The initial public offering (IPO) of Nephrocare Health, a major player in dialysis care, is set to hit the Indian primary market next week. The company has fixed a price band of ₹438 to ₹460 per equity share for its public issue, which will open for subscription on Wednesday, December 10.
IPO Dates and Structure
The subscription window for the Nephrocare Health IPO will remain open from December 10 to December 12. Ahead of this, the allocation to anchor investors is scheduled for Tuesday, December 9. The lot size for the IPO is set at 32 equity shares and in multiples thereof.
The basis of allotment is expected to be finalized by Monday, December 15. Refunds will be initiated on Tuesday, December 16, and the shares will be credited to the demat accounts of successful allottees on the same day. The tentative listing date on both the BSE and NSE is Wednesday, December 17.
Reservations and Financial Details
The public issue has earmarked specific portions for different investor categories. Not more than 50% of the shares are reserved for qualified institutional buyers (QIBs). Not less than 15% is set aside for non-institutional investors (NIIs), and not less than 35% is reserved for retail investors. Additionally, an employee portion aggregating up to ₹35 million has been reserved.
The total issue size is ₹353.4 crore. This comprises a fresh issue of shares alongside an Offer for Sale (OFS) of 1.12 crore shares by existing shareholders. In the OFS, promoters like Investcorp Private Equity Fund II and other entities, including International Finance Corporation, will divest a part of their holdings.
Use of Proceeds and Company Profile
The company plans to utilize the net proceeds from the fresh issue for strategic growth and financial strengthening. A significant sum of ₹129.1 crore is earmarked for establishing new dialysis clinics across India. Another ₹136 crore will be directed towards repaying debt, with the remaining amount allocated for general corporate purposes.
Founded in 2009, Nephrocare, operating under the brand NephroPlus, has established a substantial global footprint. As of September 30, 2025, the company operated a network of 519 clinics worldwide, with a presence in countries like the Philippines, Uzbekistan, and Nepal.
The book-running lead managers for the issue are ICICI Securities, Ambit, IIFL Capital Services, and Nomura Financial Advisory. Kfin Technologies Ltd is acting as the registrar to the issue.
