ₹2 Per Equity Share |
| IPO Price Band | ₹438 to ₹460 Per Share |
| Issue Size | Approx ₹871.05 Crores |
| Fresh Issue | Approx ₹353.40 Crores |
| Offer for Sale: | Approx 1,12,53,102 Equity Shares |
| Issue Type | Book Built Issue |
| IPO Listing | BSE, NSE |
| DRHP Draft Prospectus |  |
| RHP Draft Prospectus | |
Nephrocare Health IPO Market Lot
The Nephrocare Health IPO minimum market lot is 32 shares with ₹14,720 application amount. The retail investors can apply up-to 13 lots with 416 shares of ₹1,91,360 amount.
| Application | Lot Size | Shares | Amount |
| Retail Minimum | 1 | 32 | ₹14,720 |
| Retail Maximum | 13 | 416 | ₹1,91,360 |
| S-HNI Minimum | 14 | 448 | ₹2,06,080 |
| S-HNI Maximum | 67 | 2,144 | ₹9,86,240 |
| B-HNI Minimum | 68 | 2,176 | ₹10,00,960 |
IPO Reservation
| Investor Category | Share Offered | -% Shares |
| Anchor Investor | – Shares | -% |
| QIB (Ex. Anchor) | – Shares | 50% |
| NII Shares Offered | – Shares | 15% |
| Retail Shares Offered | – Shares | 35% |
Nephrocare Health IPO Anchor Investors
| Anchor Bidding Date | December 9, 2025 |
| Anchor Investors List | |
| Shares Offered | [.] Shares |
| Anchor Size | [.] Cr. |
| lock-in period end date 50% shares (30 Days) | January 14, 2026 |
| lock-in period end date 50% shares (90 Days) | March 15, 2026 |
Nephrocare Health IPO Dates
The Nephrocare Health IPO date is December 10 and the close date is December 12. The Nephrocare Health IPO allotment will be finalized on December 15 and the IPO listing on December 17.
| IPO Open Date: | December 10, 2025 |
| IPO Close Date: | December 12, 2025 |
| Basis of Allotment: | December 15, 2025 |
| Refunds: | December 16, 2025 |
| Credit to Demat Account: | December 16, 2025 |
| IPO Listing Date: | December 17, 2025 |
| IPO Bidding Cut-off Time: | December 12, 2025 – 5 PM |
Promoters and Holding Pattern
The promoters of the company are Vikram Vuppala, Bessemer Venture Partners Trust, Edoras Investment Holdings Pte. Ltd., Healthcare Parent Limited, Investcorp Private Equity Fund Ii And Investcorp Growth Opportunity Fund.
| Particular | Shares | % Share |
| Promoter Holding Pre Issue | 9,26,50,799 | 78.90% |
| Promoter Holding Post Issue | 10,03,33,516 | 71.49% |
Objects of the Issue & Utilisation of proceeds
| Purpose | Crores |
| Capital expenditure by the Company for opening new dialysis clinics in India and | ₹129.11 |
| Pre-payment, or scheduled repayment, in full or part, of certain borrowings availed by the Company | ₹136 |
| General corporate purposes | ₹- |
Nephrocare Health IPO Company Financial Report
Amount ₹ in Crores
| Period Ended | Revenue | Expense | PAT | Assets |
| 2023 | ₹443.26 | ₹451.85 | ₹11.79 | ₹666.23 |
| 2024 | ₹574.72 | ₹541.56 | ₹35.13 | ₹806.02 |
| 2025 | ₹769.92 | ₹682.48 | ₹67.10 | ₹996.46 |
| September 2025 | ₹483.97 | ₹456.07 | ₹14.23 | ₹1,193.68 |
Nephrocare Health IPO Valuation – FY2025
Check Nephrocare Health IPO valuations detail like Earning Per Share (EPS), Price/Earning P/E Ratio, Return on Net Worth (RoNW), and Net Asset Value (NAV) details.
| KPI | Values |
| ROE: | 13.45% |
| ROCE: | -% |
| EBITDA Margin: | 22.05% |
| PAT Margin: | 8.88% |
| Debt to equity ratio: | 0.58 |
| Earning Per Share (EPS): | ₹8.28 (Basic) |
| Price/Earning P/E Ratio: | N/A |
| Return on Net Worth (RoNW): | 13.19% |
| Net Asset Value (NAV): | ₹59.56 |
Peer Group Comparison
| Company | EPS | PE Ratio | RoNW % | NAV | Income |
| Narayana Health | 38.90 | 50.62 | NA | NA | 5,482.98 Cr. |
| Jupiter Life Line Hospitals | 29.47 | 51.27 | 14.27% | 192.55 | 1,261.55 Cr. |
| Rainbow Children Hospital | 23.97 | 64.00 | 16.56% | 134.67 | 1,515.87 Cr. |
| Dr. Agarwal’s Healthcare | 2.80 | 155.32 | NA | NA | 1,711 Cr. |
| Vijaya Diagnostics | 13.95 | 73.20 | NA | NA | 681.39 Cr. |
| Dr. Lal Path Labs | 58.48 | 50.75 | 22.30% | 244.39 | 2,461.40 Cr. |
| Metropolis Healthcare | 28.29 | 73.10 | NA | NA | 1,331.20 Cr. |
About Nephrocare Health IPO
Nephrocare Health Services Limited has been in the business of providing end-to-end dialysis care since 2010, with a large network of clinics in India and international markets. Diagnosis, hemodialysis, home and mobile dialysis, and wellness programs are among the services offered by Nephrocare, which also has its own pharmacy.
As of March 31, 2025, the company operates a total of 490 clinics, 447 of which are in India and 43 in the Philippines, Uzbekistan, and Nepal. Currently, the business is present in 269 cities across 21 Indian states and four union territories.
As of March 2025, the company had 5,068 dialysis machines serving 29,281 patients and performing over 2.88 million dialysis sessions. Max, Fortis Escorts, Care Hospitals, Wockhardt, Paras, CMRI, Jehangir Hospital and Ruby Hall Clinic are some of the major hospitals with which the company has partnered to run in-house dialysis centres.
Founded in 2010, Nephrocare Health Services Limited provides end-to-end dialysis care through a large network of clinics across India and select international markets. The company offers services such as diagnosis, hemodialysis, home and mobile dialysis, and wellness programs, supported by an in-house pharmacy.
As of September 30, 2025, Nephrocare operated 519 clinics, 51 of which were in the Philippines, Uzbekistan, and Nepal, including the world's largest dialysis clinic in Uzbekistan. In India, the company had a presence in 288 cities across 21 states and four union territories. Approximately 77.53% of its clinics were in Tier II and Tier III cities, meeting a significant need in underserved areas.
During fiscal 2025, Nephrocare served 29,281 patients and completed 2,885,450 dialysis treatments, representing approximately 10% of the total dialysis patients in the country. Additionally, as of September 30, it served 31,046 patients and completed 1,591,377 treatments in India. As of September 30, 2025, the company has 5,562 dialysis machines.
Nephrocare has strategic partnerships with renowned 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 centers.
Competitive Strengths
India and Asia's largest dialysis chain, leading our market.
Asset-light model with scale enhances cost efficiency and operational excellence.
Enhances clinical excellence and quality through protocols and advanced technology.
Proven track record of acquisitions and integrations in India and internationally drives organic growth.
Patient-centric leadership and experienced management team, supported by prominent investors.
Enhances sustainable dialysis leadership with environmental, social, and governance measures.
Track record of sustainable growth, profitability, and returns.
Note:
Value will be calculated using equity dilution = Shareholding pre-issue - Shareholding post-issue.
Pre-IPO EPS is calculated based on pre-issue shareholding as on the date of RHP and latest FY earnings as on March 31, 2025, which are available in the RHP.
Post-issue EPS is calculated based on post-issue shareholding and annual FY earnings as on September 30, 2025, which are available in the RHP.
IPO Lead Managers aka Merchant Bankers
- ICICI Securities Ltd.
- Ambit Pvt.Ltd.
- IIFL Capital Services Ltd.
- Nomura Financial Advisory & Securities (India) Pvt.Ltd.