Nephrocare Health IPO Quick Facts

Nephrocare Health Services Ltd, one of India's largest dialysis networks, is launching a main-board IPO to fund expansion and offer partial exits to early investors. With over 5,500 dialysis machines and 2.8 million treatments annually, it's betting on rising chronic kidney disease demand across urban and Tier-2/3 markets.

Core IPO details:

• Issue size: ₹871.05 Cr (Fresh ₹353.4 Cr + OFS ₹517.65 Cr)
• Price band: ₹438–₹460/share (FV ₹2)
• Dates: Opens Dec 10, closes Dec 12, 2025
• Initiation of Refunds : Dec 16, 2025
• Allotment: Dec 15; Listing:
• Listing date :- Dec 17, 2025
• Face Value: ₹2 per share
• Sale Type : Fresh Capital-cum-Offer for Sale
• Fresh Issue: 76,82,717 shares
  (aggregating up to ₹353.40 Cr)
• Offer for Sale: 1,12,53,102 shares of ₹2
  (aggregating up to ₹517.64 Cr)         

Business at a Glance

Nephrocare runs one of India's biggest dialysis chains, operating 5,562 machines across multiple centres. It partners with hospitals and runs standalone clinics, delivering ~2.88M treatments in FY25. Revenue comes from patient fees, insurance and government schemes, with high visibility from recurring CKD needs.

Company Financials

Nephrocare Health Services Ltd.'s revenue increased by 34% and profit after tax (PAT) rose by 91% between the financial year ending with March 31, 2025 and March 31, 2024.

Period Ended	30 Sep 2025	31 Mar 2025	31 Mar 2024	31 Mar 2023
Assets	1,193.68	996.46	806.02	666.23
Total Income	483.97	769.92	574.72	443.26
Profit After Tax	14.23	67.10	35.13	-11.79
EBITDA	110.31	166.64	99.66	48.60
NET Worth	716.06	594.21	423.55	384.73
Reserves and Surplus	704.14	578.68	408.57	383.50
Total Borrowing	207.04	225.80	243.37	196.21
Amount in ₹ Crore

Objective of the IPO:-

S.No.	Objects of the Issue	Expected Amount (₹ in crores)
1	Capital expenditure by the Company for opening new dialysis clinics in India	129.11
2	Pre-payment, or scheduled repayment, in full or part, of certain borrowings availed by the Company	136.00
3	General corporate purposes

 

IPO Lot Size:-

Investors can bid for a minimum of 32 shares and in multiples thereof.  The following table depicts the minimum and maximum investment by Individual Investors (Retail) and HNI in terms of shares and amount.

 

IPO Reservation :-

Investor Category	Shares Offered
QIB Shares Offered	Not more than 50% of the Net Offer
Retail Shares Offered	Not less than 35% of the Net Offer
NII Shares Offered	Not less than 15% of the Net Offer

Strengths

• Scale leader: 2nd largest dialysis provider by treatments; partnerships with big hospital chains ensure steady volumes.
• Recurring revenue: CKD is chronic; patients need 3x/week dialysis for life—high retention and predictability.
• Turnaround story: From FY23 loss to ₹67 Cr PAT in FY25; EBITDA margins ~22% signal operating leverage.
• Expansion runway: Rising CKD prevalence (India ~15-17% adults); room to add 100s of centres in underserved areas.

Risks

• Rich valuation: P/E 63-162x; premium to healthcare peers—needs flawless execution.
• Debt load: Borrowings ₹207-225 Cr; repayment via IPO helps but leverage remains.
• Regulatory/insurance risk: Govt schemes/pricing caps, reimbursement delays can squeeze margins.
• Competition: Apollo, Fresenius, Dr Lal PathLabs in dialysis space.

 

How To Apply for the IPO?

• Login or Open demat account with JM Financial Services / JM PRO app: Open the JM PRO app or JM Financial Services website and log in with your credentials. 
• Locate the IPO Section: Navigate to the 'IPO' section on the platform. 
• Select IPO: Find and select the IPO from the list of open IPOs. 
• Enter the Lot Size: Specify the number of lots you want to bid for. 
• Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application. 
• Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN. 

How To Check the Allotment Status of IPO?

Steps to check IPO allotment status on JM Pro app: 

• Log in to the JM Pro app. 
• Go to the IPO Section and then to IPO Orders. 
• Select the individual IPO that you had applied for and check the allotment status. 

JM Financial Services will notify you of your IPO allotment status via push notification and email

 

FAQs

Q: Nephrocare Health IPO dates and price?
A: Dec 10-12, 2025; ₹438-460/share.

Q: Minimum investment and lot size?
A: 32 shares/₹14,720 (upper band); retail max 13 lots/₹1,91,360.

Q: Listing date?
A: Tentative Dec 17, 2025 on BSE/NSE.

Q: Financial health?
A: Revenue up 74% FY25 YoY; PAT ₹67 Cr; EBITDA 22%; ROE 13%.

Q: Issue structure?
A: Fresh ₹353 Cr (growth) + OFS ₹518 Cr (exits).