Nephrocare Health Services IPO

About the company

Nephrocare Health Services Limited, operating under the brand ‘NephroPlus’, is India’s largest dialysis services provider in terms of the number of patients served, clinics, cities covered, treatments performed, revenue, and EBITDA in FY25. The company serviced 29,281 patients and performed 2,885,450 treatments in India in FY25, representing roughly 10% of the country’s dialysis patient population. It is 4.40 times larger in size compared to the next biggest organised player in India in FY24 and also ranks as Asia’s largest and the 5th-largest globally by treatments performed in FY25. Nephrocare Health Services operates a scaled global network of 519 clinics, including 51 international clinics across the Philippines, Uzbekistan, and Nepal as of September 30, 2025. It continues to have the most extensive presence in India, with clinics spread over 288 cities in 21 states and four union territories. Notably, 77.35% of its clinics are located in tier II and tier III cities, addressing care accessibility gaps where dialysis infrastructure is limited. The company has adopted an asset-light model in order to scale up both speedily and efficiently. As of September 30, 2025, 52.41% of its clinics operate on a revenue-sharing model that minimises upfront capital deployment. Its expansion is diversified across greenfield-which consists of 80 clinics, brownfield-259 clinics, and PPP collaborations-180 clinics, thus enabling faster rollouts and deeper penetration. It is also the only Indian dialysis chain with proven international scalability because of its diversification strategy. International revenue contributed 31.79% of revenues in FY25, up from 11.70% in FY23, demonstrating successful market expansion into higher-realisation geographies. Acquisition-led growth in the Philippines and a $75+ million PPP project in Uzbekistan have showcased execution capabilities in competitive global markets. As of September 30, 2025, the company operated 489 nephrologists and 1,754 clinical staff, ensuring robust medical oversight across its network. Off-clinic modalities such as home haemodialysis, dialysis-on-call across 11 pin code, and dialysis-on-wheels extend care access for patients unable to frequent hospitals. It also runs eight Enpidia training academies, the only BONENT-accredited dialysis technician institute in India, enabling a consistent talent pipeline and care standardisation at scale. The services provided by the company are differentiated through high-quality, standardised clinical care enabled by its proprietary RenAssure clinical protocols and a strong focus on patient experience. Three clinics were JCI-accredited, and 145 clinics were NABH-accredited as of September 30, 2025, demonstrating adherence to global healthcare quality standards. Its cloud-enabled, patented Renova reprocessing technology further supports consistency and safety at scale. The global dialysis services market was valued at $75.2 billion in 2024 and is expected to reach $106.2 billion by 2029, growing at a CAGR of 7.10%. The company is focusing on high-growth international markets. In India, the dialysis industry is expected to grow at 19.30%, in the Philippines at 22.60%, and in Uzbekistan at 16.70%. As of September 30, 2025, the company has opened 51 clinics and has expanded into the Philippines, Uzbekistan, and Saudi Arabia since 2020. Furthermore, the formalisation of the dialysis market in India is noteworthy, which is estimated to grow at a higher rate compared to the unorganised market between 2024 and 2024 at 22.00% versus 19.00%. Furthermore, the number of ESRD patients is increasing at a CAGR of 12.70%, which strongly supports the growth of the business. The company continues to focus on consolidating its leadership position in India, scaling operations in existing international markets, expanding further in South East Asia, the Commonwealth of Independent States and the Middle East markets and continuing to focus on innovation-led digital healthcare. Now, Nephrocare Health Services Innovations is launching its initial public offering (IPO), which consists of a fresh issue of ₹353.40 crore and an offer for sale of ₹517.64 crore. The total issue size of the IPO is ₹871.05 crore. Its shares will be listed on the NSE and BSE. ### **How to pre-apply for the Nephrocare Health Services IPO?** You can pre-apply for the Nephrocare Health Services IPO on Upstox. The pre-application for this IPO, which means the pre-apply open date, usually begins a day before the IPO opens for subscription. Follow these steps to pre-apply for the IPO: - Login to your Upstox account, using your six-digit PIN - After successfully logging in, click on ‘Discover’ - On the Discover tab, you will find the ‘Invest in IPO’ section - Under the Invest in IPO section, look for the ‘Nephrocare Health Services IPO’ tab and click on it - Now fill in all the required information, like ‘bid price’ and ‘lot size’ - Confirm and click on ‘Pre-Apply’ - Accept the mandate on your UPI app ### **How to apply for the Nephrocare Health Services IPO?** If you are interested in this investment opportunity but unsure how to apply for the Nephrocare Health Services IPO, here are the steps that you need to follow. When the public issue opens for subscription, one can follow this step-by-step guide on how to apply for the Nephrocare Health Services IPO on Upstox: - Log in to your Upstox account, using your six-digit PIN - After logging in, click on ‘Discover’ - On the ‘Discover’ tab, you will find the ‘Invest in IPO’ section - Under the Invest in IPO section, look for the ‘Nephrocare Health Services IPO’ tab and click on it - Now fill in all the required information, like ‘bid price’ and ‘lot size’ - Confirm and click on ‘Apply’ - Accept the mandate on your UPI app ### **How to check Nephrocare Health Services IPO Allotment Status? ** When the allotment process is completed, you can check the status of your application on the Upstox app. Share allotment is generally completed on the next working day after an IPO closes. Here’s a step-by-step guide on how to check the Nephrocare Health Services IPO allotment status: - Login to your Upstox account, using your six-digit PIN - After logging in, click on ‘Discover’ - On the ‘Discover’ page, you will find the ‘Invest in IPO’ section - Under the Invest in IPO section, you will find the ‘View all’ option - Once you click on ‘View all’, you will be directed to the ‘IPO’ tab - In the ‘IPO’ tab, click on ‘My applications’ - In ‘My applications’, under the History section, your Nephrocare Health Services IPO allotment status will be mentioned

Financial performance (₹ Cr)

Subscription breakup (final, times)

IPO Roadmap / Timeline

1. IPO Opens

   Completed
   10 Dec 2025

   Bidding starts for all investor categories

2. IPO Closes

   Completed
   12 Dec 2025

   Last day to place your bid

3. Basis of Allotment

   Completed
   15 Dec 2025

   Share allotment finalised

4. Refund Initiation

   Completed
   16 Dec 2025

   Refunds credited for non-allottees

5. Credit to Demat

   Completed
   16 Dec 2025

   Allotted shares credited to demat account

6. Listing on Exchange

   Completed
   17 Dec 2025

   Shares list on NSE / BSE

Post-close dates are indicative as per SEBI T+3 listing framework and may change per registrar updates.