NephroPlus' ₹871-cr IPO to Open on Dec 10; Sets Price Band at ₹438-460/Share

Dialysis services provider Nephrocare Health Services Ltd, known for its brand NephroPlus, on Thursday announced a price band of ₹438-460 per share for its upcoming Initial Public Offering (IPO), valuing the company at over ₹4,600 crore.

The Hyderabad-based company's ₹871-crore IPO will open for public subscription on December 10 and conclude on December 12. Anchor bidding will take place on December 9, according to its public announcement.

The IPO is a combination of a fresh issue of shares aggregating to ₹353.4 crore and an Offer For Sale (OFS) of 1.12 crore shares valued ₹517.6 crore, at the upper end, taking the total issue size to ₹871 crore.

As a part of the OFS, promoters-- Investcorp Private Equity Fund II, Healthcare Parent, Investcorp Growth Opportunity Fund, Edoras Investment Holdings Pte. Ltd -- along with other shareholders-- Investcorp India Private Equity Opportunity, International Finance Corporation and 360 One Special Opportunities Funds--will offload shares.

Of the fresh issue, the company proposes to utilise ₹129.1 crore for opening of new dialysis clinics in India; ₹136 crore payment of debt; and the balance for general corporate purposes.

NephroPlus will make its stock market debut on December 17.

Incorporated in 2009, NephroPlus had a global network of 519 clinics, including 51 clinics across the Philippines, Uzbekistan and Nepal, as of September 30, 2025.

In fiscal 2024, it also expanded into the Saudi Arabia market by forming a joint venture with Arabian International Healthcare Holding Company, an Al Faisaliah Group company. Also, its 165-bed dialysis clinic in Tashkent, Uzbekistan is the largest dialysis clinic globally.

NephroPlus is also the most widely distributed dialysis network in India with an extensive pan-India network of clinics across 288 cities, spanning across 21 States and 4 Union Territories, as of September 2025.

Of these, 77% of clinics are located in tier II and tier III cities and towns. Financially, NephroPlus posted revenue from operations of ₹756 crore and profit after tax of ₹67 crore in FY25.

Half of the issue size has been reserved for qualified institutional investors, 35% for retail investors and the remaining 15% for non-institutional investors.

ICICI Securities, Ambit, IIFL Capital Services and Nomura Financial Advisory and Securities (India) Private Ltd are the book-running lead managers to the issue.