#NephroPlusIPO #HealthcareIPO #DialysisServices #IndianHealthcare #KidneyCare #IPOAlert #SEBIUpdate #ChronicKidneyDisease #HealthTechIndia #InvestInHealthcare #Nephrocare #IPO2025
Chandigarh — Nephrocare Health Services Limited, widely recognized by its brand NephroPlus, Asia’s largest dialysis services provider and the world’s fifth largest by number of treatments in FY25, has officially filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI). This marks a significant step toward its much-anticipated Initial Public Offering (IPO).
The Hyderabad-headquartered company is aiming to raise ₹353.4 crores via a fresh issue of equity shares, while also executing an Offer for Sale (OFS) of up to 1.27 crore equity shares by existing shareholders. The IPO proceeds will be utilized for capacity expansion, debt repayment, and general corporate purposes.
Company Overview and Market Leadership
Founded in 2009, NephroPlus has emerged as a leader in India’s organized dialysis market, operating 447 dialysis clinics spread across 269 cities in 21 states and 4 Union Territories. With over 33,000 patients served annually and more than 5,000 dialysis machines in operation, NephroPlus commands a revenue market share exceeding 50% in India’s organized dialysis sector.
Internationally, the company has expanded its presence with:
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34 clinics in the Philippines
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5 clinics in Nepal
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4 clinics in Uzbekistan
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A recent entry into the Kingdom of Saudi Arabia (KSA)
In FY25 alone, NephroPlus performed over 3.3 million dialysis treatments, showcasing its scale, efficiency, and commitment to delivering quality care.
IPO Details and Utilization of Proceeds
According to the DRHP, the IPO is structured as follows:
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Fresh Issue: ₹353.4 crores
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Offer For Sale (OFS): 1,27,92,056 equity shares
The OFS will see partial exits by the following promoter and investor entities:
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Investcorp Private Equity Fund II
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Healthcare Parent Limited
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Investcorp Growth Opportunity Fund
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Edoras Investment Holdings Pte. Ltd.
Other selling shareholders include:
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Investcorp India Private Equity Opportunity Limited
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International Finance Corporation (IFC)
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360 One Special Opportunities Fund – Series 9 and Series 10
The company proposes to allocate the IPO proceeds in the following manner:
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₹129.1 crores for opening new dialysis clinics across India
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₹136 crores for pre-payment or scheduled repayment of certain borrowings
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The remaining amount for general corporate purposes
In addition, NephroPlus may explore a Pre-IPO placement of up to ₹70.6 crores before filing the Red Herring Prospectus (RHP) with the Registrar of Companies (ROC). If executed, the fresh issue size will be reduced accordingly.
Financial Performance and Market Context
For the financial year ended March 31, 2025 (FY25), NephroPlus reported:
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Revenue from operations: ₹755.8 crores
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Profit after tax (PAT): ₹67 crores
This robust financial performance highlights its operational scalability, market demand, and efficient cost structures.
According to the Frost & Sullivan (F&S) report cited in the DRHP, NephroPlus is the fifth-largest dialysis service provider globally based on the number of treatments performed, putting it on a competitive footing with international healthcare giants.
Promoters and Advisors
NephroPlus is promoted by a combination of leading private equity firms and institutional investors, including:
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BVP (Bessemer Venture Partners) Trust
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Edoras Investment Holdings Pte. Ltd.
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Healthcare Parent Limited (HPL)
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Investcorp Private Equity Fund II (IPEF II)
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Investcorp Growth Opportunity Fund (IGOF)
The company has appointed a strong team of Book Running Lead Managers (BRLMs) for the issue:
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ICICI Securities Limited
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Ambit Private Limited
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IIFL Capital Services Limited
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Nomura Financial Advisory and Securities (India) Pvt. Ltd.
Kidney Disease: A Growing Global Concern
The IPO comes at a time when chronic kidney disease (CKD) has become the third fastest-growing cause of death worldwide, as per global health data. Diabetes and hypertension—two prevalent lifestyle diseases—are identified as the leading drivers of CKD. With urbanization, sedentary lifestyles, and increasing stress levels contributing to the rise of kidney-related ailments, demand for dialysis is expected to grow at a significant pace in the coming years.
NephroPlus, with its wide network and differentiated service offerings such as:
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Home haemodialysis
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Dialysis on wheels
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Holiday dialysis
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Dialysis-on-call
is uniquely positioned to serve this growing demand with patient-centric innovation and convenience.
Conclusion: A Healthcare IPO to Watch
NephroPlus’ IPO filing is being seen as a landmark moment for India’s rapidly expanding healthcare services market, especially in the niche but critical area of dialysis treatment. With a strong growth trajectory, proven profitability, and a globally scalable business model, this IPO is likely to draw attention from both retail and institutional investors looking to tap into the growing healthcare infrastructure sector.
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