Nephrocare Health Services IPO

About Nephrocare Health Services IPO

The offer consists of both a fresh issue and an offer for sale component. The fresh issue will include 76,82,717 shares (aggregating up to ₹353.40 crores). The offer for sale portion includes 1,12,53,102 shares of ₹2 (aggregating up to ₹517.64 crores). The total number of shares and aggregate amount is 1,89,35,819 shares (aggregating up to ₹871.05 crores).

The Nephrocare Health Services IPO opens on Wednesday, Dec 10, 2025 and closes on Friday, Dec 12, 2025. The allotment of shares will take place on Monday, Dec 15, 2025. The credit of shares to the demat account will take place on Tuesday, Dec 16, 2025. The initiation of refunds will take place on Tuesday, Dec 16, 2025. The listing of shares will take place on Wednesday, Dec 17, 2025.

Nephrocare Health Services price band is set at ₹438 to ₹460 per share. The lot size for an application is 32. The minimum amount of investment required by a retail is ₹14,720 (32 shares) (based on upper price). The lot size investment for sNII is 14 lots (448 shares), amounting to ₹2,06,080, and for bNII, it is 68 lots (2,176 shares), amounting to ₹10,00,960.

Nephrocare Health Services offer a comprehensive dialysis care through their network of clinics – from diagnosis to treatment and wellness programs including haemodialysis, home and mobile dialysis, supported by pharmacy.

Objectives of Nephrocare Health Services IPO

• Capital expenditure by the Company for opening new dialysis clinics in India.
  
• Pre-payment, or scheduled repayment, in full or part, of certain borrowings availed by the company.
  
• General corporate purposes.
  

Industry Outlook

The landscape of healthcare delivery for patients with End-Stage Renal Disease (ESRD) has witnessed a significant shift with the emergence and proliferation of single specialty clinics dedicated primarily, if not exclusively, to dialysis services. This trend marks a departure from the traditional model where dialysis was often integrated within larger hospital systems or general nephrology clinics. The rise of these specialized clinics reflects a growing recognition of the unique and intensive needs of dialysis patients, coupled with economic and operational advantages.

Globally, revenue from dialysis services was estimated to be around USD 7520 crores in 2024 and it is estimated to grow at a CAGR of 7.1% during the forecast period of 2024 to 2029 to reach around USD 10,620 crores by 2029 driven by factors such as increasing prevalence of CKD, improved diagnosis of ESRD and increasing access to dialysis service. India, the Philippines and Uzbekistan together have a combined dialysis market size of about USD 190 crores, with more than 4.9 crores in aggregate dialysis treatments per year in 2025, and expected to witness higher revenue growth of 19.3% in India, 22.6% in the Philippines and 16.7% in Uzbekistan between 2024 and 2029.

Nephrocare Health Services Company Information

Nephrocare Health Services are India’s largest dialysis service provider in terms of number of patients served, clinics, cities covered, treatments performed, revenue, and EBITDA (excluding other income) in Fiscal 2025, and it is 4.4 times the size of the next largest organized dialysis provider in India in terms of operating revenue in Fiscal 2024. (Source: F&S Report) In Fiscal 2025, they served 29,281 patients and completed 2,885,450 treatments in India which represented approximately 10% of the total dialysis patients in India. Additionally, by September 30, 2025, they served 31,046 patients and completed 1,591,377 treatments in India. (Source: F&S Report)

Strengths of Nephrocare Health Services

• India’s and Asia’s largest dialysis chain with leadership across its markets.
• Scale coupled with asset-light model driving cost efficiencies and operational excellence.
• Driving clinical excellence and quality through protocols and advanced technology.
• Organic growth augmented by a proven track record of acquisitions and integration in India and internationally.
• Patient-centric leadership and seasoned management team backed by marquee investors.
• Driving sustainable dialysis leadership with environmental, social and governance measures.
• Track record of sustainable growth, profitability and return.
• Their approach to acquisitions is process-driven and structured.

Risks of Nephrocare Health Services

• Failure or malfunction of their medical or other equipment.
• Inability to attract or retain healthcare professionals.
• The company may be required in future, to provide free or subsidised dialysis services to certain patients.
• Interest rate and foreign currency exchange rate fluctuations.
• Need to adapt to rapidly evolving medical technologies and secure sufficient financing to support advancements.
• Changing laws, rules and regulations in India could lead to new compliance requirements that are uncertain.
• The occurrence of natural or man-made disasters, fires, epidemics, pandemics, acts of war, terrorist attacks, civil unrest and other events.
• Failure to maintain and enhance brand and reputation, and any negative publicity and allegations in the media.

Notes: 1) Closing Price per share is closing price in NSE as on November 11, 2025.

2. P/E is calculated as closing price / diluted EPS.

3. For Nephrocare Health Services, all the numbers have been taken from Restated Consolidated Financial Information. For others, all the numbers have been sourced from the Industry Report.

Anchor Investor Bidding Date: Tuesday, December 9, 2025

Registrar: KFin Technologies Limited

Book Running Lead Managers:
ICICI Securities Limited
Ambit Private Limited
IIFL Capital Services Limited (Formerly known as IIFL Securities Limited)
Nomura Financial Advisory and Securities (India) Private Limited

Nephrocare Health Services Business Model

The company earns its revenue through offering comprehensive dialysis care through their network of clinics – from diagnosis to treatment and wellness programs including haemodialysis, home and mobile dialysis, supported by pharmacy.

Nephrocare Health Services Company Growth Trajectory

Total Income for the company was ₹769.915 crores, ₹574.722 crores, and ₹443.259 crores for Fiscals 2025, 2024 and 2023, respectively.

Profit / (loss) After Tax was ₹ 67.096 crores, ₹ 35.133 crores and ₹ (11.789) crores for Fiscals 2025, 2024 and 2023, respectively.

EBITDA (excluding other income) has consistently increased and was ₹ 166.637 crores, ₹ 99.658 crores and ₹ 48.595 crores for Fiscals 2025, 2024 and 2023, respectively.

Nephrocare Health Services Market Position

Nephrocare Health Services is the largest dialysis service provider in Asia in 2025 and the fifth largest globally based on the number of treatments performed in Fiscal 2025. (Source: F&S Report). It is the only Indian dialysis services provider that has scaled internationally (Source: F&S Report) with a global network of 519 clinics, with 51 clinics internationally across the Philippines, Uzbekistan and Nepal, as of September 30, 2025. They are the most widely distributed dialysis network in India with an extensive pan-India network of clinics across 288 cities, as of September 30, 2025 (Source: F&S Report) and 21 States and four Union Territories and in particular 77.35% of their clinics spread across tier II and tier III cities and towns, as of September 30, 2025.

As of 31 March 2025, the company’s Total Income, Profit After Tax, and EBITDA were ₹769.915 crores, ₹67.096 crores, and ₹166.637 crores, respectively.

How to apply for Nephrocare Health Services IPO?

• Step 1: Log in to your Kotak Neo Demat account - Log in to your 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.