Nephrocare Health IPO Dec 2025: GMP, Price Band, Dates & Complete Review

The Nephrocare Health IPO is a ₹871.05 crore book-built issue, comprising a fresh issue of 0.77 crore shares (₹353.40 crore) and an offer for sale of 1.13 crore shares (₹517.64 crore).

The IPO opens on December 10, 2025, and closes on December 12, 2025, with allotment expected on December 15, 2025, and a tentative listing on BSE and NSE scheduled for December 17, 2025.

The price band is set at ₹438–₹460 per share, and the lot size is 32 shares. Retail investors require a minimum investment of ₹14,720 at the upper band, while sNII applicants need 14 lots (448 shares) amounting to ₹2,06,080, and bNII bidders must apply for 68 lots (2,176 shares) totalling ₹10,00,960.

ICICI Securities Ltd. is the Book Running Lead Manager, and Kfin Technologies Ltd. is the registrar for the issue.

So let’s begin your complete analysis, so that you can make an informed decision.

Nephrocare Health IPO Key Details 2025

The following are the most important details about Nephrocare Health Services Ltd. IPO.

Nephrocare Health IPO Dates & Timeline

Below is a simple timeline to track the entire Nephrocare Health IPO process.

Nephrocare Health IPO Lot Size

The following table shows the minimum and maximum investment limits across investor categories.

Nephrocare Health IPO Reservation Structure

The following shows the investor category allocation as per SEBI rules.

Business Overview of Nephrocare Health Services

Here is a brief and clear overview of the company and its business model.

Founded in 2010, Nephrocare Health Services Ltd. (NephroPlus) is India’s largest dialysis service provider with an extensive presence across:

• 519 clinics, including international units
• Operations in India, Philippines, Uzbekistan, Nepal
• Presence in 288 Indian cities, covering 21 States and 4 UTs
• Nearly 77.5% clinics in Tier II & III cities

The company serves patients through:

• Hemodialysis
• Peritoneal dialysis
• Home dialysis
• Mobile dialysis
• In-house pharmacy
• Diagnostic services
• Wellness programs

Nephrocare also operates several large in-hospital dialysis centres through partnerships with:

• Max Healthcare
• Fortis Escort
• Wockhardt
• Paras Healthcare
• Care Hospitals
• CMRI
• Jehangir Hospital
• Ruby Hall Clinic

The company completed 2.88 million treatments in FY25, representing nearly 10% of India’s dialysis market share—demonstrating massive scale and dominance.

Competitive Strengths

Here are the key strengths that set Nephrocare Health apart.

• India & Asia’s largest dialysis network
• Strong presence in underserved Tier II & III markets
• Asset-light model driving profitability
• Strong acquisition & integration capability
• Advanced clinical protocols ensuring treatment efficiency
• Backing from marquee investors
• Strong ESG focus
• Diversified revenue model improving stability

Nephrocare Health Financial Performance

The following table summarises the company’s financial performance over the last four periods.

Nephrocare Financials (₹ in Crore)

Key Performance Indicators (KPI)

Below are the major KPIs investors usually check before applying.

Valuation Analysis

Below is the EPS–P/E analysis before and after the IPO:

Observation:

• Pre-IPO valuation looks moderate for a healthcare services leader.
• Post-IPO P/E becomes high due to equity dilution, indicating a premium valuation.

Objects of the Issue

The following table explains where the IPO funds will be used.

Nephrocare Health Services Ltd. Promoters

Below is the list of promoters of Nephrocare Health Services Ltd:

• Vikram Vuppala
• Bessemer Venture Partners Trust
• Edoras Investment Holdings Pte. Ltd.
• Healthcare Parent Limited
• Investcorp Private Equity Fund II
• Investcorp Growth Opportunity Fund

Should You Invest in Nephrocare Health IPO?

The following are some of the positive points regarding investment in Nephrocare Health IPO:

• Largest dialysis chain in India and Asia
• Huge demand for dialysis services due to rising kidney diseases
• Rapid expansion in Tier II & III cities
• Healthy EBITDA margins
• Strong revenue growth and improved PAT
• Powerful hospital partnerships
• Diversified and scalable model

Concerns to keep in mind:

• High post-issue P/E valuation
• Healthcare services rely heavily on operational efficiency
• Debt levels, while reducing, still substantial
• Competition from hospital chains and standalone dialysis centres

Conclusion

Nephrocare Health Services Ltd. is a market leader in a high-growth, essential healthcare segment. The company has strong fundamentals, improving profitability, and well-established partnerships. Although the valuation is on the higher side, the long-term growth story looks promising. Investors seeking long-term healthcare exposure may consider this IPO after reviewing their risk appetite.

Frequently Asked Questions

What is the Nephrocare Health Services Ltd. IPO?

It is a ₹871.05 crore book-built IPO that includes both fresh issue and offer for sale.

When will the Nephrocare Health Services Ltd. IPO open?

It opens on December 10, 2025 and closes on December 12, 2025.

What is the price band of the Nephrocare Health Services Ltd. IPO?

The price band is ₹438 to ₹460 per share.

What is the lot size for Nephrocare Health Services Ltd. IPO?

The minimum lot size is 32 shares for retail investors.

How much do retail investors need to invest in Nephrocare Health Services Ltd. IPO?

Retail investors need a minimum of ₹14,720.

When will Nephrocare Health Services Ltd. IPO allotment take place?

The allotment will be finalised on December 15, 2025.

When will Nephrocare Health Services Ltd. IPO list on stock exchanges?

It is expected to list on December 17, 2025.

What is the business of Nephrocare Health Services Ltd.?

The company runs India’s largest dialysis network with 519 clinics across India and international markets.

Is Nephrocare Health Services Ltd. profitable?

Yes, the company reported a profit of ₹67.10 crore in FY25, with strong improvement over previous years.

Should you apply for Nephrocare Health Services Ltd. IPO?

It may suit long-term investors seeking exposure to the fast-growing healthcare services sector, but valuation is on the higher side.

Author: Diwakar Singh

 

Diwakar Kumar Singh is a certified SEO content writer and finance specialist with 7+ years of experience in the BFSI industry. He has written 1,000+ finance articles, published books across seven countries and authored research papers.

In 2018, he was awarded a Gold Medal in Marketing and Finance from IMT Hyderabad. He combines analytical strength with clear communication. Diwakar simplifies complex financial concepts, decodes unlisted shares, analyses IPOs, ratios and company profiles and delivers evidence-backed insights that help investors make informed decisions. communication.

 

Beyond finance, Diwakar is a dedicated fitness enthusiast and the founder of TheFitnessJournal. He also holds a nutrition certification from ISSA, USA, and writes about health, nutrition and science-backed wellness in a simple and approachable style. His ability to excel in two demanding fields makes him a versatile creator committed to clarity, accuracy and meaningful impact.