India's 99th Mainboard IPO of 2025 is here; Check details here

Dialysis services provider Nephrocare Health Services, which operates the NephroPlus brand, will open its ₹871.05 crore IPO on December 10. The issue will close on December 12, with anchor bidding scheduled for December 9.

The company has set a price band of ₹438 to ₹460. Investors can apply for a minimum of 32 shares and in multiples thereafter.

Nephrocare plans to raise ₹353.4 crore through a fresh issue, while promoters and existing investors will sell up to 1.12 crore equity shares through an offer for sale. Investcorp, Healthcare Parent, Edoras Investment Holdings, Finance Corporation and 360 ONE are among the sellers in the OFS.

Promoters currently hold 78.9% in NephroPlus, and the remaining 21.1% is owned by public shareholders including IFC and 360 ONE.

From the fresh issue, the company intends to use ₹129.1 crore to open new dialysis clinics in India, ₹136 crore to repay debt and the rest for general corporate purposes.

Founded in 2009, NephroPlus operated 519 clinics globally as of September 30, 2025, including 51 centres in the Philippines, Uzbekistan and Nepal. It is also India’s most widely spread dialysis network, with clinics in 288 cities across 21 states and 4 union territories. About 77% of its clinics are located in tier two and tier three cities.

The company’s financial performance has strengthened in recent years. Profit in FY25 nearly doubled to ₹67 crore from ₹35.1 crore a year earlier, while revenue rose 33.5% to ₹755.8 crore from ₹566.2 crore. For the six months ended September 2025, NephroPlus reported a profit of ₹14.2 crore on revenue of ₹473.5 crore.

ICICI Securities, Ambit, IIFL Capital Services and Nomura Financial Advisory and Securities are the merchant bankers for the IPO.

Allotment will be finalised on December 15, and NephroPlus is scheduled to list on the BSE and NSE on December 17.