Nephrocare Health IPO opens on 10 December 2025 and closes on 12 December 2025. This is a Book Built Issue through which the company aims to raise about ₹871.05 crore, including a fresh issue of ₹353.40 crore and an offer for sale of 1,12,53,102 equity shares.
The IPO price band is ₹438 to ₹460 per share. Nephrocare Health will list on BSE and NSE on 17 December 2025, and the allotment will be finalised on 15 December 2025.
The company has shown steady growth with revenue rising to ₹769.92 crore in FY2025 from ₹574.72 crore in FY2024 and profit increasing to ₹67.10 crore from ₹35.13 crore. Based on the financial trend, the IPO is considered suitable for long-term investors.
Contents
Nephrocare Health IPO Details
| Particulars | Details |
|---|---|
| IPO Open Date | December 10, 2025 |
| IPO Close Date | December 12, 2025 |
| Face Value | ₹2 per equity share |
| Price Band | ₹438 to ₹460 per share |
| Issue Size | Approx ₹871.05 crore |
| Fresh Issue | Approx ₹353.40 crore |
| Offer for Sale | Approx 1,12,53,102 shares |
| Issue Type | Book Built Issue |
| Listing | BSE, NSE |
| DRHP | View PDF |
| RHP | View PDF |
Nephrocare Health IPO
Open: 10-12 Dec
Issue Size: ₹871.05 Cr.
Objective: Use proceeds to open new dialysis clinics, repay debt and support operations.
Exchange: BSE NSE
Nephrocare Health IPO GMP Today
The Nephrocare Health IPO GMP is showing a steady upward trend, signalling positive sentiment in the grey market. As per the latest update, the GMP stands at ₹13, which pushes the estimated listing price to ₹473, giving investors an expected gain of around 2.83% over the cap price of ₹460.
Retail subject-to-sauda is around ₹300, while small HNI sauda is quoted near ₹4,200. Considering the last 10 sessions, the grey market has started gaining momentum, with the highest GMP touching ₹20. This indicates that buyers are becoming more active, and the IPO may see a strong listing if market conditions remain supportive.
Below is the day-wise GMP movement which helps investors understand how the trend has evolved. Days with zero GMP show cautious behaviour, whereas spikes on select dates highlight rising demand. This detailed view helps traders judge consistency and listing expectations more clearly.
Nephrocare Health IPO Day-wise GMP Trend:
| Date | GMP | Estimated Listing Price | Expected Gain |
|---|---|---|---|
| 12 Dec 2025 | ₹13 (Up) | ₹473 | 2.83% |
| 11 Dec 2025 | ₹11.5 (Down) | ₹471.5 | 2.50% |
| 10 Dec 2025 | ₹20 (Up) | ₹480 | 4.35% |
| 09 Dec 2025 | ₹0 (No Change) | ₹460 | 0.00% |
| 08 Dec 2025 | ₹0 (No Change) | ₹460 | 0.00% |
| 07 Dec 2025 | ₹0 (No Change) | ₹460 | 0.00% |
| 06 Dec 2025 | ₹0 (No Change) | ₹460 | 0.00% |
| 05 Dec 2025 | ₹0 (No Change) | ₹460 | 0.00% |
| 04 Dec 2025 | ₹0 (No Change) | ₹460 | 0.00% |
| 03 Dec 2025 | ₹0 (No Change) | ₹ — | — |
Disclaimer: GMP is based on grey market news. We do not trade or recommend trading in the grey market or Subject to Sauda (sub2) rates.
Nephrocare Health IPO Review
Nephrocare Health has built a strong presence in the dialysis care segment with 490 clinics and more than 29,000 active patients. Revenues and profits have grown consistently over the past three years.
With rising demand for dialysis services in India, the company stands on a strong foundation. The valuation looks reasonable compared to other healthcare peers, making the IPO attractive for long-term investors.
Nephrocare Health IPO Market Lot
| 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 | % of Shares |
|---|---|---|
| Anchor Investor | – | – |
| QIB | – | 50% |
| NII | – | 15% |
| Retail | – | 35% |
Nephrocare Health IPO Anchor Investors
| Particulars | Details |
|---|---|
| Anchor Bidding Date | December 9, 2025 |
| Anchor List | View PDF |
| Shares Offered | [.] |
| Anchor Size | [.] crore |
| Lock-in (50% – 30 days) | January 14, 2026 |
| Lock-in (50% – 90 days) | March 15, 2026 |
Nephrocare Health IPO Dates
| Event | Date |
|---|---|
| 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 | December 16, 2025 |
| Listing Date | December 17, 2025 |
| Cut-off Time | December 12, 2025 – 5 PM |
Promoters and Shareholding
| 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
The company plans to utilise the fresh issue proceeds for expanding its network of dialysis clinics across India, including investment in new medical infrastructure and equipment.
A part of the funds will also go towards repayment or pre-payment of certain borrowings to strengthen the balance sheet. The remaining amount will be used for general corporate purposes.
About Nephrocare Health IPO
Nephrocare Health Services Ltd, founded in 2010, operates one of India’s largest dialysis care networks. The company offers diagnosis, haemodialysis, mobile and home dialysis, wellness programs, and pharmacy support.
As of March 2025, it runs 490 clinics, including 447 in India and 43 in the Philippines, Uzbekistan, and Nepal. The company uses 5,068 dialysis machines and serves more than 29,281 patients, conducting over 2.88 million annual dialysis sessions. It partners with major hospitals like Max, Fortis Escorts, Care Hospitals, Wockhardt, and Ruby Hall Clinic.
Nephrocare Health Financial Report (₹ 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
| KPI | Value |
|---|---|
| ROE | 13.45% |
| ROCE | – |
| EBITDA Margin | 22.05% |
| PAT Margin | 8.88% |
| Debt to Equity | 0.58 |
| EPS (Basic) | ₹8.28 |
| P/E | NA |
| RoNW | 13.19% |
| NAV | ₹59.56 |
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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 |
IPO Lead Managers
ICICI Securities Ltd.
Ambit Pvt. Ltd.
IIFL Capital Services Ltd.
Nomura Financial Advisory & Securities India Pvt. Ltd.
Company Address
| Details | Information |
|---|---|
| Company | Nephrocare Health Services Ltd. |
| Address | 5th Floor, D Block, iLabs Centre, Plot 18, Software Units Layout, Survey No. 64, Madhapur, Shaikpet, Hyderabad, Telangana – 500081 |
| Phone | +91 40 4240 8039 |
| cs@nephroplus.com | |
| Website | nephroplus.com |
IPO Registrar
Kfin Technologies Ltd.
Phone: 04067162222, 04079611000
Email: nephrocare.ipo@kfintech.com
Website: ipostatus.kfintech.com
Nephrocare Health IPO FAQs
What is Nephrocare Health IPO?
It is a mainboard IPO worth ₹871.05 crore priced between ₹438 and ₹460. The shares will list on BSE and NSE.
When does the IPO open?
It opens on 10 December 2025 and closes on 12 December 2025.
What is the investor allocation?
QIB 50%, NII 15%, Retail 35%.
How to apply?
You can apply through ASBA via your bank or UPI through your broker
What is the lot size?
Minimum lot size is 32 shares costing ₹14,720.
What is the allotment date?
15 December 2025.
What is the listing date?
17 December 2025.
Expert Comment
Nephrocare Health has built a strong business in a high-growth segment where demand is rising steadily. Its financials show consistent improvement, and expansion plans backed by fresh capital should support long-term scalability.
While the healthcare sector typically commands premium valuations, Nephrocare’s pricing appears reasonable compared to listed peers. Investors looking for defensive and long-term healthcare exposure may find this IPO worth considering.
