NephroPlus IPO Description – Nephrocare Health Services is India’s largest dialysis service provider, leading in patients served, clinics, cities covered, treatments performed, and revenue in Fiscal 2025. The company treated 29,281 patients and completed 29 lakh treatments, representing 10% of India’s dialysis population. With a network of 490 clinics—including 43 international centers across the Philippines, Uzbekistan, and Nepal—Nephrocare operates the most extensive dialysis network in Asia and ranks fifth globally by treatment volume.
Its pan-India presence spans 269 cities in 21 states and 4 union territories, with 76.73% of clinics located in tier II and III cities. The company’s asset-light, scalable business model—where 52.04% of clinics operate under revenue-sharing arrangements—enables rapid expansion and strong capital efficiency.
Promoters of Nephrocare Health Services – Vikram Vuppala, Bessemer Venture Partners Trust, Edoras Investment Holdings, Healthcare Parent Limited, Investcorp Private Equity Fund II, and Investcorp Growth Opportunity Fund
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Nephrocare Health Services IPO Details
| Nephrocare Health IPO Dates | 10 – 12 December 2025 |
| NephroPlus Issue Price | INR 438 – 460 per share |
| Fresh issue | INR 353.41 crore |
| Offer For Sale | 1,12,53,102 shares (INR 492.89 – 517.64 crore) |
| Total IPO size | INR 846.3 – 871.05 crore |
| Minimum bid (lot size) | 32 shares (INR 14,720) |
| Face Value | INR 2 per share |
| Retail Allocation | 35% |
| Listing On | BSE, NSE |
Nephrocare Health Services Financial Performance
| FY 2023 | FY 2024 | FY 2025 | H1 FY 2026 | |
| Revenue | 437.30 | 566.16 | 755.81 | 473.50 |
| Expenses | 451.85 | 541.56 | 682.48 | 456.07 |
| Net income | (11.79) | 35.13 | 67.10 | 14.23 |
| Margin (%) | (2.70) | 6.20 | 8.88 | 3.01 |
NephroPlus Offer News
Nephrocare Health Services Valuations & Margins
| FY 2023 | FY 2024 | FY 2025 (Pre-Issue) | FY 2026 (Post-Issue)* | |
| EPS | (1.53) | 4.40 | 8.01 | 2.84 |
| PE Ratio | – | – | 54.68 – 57.43 | 154.23 – 161.97 |
| FY 2023 | FY 2024 | FY 2025 | |
| RONW (%) | (3.02) | 8.69 | 13.19 |
| NAV | 49.23 | 50.20 | 59.56 |
| ROE (%) | (3.00) | 8.76 | 13.45 |
| EBITDA (%) | 11.11 | 17.60 | 22.05 |
| Debt/Equity | 0.08 | 0.17 | 0.05 |
NephroPlus IPO GMP Today (Daily Trend)
| Date | Day-wise IPO GMP | Subject to Sauda |
| Coming soon |
NephroPlus Offer Objectives
The company proposes to utilize the Net Proceeds from the Issue towards the following objects:
- Capital expenditure by the company for opening new dialysis clinics in India – INR 129.11 crore
- Pre-payment, or scheduled repayment, in full or part, of certain borrowings availed by the company – INR 136 crore
- General corporate purposes
NephroPlus IPO Subscription – Live Updates
Coming soon
() Shares allotted to anchor investors are not included in these calculations.
NephroPlus – Comparison With Listed Peer
| Company | PE ratio | EPS | RONW (%) | NAV | Revenue (Cr.) |
| NephroPlus | 161.97 | 8.01 | 13.19 | 59.56 | 755.81 |
| Narayana Health | 50.62 | 38.90 | NA | NA | 5,482.98 |
| Jupiter Life Line Hospitals | 51.27 | 29.47 | 14.27 | 192.55 | 1,261.55 |
NephroPlus IPO Allotment Status
NephroPlus IPO allotment status will be available on KFin Technologies website. Click on this link to get the allotment status.
Nephrocare Health IPO Dates & Listing Performance
| IPO Opening Date | 10 December 2025 |
| IPO Closing Date | 12 December 2025 |
| Finalization of Basis of Allotment | 15 December 2025 |
| Initiation of refunds | 16 December 2025 |
| Transfer of shares to demat accounts | 16 December 2025 |
| NephroPlus IPO Listing Date | 17 December 2025 |
| Opening Price on NSE | Coming soon |
| Closing Price on NSE | Coming soon |
NephroPlus IPO Reviews – Subscribe or Avoid?
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NephroPlus IPO Lead Manager
ICICI SECURITIES LIMITED
ICICI Venture House, Appasaheb Marathe
Marg Prabhadevi Mumbai 400 025
Phone: +91 22 6807 7100
Email: [email protected]
Website: www.icicisecurities.com
NephroPlus Offer Registrar
KFIN TECHNOLOGIES LIMITED
Selenium Tower-B, Plot No. 31 and 32,
Financial District Nanakramguda,
Serilingampally, Hyderabad – 500 032
Phone: +91 40 6716 2222
Email: [email protected]
Website: www.kfintech.com
NephroPlus Contact Details
NEPHROCARE HEALTH SERVICES LIMITED
5th Floor, D Block, iLabs Centre, Plot 18,
Software Units Layout, Survey No. 64, Madhapur,
Shaikpet, Hyderabad 500 081, Telangana
Phone: +91 40 4240 8039
Email: [email protected]
Website: www.nephroplus.com
NephroPlus IPO FAQs
How many shares in the Nephrocare Health IPO are reserved for HNIs and retail investors?
The investors’ portion for QIB – 50%, NII – 15%, and Retail – 35%.
How to apply in the NephroPlus Public Offer?
The best way to apply for the NephroPlus public offer is through Internet banking ASBA (know all about ASBA here). You can also apply online through your stockbroker using UPI. If you prefer to make paper applications, fill up an offline IPO form and deposit the same to your broker.
What is the NephroPlus IPO GMP today?
NephroPlus IPO GMP today is INR NA per share.
What is the NephroPlus kostak rate today?
NephroPlus kostak rate today is INR NA per application.
What is the NephroPlus Subject to Sauda rate today?
NephroPlus Subject to Sauda rate today is INR NA per application.