NephroPlus Files INR 353.4 Cr IPO to Expand Dialysis Network in India

A pre-IPO placement of up to INR 70.6 crore is also being considered, which may reduce the fresh issue size.

Hyderabad-based Nephrocare Health Services Ltd, operating under NephroPlus, has filed its Draft Red Herring Prospectus (DRHP) with SEBI to raise INR 353.4 crore through an initial public offering (IPO).

The company aims to use the proceeds to expand its dialysis clinic network across India and repay existing borrowings. A pre-IPO placement of up to INR 70.6 crore is also being considered, which may reduce the fresh issue size.

The IPO comprises a fresh issue of equity shares worth INR 353.4 crore and an offer-for-sale (OFS) of up to 1.27 crore equity shares by promoter and non-promoter entities. OFS participants include Investcorp Private Equity Fund II, Healthcare Parent Limited, Edoras Investment Holdings Pte. Ltd., and 360 One Special Opportunities Fund.

As per the DRHP, INR 129.1 crore from the fresh issue will be used to set up new dialysis clinics in India. An additional INR 136 crore will go towards pre-payment or repayment of existing borrowings. The remaining funds are earmarked for general corporate purposes.

Founded in 2009, NephroPlus is described in a Frost & Sullivan report as Asia’s largest dialysis service provider and the fifth-largest globally based on treatments performed in FY25. The company operates 447 clinics in 269 cities across 21 Indian states and 4 Union Territories, serving over 33,000 patients annually. It holds more than 50% revenue market share in India’s organised dialysis market.

The company has expanded internationally, running 34 clinics in the Philippines, five in Nepal, four in Uzbekistan, and recently entered Saudi Arabia.

In FY25, NephroPlus reported INR 755.8 crore in revenue from operations and a profit after tax of INR 67 crore.

Book running lead managers for the IPO include ICICI Securities, Ambit Private Limited, IIFL Capital Services, and Nomura Financial Advisory and Securities (India).

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