New Delhi: Dialysis services provider Nephrocare Health Services Ltd, known for its brand NephroPlus, is set to launch its initial public offering, comprising fresh issue of shares worth a little over Rs 353 crore, on December 10.The Hyderabad-based company's maiden public offering will conclude on December 12 and anchor bidding will take place on December 9, according to the Red Herring Prospectus (RHP).
The IPO is a combination of a fresh issue of shares aggregating up to Rs 353.4 crore and an Offer For Sale (OFS) of 1.12 crore shares by the selling shareholders.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 Rs 129.1 crore for opening of new dialysis clinics in India; Rs 136 crore payment of debt; and the balance for general corporate purposes. 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 Kingdom of Saudi Arabia (KSA) market by forming a joint venture with Arabian International Healthcare Holding Company, an Al Faisaliah Group company.Also, its 165-bedded 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 per cent of its clinics are located in tier II and tier III cities and towns.Financially, NephroPlus posted revenue from operations of Rs 756 crore and profit after tax of Rs 67 crore in FY25.ICICI Securities, Ambit, IIFL Capital Services and Nomura Financial Advisory and Securities (India) Private Ltd are the book-running lead managers to the issue.
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