Upcoming IPO: NephroCare Health Services Files DRHP With SEBI To Raise Rs 353 Crore Via Fresh Issue, OFS

Upcoming IPO: NephroCare Health Services Ltd. filed its preliminary draft papers with the capital markets regulator Securities and Exchange Board of India (SEBI) to raise funds via an initial public offering (IPO).

The dialysis services provider's public offer will include offer for sale of up to 1.28 crore shares and a fresh issue of shares worth Rs 353.4 crore, according to the draft red herring prospectus (DRHP).

The equity shares are proposed to be listed on the National Stock Exchange of India Ltd. and BSE Ltd. The company may also consider a pre-IPO placement of Rs 70.6 crore, after consultation with the BLRMs.

Investcorp Private Equity Fund II, Healthcare Parent Ltd., Investcorp Growth Opportunity Fund and Edoras Investment Holdingd Pte. Ltd. are the promoters of the company offloading shares through the OFS.

The other selling shareholders include, Investcorp India Private Equity Opportunity Ltd., International Finance Corp., 360 One Special Opportunities Fund- Series 9 and 360 One Special Opportunities Fund Series 10.

ICICI Securities Ltd., Ambit Pvt., IIFL Capital Services Ltd., Nomura Financial Advisory and Securities Pvt. are the book-running lead managers for the issue and KFin Technologies will be the registrar of the issue.

The Hyderabad-based company plans to utilise the net proceeds of the fresh issue worth Rs 129.1 crore for the opening of a new dialysis clinics and Rs 136 crore for pre-payment or scheduled repayment of borrowings availaed by the company.

The rest of the funds raised will be used for general corporate purposes. NephroCare Health Services also known for its brand NephroPlus is a dialysis services provider, incorporated in 2009. NephroPlus stands as the largest organised dialysis service provider in India, operating 447 clinics across 269 cities in 21 states and four Union Territories.

With a revenue market share of over 50% in the organised segment (by number of treatments), the company serves more than 33,000 patients globally each year. Beyond India, NephroPlus has established a growing international presence, with 34 clinics in the Philippines, five in Nepal, four in Uzbekistan, and recent entry into the Middle East via the Kingdom of Saudi Arabia.

The company offers a comprehensive range of dialysis services, including haemodialysis, home haemodialysis, hemodiafiltration, holiday dialysis, dialysis on call, and dialysis on wheels—aimed at providing flexibility and convenience to patients.

As of March 31, NephroPlus operated over 5,000 dialysis machines and had conducted more than 3.3 million treatments. In fiscal 2025, NephroPlus reported revenue from operations of Rs 755.8 crore and a profit after tax of Rs 67 crore.