NephroPlus Files IPO Draft Papers with Sebi; Aims to Raise ₹353-Cr Via Fresh Issue

Dialysis services provider Nephrocare Health Services Ltd, known for its brand NephroPlus, has filed draft papers with capital markets regulator Sebi seeking its clearance to mobilise funds through an initial public offering (IPO).

The proposed IPO of the Hyderabad- based firm involves a fresh issue of equity shares valued ₹353.4 crore and an offer for sale (OFS) of 1.27 crore shares by promoters and existing shareholders, according to the draft red herring prospectus (DRHP) filed on Friday.

As part of the OFS, promoters -- Investcorp Private Equity Fund II, Healthcare Parent Ltd, Investcorp Growth Opportunity Fund and Edoras Investment Holdings Pte Ltd -- will offload shares.

In addition, other shareholders such as Investcorp India Private Equity Opportunity Ltd, International Finance Corporation, 360 One Special Opportunities Fund - Series 9 and 360 One Special Opportunities Fund - Series 10 will sell shares.

NephroPlus proposes to utilize proceeds of the fresh issue to the tune of ₹129.1 crore for opening new dialysis clinics in India; ₹136 crore for payment of debt and rest on general corporate purposes.

The company may consider a pre-IPO placement of up to ₹70.6 crore. If such placement is carried out, then the fresh issue will be reduced to the extent of such pre-IPO placement.

NephroPlus, incorporated in 2009, provides dialysis services in the country, having 447 clinics across 269 cities in 21 states and 4 Union Territories, and serving more than 33,000 patients globally on an annual basis. It has also expanded its international footprint to include the Philippines (34 clinics), Uzbekistan (4 clinics), Nepal (5 clinics) and has entered the Middle East market through Saudi Arabia recently.

It offers both haemodialysis, with capabilities such as home haemodialysis, hemodiafiltration, holiday dialysis, dialysis on call, and dialysis on wheels, ensuring patients have access to the most suitable and convenient treatment options.

As of March 31, 2025, NephroPlus had more than 5,000 dialysis machines and performed over 3.3 million treatments.

In FY25, NephroPlus reported revenue from operations of ₹755.8 crore and profit after tax of ₹67 crore.

ICICI Securities, Ambit, IIFL Capital Services and Nomura Financial Advisory and Securities (India) have been appointed by the company to manage its maiden public issue