Dialysis services provider Nephrocare Health Services Ltd, which operates under the brand NephroPlus, has raised Rs 260 crore from anchor investors a day before its initial public offering (IPO) opens for subscription. The company allotted 56.58 lakh shares at Rs 460 apiece to 14 institutional investors, according to a circular on the BSE website.
Key anchor investors include SBI Mutual Fund, ICICI Prudential MF, Fidelity Funds, DSP MF, Bandhan MF, The Prudential Assurance Company, Eastspring Investments, Polar Capital Funds, Baroda BNP Paribas MF, SBI Life Insurance, and HDFC Life Insurance.
The Hyderabad-based company’s Rs 871-crore IPO will open on December 10 and close on December 12, with a price band of Rs 438 to Rs 460 per share, valuing NephroPlus at over Rs 4,600 crore. The issue comprises a fresh issue of Rs 353.4 crore and an Offer for Sale (OFS) of 1.12 crore shares worth Rs 517.6 crore at the upper end.
Proceeds from the fresh issue will be used for opening new dialysis clinics worth Rs 129.1 crore, debt repayment will take up Rs 136 crore, and general corporate purposes.
Promoters and investors including Investcorp Private Equity Fund II, Healthcare Parent, Investcorp Growth Opportunity Fund, Edoras Investment Holdings Pte, IFC, and 360 One Special Opportunities Funds will offload shares through the OFS.
Ahead of the IPO, secondary transactions worth Rs 136 crore were completed on Dec. 8 and 9, providing partial liquidity to early shareholders such as Quadria Capital, Bessemer Venture Partners, Investcorp, and promoter-linked entities. Investors like Think Investments’ TIMF Holdings, Axis Max Life Insurance, Enam’s Akash Bhanshali, Malabar India Fund, and Motilal Oswal India Excellence Fund participated in these deals.
NephroPlus, incorporated in 2009, operates 519 clinics globally, including 51 overseas clinics in the Philippines, Uzbekistan, and Nepal. It recently expanded into Saudi Arabia through a joint venture and runs the world’s largest dialysis clinic in Tashkent, Uzbekistan.
In India, it has a presence in 288 cities across 21 states and 4 Union Territories, with 77% of clinics in tier II and III towns. For FY25, the company reported R s756 crore in revenue and Rs 67 crore in net profit.
The stock is scheduled to debut on December 17, with ICICI Securities, Ambit, IIFL Capital Services, and Nomura as book-running lead managers.
(With inputs from PTI)
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