Credent Connect N Care IPO
smelistedAbout the company
Credent Connect N Care is a healthcare services company that provides integrated logistics, workforce and technology-enabled support solutions to the healthcare ecosystem in India. The company primarily operates on a B2B model and caters to diagnostic laboratories, IVD companies, pharmaceutical companies, hospitals, clinics and other healthcare institutions. The company’s business is built around the pre-analytical and operational support requirements of healthcare providers, covering movement of diagnostic samples and medical products, home sample collection, deployment of phlebotomists and paramedical staff, laboratory support and corporate wellness services. It has 2,589 riders and a fleet of 97 commercial vehicles, supported by two warehouses and branch offices across Delhi, Mumbai, Pune, Chennai and Varanasi as of June 2026. The business has evolved from being primarily a healthcare logistics provider into a broader healthcare support platform. Its largest service vertical is healthcare services, which includes home sample collection, stationed phlebotomy services, preventive health check-ups and deployment of healthcare personnel. The company also acquired Credent Team Pvt Ltd and AllTrak Technologies Pvt Ltd in December 2025 and February 2026. Healthcare Services remained the largest revenue contributor accounting for 43.04% in FY26 revenue at ₹92.18 crore. Logistics Services contributed 25.26% or ₹54.11 crore, while Operations & Supply Chain Management accounted for 24.93% or ₹53.38 crore. The company had around 280 domestic customers in FY26, including 38 customers that had been associated with it continuously for three years. Its laboratory network has also expanded from 1,675 laboratories in FY24 to 2,256 in FY25 and 2,530 in FY26. However, the top 10 customers accounted for 81.76% of revenue in FY26, compared with 83.31% in FY25 and 87.92% in FY24. The business is concentrated in a few key states, with Maharashtra and Uttar Pradesh being the two largest markets. In FY26, Maharashtra contributed 29.40% of consolidated revenue, followed by Uttar Pradesh at 26.83% and Delhi at 10.93%.
GMP trend (Grey Market Premium by date)
| Date | GMP (₹) | Est. Listing | Change |
|---|---|---|---|
| 17 Aug | ₹55 | ₹244 | 0 |
| 16 Aug | ₹55 | ₹244 | 0 |
| 15 Aug | ₹55 | ₹244 | -10 |
| 14 Aug | ₹65 | ₹254 | -10 |
| 13 Aug | ₹75 | ₹264 | +25 |
| 12 Aug | ₹50 | ₹239 | +15 |
| 11 Aug | ₹35 | ₹224 | +35 |
| 10 Aug | ₹0 | ₹189 | 0 |
Strengths
- Integrated healthcare and logistics platform: The company provides healthcare logistics, workforce solutions, supply-chain support and technology-enabled services.
- Strong presence in healthcare logistics: It serves diagnostic laboratories, IVD companies, pharmaceutical firms, hospitals and other healthcare institutions.
- Diversified service offering: Services include home sample collection, phlebotomy staffing, healthcare logistics, warehousing and supply-chain support.
- Pan-India operating reach: The company has a presence across multiple domestic markets and operates a courier aggregation platform, C3 Post.
- Established client relationships: Long-standing relationships with healthcare and diagnostic clients provide an existing customer base.
Risks
- Customer concentration risk: A significant portion of revenue comes from the top 10 customers, and the company does not necessarily have firm commitments from these customers.
- Dependence on healthcare and diagnostics: Any slowdown or adverse change in the diagnostic and healthcare sector could affect demand for its services.
- Contract renewal risk: Service agreements can be renewed, renegotiated or terminated, potentially affecting revenue visibility.
- Healthcare logistics risk: Loss, damage, contamination or delays while transporting diagnostic samples could affect the company's reputation and finances.
- Working-capital requirements: The business requires significant working capital to support manpower, logistics and day-to-day operations.
Financial performance (₹ Cr)
Subscription breakup (final, times)
IPO Roadmap / Timeline
IPO Opens
Completed13 Aug 2026Bidding starts for all investor categories
IPO Closes
Completed17 Aug 2026Last day to place your bid
Basis of Allotment
Completed18 Aug 2026Share allotment finalised
Refund Initiation
Completed19 Aug 2026Refunds credited for non-allottees
Credit to Demat
Completed19 Aug 2026Allotted shares credited to demat account
Listing on Exchange
Completed20 Aug 2026Shares list on NSE / BSE
Post-close dates are indicative as per SEBI T+3 listing framework and may change per registrar updates.
Lot size & minimum investment
| Investor Type | Min Lots | Min Shares | Min Amount | Max Lots | Max Amount | Notes |
|---|---|---|---|---|---|---|
| Retail / Individual | 1 | 600 | ₹113,400 | 1 | ₹113,400 | 1 lot only |
| HNI | 2 | 1200 | ₹226,800 | 2 | ₹226,800 | Min 2 lots |
Shares reserved per category & allotment probability
| Category | Reservation | Shares Offered | Amount (₹ Cr) | Shares Bid | Subscribed | Allotment % |
|---|---|---|---|---|---|---|
| QIB | 50% | 2,554,348 | 47 | 2,554,348 | 1.00x | 100% |
| NII | 15% | 766,304 | 14.1 | 3,647,607 | 4.76x | 21% |
| Retail | 35% | 1,788,044 | 32.9 | 5,489,295 | 3.07x | 32.6% |
Retail is a lottery-based allotment when oversubscribed; QIB/NII get pro-rata. Probability ≈ 1 / subscription times (100% if under-subscribed).
