Credent Connect N Care IPO

About Credent Connect N Care IPO

The Credent Connect N Care IPO, an SME IPO, opens on Thursday, August 13, 2026 and closes on Monday, August 17, 2026. The allotment of shares will take place on Tuesday, August 18, 2026. The credit of shares to the demat account will take place on Wednesday, August 19, 2026. The initiation of refunds will take place on Wednesday, August 19, 2026. The listing of shares will take place on Thursday, August 20, 2026.

The equity shares of the company are proposed to be listed on the NSE SME platform.

The offer consists of a fresh issue component. The fresh issue will include 49,68,000 shares aggregating up to ₹94 crore. The total number of shares and aggregate amount are 49,68,000 shares aggregating up to ₹94 crore.

Credent Connect N Care IPO's price band is set at ₹179 to ₹189 per share. The lot size for an application is 600 shares. The minimum amount of investment required by a retail investor is ₹2,26,800 (1,200 shares) based on the upper price.

Credent Connect N Care Limited is a healthcare services provider engaged in integrated logistics, workforce solutions, and technology-enabled support for healthcare institutions across India. It serves diagnostic laboratories, In Vitro Diagnostics companies, pharmaceutical companies, clinics, and hospitals through end-to-end operational and logistics services.

Objectives of Credent Connect N Care IPO

• Investment in its wholly owned subsidiary, Credent Healthcare Private Limited, to meet its working capital requirement.
  
• Investment in its wholly owned subsidiary, Credent Healthcare Private Limited, to finance its capital expenditure requirements for machinery.
  
• To meet working capital requirements.
  
• Repayment and/or prepayment, in full or part, of borrowing availed by the Company.
  
• General corporate purposes.
  

Industry Outlook

India's diagnostic laboratory industry sits at the centre of the country's healthcare system. Its market size grew from USD 11.07 billion in FY 2021 to USD 16.50 billion in FY 2025, a compounded annual growth rate of 10.5%. Rising lifestyle-related diseases, greater health awareness, and the spread of diagnostic infrastructure into Tier-2 and Tier-3 cities have driven this demand. Home sample collection and digital booking platforms have deepened penetration further.

The runway ahead is large. Industry estimates project the diagnostic laboratory market to expand to USD 31.50 billion by FY 2030E, nearly doubling within five years on the back of preventive healthcare adoption and higher molecular and genomic testing. The pharmaceutical industry, a key demand driver for specialised logistics, grew from USD 42 billion in FY 2021 to an estimated USD 65 billion in FY 2025 and is projected to reach USD 130 billion by FY 2030E at a CAGR of about 14.87%.

Diagnostic logistics is a specialised segment. It must operate within strict time-temperature windows and follow biosafety norms, unlike general logistics. India's contract research organisation industry, another adjacent demand source, is estimated to grow from USD 2.23 billion in FY 2025 to USD 3.37 billion by FY 2030 at a CAGR of 8.61%. Credent Connect N Care Limited operates as a business-to-business healthcare logistics and services provider positioned to benefit from these expanding diagnostic, pharmaceutical, and wellness value chains. (Source: Industry Overview chapter, DRHP; D&B Desk Research and Estimation.)

About Credent Connect N Care

Credent Connect N Care Limited delivers integrated healthcare logistics, workforce solutions, and technology-enabled support to healthcare institutions across India. It commenced operations in 2015. As of September 30, 2025, it employed 2,039 riders and operated a fleet of 94 commercial vehicles for sample transportation. Its operations are headquartered in Ashok Vihar, Delhi, and run through two warehouses and four branch offices in Mumbai, Pune, Chennai, and Varanasi.

The Company provides temperature-controlled and turnaround-time-sensitive movement of blood samples and healthcare products. Home sample collection through trained phlebotomists forms a core service line. It also deploys skilled laboratory technicians and paramedical staff at client sites and runs inter-state and intra-state logistics services. A dedicated corporate wellness vertical, C3 Wellness, manages health camps and corporate wellness programs.

Strengths of Credent Connect N Care

• The company runs a comprehensive healthcare ecosystem spanning home sample collection, phlebotomy, corporate wellness, medical staffing, and courier aggregation for hospitals, diagnostic laboratories, IVD companies, and pharmaceutical clients.
• The company served 245 domestic customers in FY 2025, of which 36 had been associated with it for three continuous years, supporting repeat business.
• The company operates across seven states, and Maharashtra contributed 30.96% of its revenue for the six months ended September 30, 2025, followed by Uttar Pradesh at 18.87%.
• The company owns a fleet of 94 commercial vehicles and deploys 2,039 riders as of September 30, 2025 for temperature-controlled, time-sensitive sample transportation.

Risks of Credent Connect N Care

• The company's top 10 customers accounted for 83.31% of revenue in FY 2025 without firm commitment contracts, so the loss of any major client could sharply reduce revenue.
• A substantial share of revenue depends on diagnostic and healthcare companies, and any fall in their testing volumes or outsourcing would directly cut demand for the Company's services.
• Loss, contamination, temperature deviation, or delay during transportation of diagnostic samples could trigger client claims, financial liabilities, and reputational damage.
• The company operates through fixed-tenure service-level contracts that clients may renegotiate, not renew, or terminate for convenience, creating revenue volatility.
• Trade receivables stood at ₹17.91 crore as of March 31, 2025, and any delay in realising them could strain liquidity and raise borrowing costs.

Peer Comparison

As stated in the DRHP, there are no listed companies in India engaged in a business similar to that of Credent Connect N Care Limited.

Anchor Investor Bidding Date

Wednesday, August 12, 2026

IPO Registrar and Book Running Lead Managers

RegistrarIPO
KFin Technologies Limited
Email: credentconnect.ipo@kfintech.com
Tel No: +91 40 6716 2222

Book Running Lead Manager
Hem Securities Limited

Credent Connect N Care Contact Details
B-3, Second Floor, Nimri, Commercial Complex, Ashok, Vihar,
Phase-4, New Delhi – 110 052, Delhi, India
Email: cs@c3logistics.co.in
Phone: +91-9971777199

Credent Connect N Care Business Model

The company earns its revenue through business-to-business healthcare logistics and support services provided to diagnostic laboratories, IVD companies, pharmaceutical companies, clinics, and hospitals. Its revenue streams span temperature-controlled transportation of diagnostic samples, home sample collection by trained phlebotomists, deployment of stationed phlebotomy and laboratory personnel, corporate wellness programs under the C3 Wellness brand, and courier aggregation through the C3 Post platform. For the six months ended September 30, 2025, logistic services, operations and supply chain management, healthcare services, and other services contributed 29.17%, 21.60%, 45.82%, and 3.41% of consolidated revenue, respectively. The company serves institutional clients under service-level agreements and work orders with defined pricing and turnaround timelines.

Credent Connect N Care Growth Trajectory

Credent Connect N Care Limited's Total Income for FY25 was ₹78.23 crore, whereas in FY24 and FY23 it was ₹76.02 crore and ₹59.93 crore, respectively.

The Profit After Tax for FY25 was ₹2.25 crore, whereas in FY24 and FY23 it was ₹2.66 crore and ₹2.70 crore, respectively.

Their EBITDA for FY25 was ₹5.33 crore, whereas in FY24 and FY23 it was ₹4.63 crore and ₹4.23 crore, respectively.

Credent Connect N Care Market Position

Credent Connect N Care Limited operates across seven Indian states, including Maharashtra, Uttar Pradesh, Delhi, Karnataka, Haryana, Telangana, and Rajasthan. It runs two warehouses and four branch offices in Mumbai, Pune, Chennai, and Varanasi, supported by a fleet of 94 commercial vehicles and 2,039 riders as of September 30, 2025. Its client base includes diagnostic laboratories, IVD companies, hospitals, and corporate wellness customers, and it holds ISO 9001:2015 and ISO 15189:2022 certifications.

As of 31 March 2025, the company's Total Income, Profit After Tax, and EBITDA were ₹78.23 crore, ₹2.25 crore, and ₹5.33 crore, respectively.

How to apply for Credent Connect N Care IPO?

• Step 1: Log in to your Kotak Neo Demat account to access IPO investments. Next, select the current IPO section.
• Step 2: Specify IPO details. Enter the number of lots and the price you wish to apply for.
• Step 3: Enter UPI ID. After entering your UPI ID, click submit. This will place your bid with the exchange.
• Step 4: Mandate Notification. Your UPI app will receive a mandate notification to block funds.
• Step 5: Approve Request. Your funds will be blocked once you approve the mandate request on your UPI.