13.82xsubscribed
Nephrocare Health Services IPO
13.82xsubscribed
Hospital & Healthcare Services
listed
13.82xsubscribed
₹14,016Min. investment
Nephrocare Health Services Limited IPO Details
Sector
Hospital & Healthcare Services
Issue size
₹871Cr
IPO type
Mainboard
Market cap
₹4,615CrLower than sector avg
Price range
₹438 – ₹460
Listing exchange
BSE, NSE
RevenueApr 2024 - Mar 2025
₹755.81CrLower than sector avg
Listing date
17 Dec 2025
Lot size
32 shares
Red Herring Prospectus
Read
Growth rate3Y CAGR
31.47%
SectorHospital & Healthcare Services
Price range₹438 – ₹460
IPO type
Regular
Lot size32 shares
Issue size₹871Cr
Red Herring Prospectus
Read
Market cap
₹4,615CrLower than sector avg
RevenueApr 2024 - Mar 2025
₹755.81CrLower than sector avg
Growth rate3Y CAGR
31.47%
Nephrocare Health Services IPO Subscription Status
As on 10-Dec-25, 5:30 PM
Nephrocare Health Services IPO Timeline
- Pre-apply8 Dec 2025
- Bid start10 Dec 2025
- Bid end12 Dec 2025
- Allotment15 Dec 2025
- Release of funds16 Dec 2025
- Demat transfer16 Dec 2025
- Listing17 Dec 2025
About Nephrocare Health Services Limited
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
Nephrocare Health Services Limited IPO Analysis
IPO REVIEW
Nephrocare Health Services IPO | Analysis Video
Should you apply?
Watch our analysts break down the Nephrocare Health Services Limited IPO — business model, financials, valuation and key risks — to help you decide whether to apply. The video covers the IPO price band, important dates, and what the subscription numbers mean for retail investors.
Checklist
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Strength and Weakness
Largest dialysis chain with market leadership
The company is the largest dialysis service provider in India and Asia in FY25, with its scale being 4.4x bigger than the next largest Indian organised provider by operating revenue in FY24. It holds over 50% market share of the organised dialysis market in India in terms of both treatments and revenue, and ranks 5th globally by treatments in FY25. Its network delivered 18.7 lakhs treatments as of September 30, 2025 and spans 21 States + 4 UTs with 77.35% of clinics in Tier II/III cities.
Asset-light model delivering operational efficiency
The company has scaled from one clinic (2010) to 519 clinics across 328 cities by Sept 30, 2025, through greenfield, brownfield and PPP modes, with 52.41% clinics under revenue-sharing, reducing capital intensity. Its initiatives towards reducing capital expenditure include standardised clinic formats, an in-house projects team, and an efficient supply chain.
Proven track record of international expansion
It is the only Indian dialysis chain with international scale, generating 31.79% of revenue from overseas markets in FY25 versus 11.70% in FY23. In the Philippines, the company acquired 18 entities and expanded to 41 clinics serving 2,276 patients by September 30, 2025, while it also operates in Uzbekistan and Nepal. A USD 75+ million PPP tender in Uzbekistan includes the world’s largest 165-bed dialysis clinic, anchoring a long-term contracted business stream.
Clinical excellence driven by proprietary protocols
The company’s standardised RenAssure protocols and a strong advisory team ensure quality and patient safety, complemented by a registered ethics committee and involvement in 5 clinical trials as of September 2025. Proprietary technology such as Renova cloud-enabled dialyser reprocessing and mobile/clinical apps improves patient engagement and monitoring. The Enpidia academy (BONENT-accredited) has built a skilled workforce with 357 trained technicians deployed across clinics.
Objectives of Nephrocare Health Services Limited IPO
Repayment of borrowings
38.40%
Capital expenditure
36.50%
General corporate purposes
24.90%
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How to apply for Nephrocare Health Services IPO?
- Step 1
Log in to your Upstox account to access IPO investments. Next, select the current IPO section.
- Step 2
Specify IPO details. Enter the number of lots and the price you wish to apply for.
- Step 3
Enter UPI ID. After entering your UPI ID, click submit. This will place your bid with the exchange.
- Step 4
Mandate Notification. Your UPI app will receive a mandate notification to block funds.
- Step 5
Approve Request. Your funds will be blocked once you approve the mandate request on your UPI.
Latest News on Nephrocare Health Services Limited IPO
Nephrocare Health IPO sets price band at ₹438 to ₹460 per share: Here's a look at lot size and key details
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Nephrocare Health IPO to open on December 10: Here's a look at objectives, key dates and more
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Nephrocare Health Services IPO Day 1: Check live subscription status, price band, lot size, objectives and key dates
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Nephrocare Health Services IPO subscribed 33% so far on Day 2; what we know so far
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Nephrocare Health Services IPO Day 3: Check live subscription status, allotment date and steps
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Nephrocare Health Services IPO allotment finalised: Check status online on KFin Technologies, NSE, BSE; listing date, time here
3 min read
Park Medi World, Nephrocare Health Services IPO Listing Date: Key things to know before NSE, BSE debut
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Nephrocare Health Services Limited IPO FAQs
How to invest in the Nephrocare Health Services IPO ?
Investors can apply for the Nephrocare Health Services IPO through their Demat account via the stock exchange or through their broker.
What is the issue size of Nephrocare Health Services IPO ?
The issue size of the Nephrocare Health Services IPO is 871 Cr.
What is 'pre-apply' for Nephrocare Health Services IPO ?
Pre-applying for an IPO allows you to submit your application before the official subscription period begins.
Which exchanges will Nephrocare Health Services IPO shares list on?
The IPO shares will typically list on major stock exchanges such as the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE), as specified in the IPO prospectus.
What are the open and close dates of the Nephrocare Health Services IPO ?
Nephrocare Health Services IPO will be open between 2025-12-10 and 2025-12-12.
What is the allotment date for the Nephrocare Health Services IPO ?
Nephrocare Health Services IPO allotment date is 2025-12-16. For Nephrocare Health Services IPO allotment status check, you can visit the website of the registrar of the IPO.
Who is the registrar of Nephrocare Health Services IPO ?
For Nephrocare Health Services IPO, the IPO registrar is KFin Technologies Limited . You can check Nephrocare Health Services IPO allotment status on the website of the registrar.
Where is the Nephrocare Health Services IPO getting listed?
The shares are proposed to be listed on the BSE and NSE.
When will Nephrocare Health Services IPO shares be credited to your demat account?
The Nephrocare Health Services IPO shares will typically be credited to your demat account one working day before the IPO's listing date, provided your application is successfully allotted.
What is the lot size and minimum order quantity of the Nephrocare Health Services IPO ?
The Nephrocare Health Services IPO lot size is 32 and minimum order quantity is 32.
What is the price band for the Nephrocare Health Services IPO ?
Nephrocare Health Services IPO has set the price band for its IPO at 460 per equity share with a face value of 2.