Nephrocare IPO Begins: How to Apply, Price Band & Listing Date Explained
Know everything about Nephrocare IPO 2025: subscription status, anchor investors, grey market premium, allotment schedule, and IPO structure.
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Nephrocare Health Services Ltd, the provider of dialysis services, has today, December 10, made its public offering (IPO) opening with subscription window closing on December 12. The IPO comes with a price range of Rs 438 to Rs 460 per share which puts the company’s value at more than Rs 4,600 crores. Nephrocare Health before the public offering managed to raise Rs 260 crores from the anchor investors.
According to a BSE circular, the major anchor investors in the IPO consist of SBI Mutual Fund, ICICI Prudential MF, Fidelity Funds, DSP MF, Bandhan MF, The Prudential Assurance Company, Eastspring Investments, Polar Capital Funds, Baroda BNP Paribas MF, SBI Life Insurance, and HDFC Life Insurance.
The public offering divides the shares into 50% for the qualified institutional buyers (QIB), 15% for non-institutional investors (NII), and 35% for retail investors. Moreover, a portion of equity shares worth Rs 35 million is set aside for the employees.
The initial allotment results will be made public on December 15, with refunds being processed on December 16. The day after, December 16, allottees will have the shares credited in their demat accounts, and the listing on BSE and NSE will occur on December 17.
The grey market premium (GMP) for Nephrocare’s shares has been reported at Re 0, suggesting that the shares are being traded at the Rs 460 issue price without any mark-up or discount, as per information from chittorgarh.com.
Currently, at the maximum price level of Rs 460, SBICAP Securities points out that Nephrocare’s post-issue EV/EBITDA for FY25 will be at 26.1x, which is in line with the industry competitors. The analysts point out to the company’s dominating market role, the rapid growth of its global operations, and the increasing share of its business in India as the positive factors. For long-term investors, SBICAP suggested that they subscribe at the cut-off price.
Swastika Investmart has given a report stating that Nephrocare is a global player providing full-scale dialysis services. The firm is the largest provider of dialysis services in Asia and ranks fifth among the largest globally. Revenue and profits have been on an upward trend but the cost of financing had a negative impact on profitability during H1 FY26. Experts say that this IPO is highly priced, which is a signal for long-term investors to enter.
The IPO was for 1,33,87,854 shares and bids for 1,63,488 shares had already been received by 10:15 IST. Out of total bids, retail investors were 2%, NII 1%, and QIB bids are not yet acknowledged. The overall subscription on day one is 1%.
The IPO of Nephrocare includes fresh issuing of shares worth Rs 353.4 crore and an Offer For Sale (OFS) of 1.12 crore shares priced at Rs 517.6 crore, making a total of Rs 871 crore. Key promoters such as Investcorp Private Equity Fund II, Healthcare Parent, Investcorp Growth Opportunity Fund, and Edoras Investment Holdings Pte along with other shareholders including Investcorp India Private Equity Opportunity, the International Finance Corporation, and 360 One Special Opportunities Funds are participating in the OFS.
New issue proceeds will be allocated to the opening of new dialysis centers in India (Rs 129.1 crore), servicing of loans (Rs 136 crore), and supporting general corporate purposes. The issue’s book-running lead managers are ICICI Securities, Ambit, IIFL Capital Services, and Nomura Financial Advisory & Securities (India) Pvt Ltd., along with Kfin Technologies Ltd. acting as the registrar.
