Nephrocare Health Services Ltd

Nephrocare Health Services Ltd was established in 2010 to provide end-to-end kidney and dialysis care to patients. Its services include diagnosis, haemodialysis, home dialysis, mobile dialysis, and wellness programs. It operates a total of 519 clinics including 51 global centres spread across the Philippines, Uzbekistan, and Nepal. In India, Nephrocare has its presence across 288 cities and towns with over 77% of the clinics located at tier-2 and tier-3 cities. It treats nearly 10% of India’s overall dialysis base. It also has strategic partnerships with other healthcare groups like Max Specialty, Fortis Hospitals, Care, Wockhardt, Paras Healthcare etc to operate their in-house dialysis centres. 

The IPO will be a combination of a fresh issue and an offer for sale by the early investors. The fresh issue funds will be used for capex pertaining to opening of new dialysis centres in India, prepayment of some of the borrowings of the company, and for general corporate expenses. The promoters of the company are Vikram Vuppala, Bessemer Venture Partners, Edoras Investment Holdings, Healthcare Parent Ltd, Investcorp PE Fund, and Investcorp Growth Opportunity Fund. The OFS offering is by the promoter shareholders and early investors like IFC, 360-One Fund etc. The issue is being lead-managed by ICICI Securities, Ambit, IIFL Capital, and Nomura Financial Advisory; while KFIN Technologies Ltd (KFINTECH) will be the registrars to the IPO.  

Highlights of the IPO Issue

Here are the key highlights of the public issue of Nephrocare Health Services Ltd. 

1. The IPO of will be open from December 10th, 2025 to December 12th, 2025. It has a face value of ₹2 per share and IPO price band is set in range of ₹438 to ₹460 per share.
2. The IPO of Nephrocare Health Services Ltd will be a combination of a fresh issue of shares and an offer for sale by the promoters and early investors.
3. The fresh IPO portion comprises the issue of 76,82,717 shares (76.83 lakh shares), which at the upper price band of ₹460 per share translates into ₹353.40 crore.
4. The OFS of the IPO comprises the sale of 1,12,53,102 shares (112.53 lakh shares), which at the upper price band of ₹460 per share translates into ₹517.64 crore.
5. The overall IPO will comprise of the issue and sale of 1,89,35,819 shares (189.36 lakh shares), which at the upper price band of ₹460 per share translates into ₹871.05 crore. 

The IPO of Nephrocare Health Services Ltd will be listed on the NSE and the BSE on the IPO mainboard. The anchor allocation will happen a day ahead of IPO opening. 

Key Dates, Investor Allocation, And Lot Sizes

Here are the key dates pertaining to the IPO of Nephrocare Health Services Ltd 

Data Source: Company RHP 

Investors can apply either through their existing trading account or the ASBA application can be directly logged through the internet banking account. This can only be done through the authorized list of self-certified syndicate banks (SCSB).  

The table below captures the gist of the allocation to various categories. 

Data Source: Security Parameters Filing (NSE) 

The anchor portion, is carved out of the QIB portion and the QIB portion available in the IPO offer has been reduced proportionately. Please note that the above shares are final and may differ marginally from the original announcement. Here is a quick look at the lot sizes applicable for the IPO of Nephrocare Health Services Ltd for various categories of investors. 

It may be noted here that for the B-HNI category and for the QIB (qualified institutional buyer) category, there are no upper limits applicable. (1 Lot = 32 shares) 

Financial Highlights

The table captures the key financials of Nephrocare Health Services Ltd for last 3 financial years.  

Data Source: Company RHP filed with SEBI (FY refers to Apr-Mar period) 

The company, Nephrocare Health Services Ltd, has shown robust annual growth in sales of over 30% in the last 2 years. However, this is a high gestation business and the profits have just started to pick up. Hence, the ROE numbers are still on the lower side. 

Valuation Metrics

At the IPO price of ₹460 per share, the indicative P/E will work out to 57.4X at the latest year EPS of ₹8.01 per share. The range of valuations for this space is quite wide and the P/E of the IPO is much lower than the average which is closer to 75X. Nephrocare Health Services Ltd also brings some key advantages to the table. The business has maintained profitability despite the rapid scale up in recent years. In the dialysis vertical, it is the largest company by a margin. The model is also de-risked by having a mix of domestic and global centres, especially with the Nephro issue being a big challenge globally. Investors can look at the IPO as a means to participate in the long-term India healthcare and diagnostics story! 

A Brief on the Anchor Allocation

The anchor issue of Nephrocare Health Services Ltd saw a strong response on 09th December 2025 with 29.71% of the IPO size absorbed by anchors. Out of 1,90,45,773 shares (190.46 lakh shares) on offer in the IPO, anchors picked up 56,57,919 shares (56.58 lakh shares) accounting for 29.71% of the total IPO size. The entire anchor allocation was made at the upper end of the price band of ₹460 per share. This includes the face value of ₹2 per share plus a share premium of ₹458 per share. The anchor bidding process opened and closed on 09th December 2025.  

Key Points to Note in the Anchor Allocation Process

Here are the key details pertaining to the anchor bidding of Nephrocare Health Services Ltd 

An anchor investor in an IPO is a qualified institutional buyer (QIB) like a foreign portfolio investor or mutual fund or insurance company or a sovereign fund which invests before the IPO is made available to the public as per SEBI regulations. It helps in price discovery. 

Anchor Allocation Investors

On 09th December 2025, Nephrocare Health Services Ltd allotted 56,57,919 shares to 14 anchor investors. The allocation was done at the upper IPO price band of ₹460 per share which resulted in overall anchor allocation of ₹260.26 crore. The anchors have already absorbed 29.71% of the total issue size of ₹876.11 crore. Listed below are the Top 10 IPO anchor investors who accounted for anchor collection of ₹222.91 crores, or, 85.65% of the overall anchor allocation of shares, one day ahead of the IPO of Nephrocare Health Services Ltd. The anchor bidding opened and closed on December 09, 2025. 

Data Source: BSE Filings (Value Allocated in ₹ in Crore) 

The detailed and comprehensive report on the anchor allocation with the mutual fund portion separated can be accessed on BSE by clicking on the link below. 

https://www.bseindia.com/markets/MarketInfo/DownloadAttach.aspx?id=20251209-65&attachedId=f10553e0-bb2a-4d14-a22c-e3291c12260e 

Out of the 56,57,919 shares allocated to the anchors in the IPO, there were a total of 25,82,944 shares allocated to mutual funds registered with SEBI. The allocation was made to 6 mutual fund schemes across 5 AMCs. Mutual funds accounted for 45.65% of the total anchor allocation of the IPO. AIFs, Insurance Companies and P-Notes were the most active in participating in the anchor allocation of Nephrocare Health Services Ltd. 

Next Step in the IPO

Post the closure of the IPO subscription on 12th December 2025, the basis of allotment will be finalized on 15th December 2025 and the refunds will be initiated on 16th December 2025. In addition, the demat credits are expected to also happen on 16th December 2025 and the stock will list on 17th December 2025 on the NSE and the BSE. The credits to the demat account to the extent of shares allotted will happen by the close of 16th December 2025 under ISIN (INE428V01029). 

IPO Subscription Status On Day-1

As of 5.30 pm on 10th December 2025, out of the 133.88 lakh shares on offer in the IPO (excluding anchor portion), Nephrocare Health Services Ltd saw bids for 16.59 lakh shares. This implies an overall subscription of 0.12X or 12% at a macro level. The granular break-up of subscriptions at close of Day-1 of the IPO of Nephrocare Health Services Ltd was as under: 

The subscriptions were led by the Retail Investors followed by the HNI / NII investors and the QIB investors in that order. QIB bids and NII bids typically gather most of the momentum on the last day, and that would be the case in this issue also. Both the QIB and the NII bids pick up momentum on the last day since that is when the bulk HNI funding bids, corporate bids, and the bulk QIB bids come in. The company saw robust anchor participation a day ahead of the IPO opening. Here is the category-wise subscription. The overall subscription ratio excludes anchor portion. 

Data Source: NSE / BSE (as of close of Day-1 of the IPO) 

The IPO is open up to December 12, 2025, at which point we will know the final subscription status of the IPO. 

IPO Subscription Status On Day-2

As of 5.35 pm on 11th December 2025, out of the 133.88 lakh shares on offer in the IPO (excluding anchor portion), Nephrocare Health Services Ltd saw bids for 48.59 lakh shares. This implies an overall subscription of 0.36X or 36% at a macro level. The granular break-up of subscriptions at close of Day-2 of the IPO of Nephrocare Health Services Ltd was as under: 

The subscriptions were led by the Retail Investors followed by the QIB investors and the HNI / NII investors in that order. QIB bids and NII bids typically gather most of the momentum on the last day, and that would be the case in this issue also. Both the QIB and the NII bids pick up momentum on the last day since that is when the bulk HNI funding bids, corporate bids, and the bulk QIB bids come in. The company saw robust anchor participation a day ahead of the IPO opening. Here is the category-wise subscription. The overall subscription ratio excludes anchor portion. 

Data Source: NSE / BSE (as of close of Day-2 of the IPO) 

The IPO is open up to December 12, 2025, at which point we will know the final subscription status of the IPO. 

IPO Subscription Status On Day-3

As of 7.20 pm on 12th December 2025, out of the 133.88 lakh shares on offer in the IPO (excluding anchor portion), Nephrocare Health Services Ltd saw bids for 1,868.94 lakh shares. This implies an overall subscription of 13.96X at a macro level. The granular break-up of subscriptions at close of Day-3 of the IPO of Nephrocare Health Services Ltd was as under: 

The subscriptions were led by the QIB Investors followed by the HNI / NII investors and the Retail investors in that order. QIB bids and NII bids typically gather most of the momentum on the last day, and that was the case in this issue also. Both the QIB and the NII bids pick up momentum typically on the last day since that is when the bulk HNI funding bids, corporate bids, and the bulk QIB bids come in. The company saw robust anchor participation a day ahead of the IPO opening. Here is the category-wise subscription.  

Data Source: NSE / BSE (as of close of Day-3 of the IPO) 

The IPO of Nephrocare Health Services Ltd was open up to December 12, 2025, and has closed for subscription as of the close of trading hours on December 12, 2025. The subscription ratios presented in the table above represent the final subscription numbers for each category and also for the IPO overall. Generally, the listing price of the IPO and the post-listing performance tend to get influenced by the extent of oversubscription of the IPO. However, it must also be noted that a higher subscription is not an automatic guarantee of a strong listing performance for the IPO stock. The final subscription ratio excludes anchor portion. Total bids as of the close (including anchor allocation) stood at ₹8,857 crore. 

Nephrocare Health Services Ltd

The IPO of Nephrocare Health Services Ltd opened on December 10th, 2025 and closed on December 12th, 2025. The IPO comprised of a fresh issue and an offer for sale (OFS) of 1,90,45,773 shares (190.46 lakh shares) worth ₹876.11 crore at the upper band price of ₹460 per share. The allotment status will be finalized by EOD of December 15, 2025. Here is how to check allotment status for the IPO of Nephrocare Health Services Ltd. You can check IPO status on BSE or NSE or IPO Registrar website of KFIN Technologies Ltd (KFINTECH). 

Checking The Allotment Status of IPO on BSE Website

This is a common link for all mainboard IPOs. Click on BSE link for IPO allotment as below.  

https://www.bseindia.com/investors/appli_check.aspx 

Once you reach the page, here are the steps to follow. 

1. Under Issue Type – Select Equity Option 
2. Under Issue Name – Select Nephrocare Health Services Ltd from the drop-down box 
3. Enter the Application Number / CAF exactly as in the acknowledgement slip 
4. Alternatively, Enter your PAN (10-digit alphanumeric) number 
5. Once this is done, you need to click on the Captcha to verify you are not a robot 
6. Finally click on the Search Button 

You can use either of the parameters to query; Application / CAF number or Investor PAN. 

The allotment status will be displayed on the screen in front of you informing about the number of shares of Nephrocare Health Services Ltd allotted into your demat account. You can save a screenshot of the allotment status output for tallying with the demat account credits. 

Checking The Allotment Status of IPO on NSE Website

This is a common link for all IPOs. Click on NSE link for IPO allotment as below.  

https://www.nseindia.com/invest/check-trades-bids-verify-ipo-bids 

Once you reach the page, here are the steps to follow. 

1. Under Issue Type – Select Equity & SME IPO Details Option 
2. Under SELECT SYMBOL – Select NEPHROPLUS from the drop-down box 
3. Enter the Application Number / CAF exactly as in the acknowledgement slip 
4. Enter your PAN (10-digit alphanumeric) number 
5. Once both are entered, click on the Submit Button 

You must input the Application / CAF number and the Investor PAN. 

The allotment status will be displayed on the screen in front of you informing about the number of shares of Nephrocare Health Services Ltd allotted into your demat account. You can save a screenshot of the allotment status output for tallying with the demat account credits. 

Checking Allotment Status of IPO on KFIN Technologies Ltd

Visit the website of KFIN Technologies Ltd, which has been appointed as the registrar for the issue. You can access their website for IPO status by clicking on the link below: 

https://kosmic.kfintech.com/ipostatus/ 

KFIN Technologies Ltd provides details of IPOs managed by them and where allotment status is finalized. Radio buttons allow you to opt to see all IPOs or just recent IPOs. The latter option reduces the list of IPOs to search. Once you click on Recent IPOs, dropdown shows recent active IPOs, where allotment status is finalized. Select Nephrocare Health Services Ltd.  

THERE ARE 3 WAYS TO QUERY ALLOTMENT STATUS ON KFIN TECHNOLOGIES LTD 

To Query by Application Number, check the appropriate box and follow these steps. 

1. Enter the Application Number as it is 
2. Enter the 6-digit Captcha Code 
3. Click on Submit button 
4. Allotment Status gets displayed on screen 

Unlike in the past, now you do not have to select ASBA versus Non-ASBA option. 

To Query by Demat Account, check the appropriate box and follow these steps. 

1. First select the depository (NSDL / CDSL) 
2. Enter the DP-ID (Alphanumeric for NSDL and Numeric for CDSL) 
3. Enter the Client-ID in the second box 
4. For NSDL, the Demat account is 2 strings; for CDSL it is just 1 string 
5. Enter the 6-digit Captcha Code 
6. Click on Submit button 
7. Allotment Status gets displayed on screen 

To Query by PAN, check the appropriate box and follow these steps. 

1. Enter the 10-Character PAN number, available on your PAN card 
2. After you enter the PAN number, Enter the 6-digit numeric Captcha Code 
3. Click on Submit button 
4. Allotment status gets displayed on screen 

If captcha code is not clear; toggle for more options. Retain a screenshot of the allotment status output for future reference. This can be tallied with demat credit post allotment.