Quadria Capital Secures Partial Exit in NephroPlus IPO

The move marks one of Quadria’s fastest value-creation cycles, with the investment delivering returns within approximately 18 months of entry.

Quadria Capital has announced a partial exit from Nephrocare Health Services Limited, which operates under the NephroPlus brand, through the company’s initial public offering (IPO).

The move marks one of Quadria’s fastest value-creation cycles, with the investment delivering returns within approximately 18 months of entry.

NephroPlus shares debuted at a premium of around 7 per cent over the issue price of Rs 490, reflecting strong investor demand for single-specialty healthcare platforms focused on chronic care. The IPO was subscribed 14 times overall, with Qualified Institutional Buyers (QIBs) bidding 27 times the shares reserved for them. The anchor book attracted participation from a mix of global and domestic institutional investors.

The partial sale is expected to generate significant returns for investors in Quadria Capital Fund III and provide liquidity just seven months after the fund’s final close. With this transaction, Quadria has completed its third oversubscribed public market exit in India in under two years, following the listings of Concord Biotech in August 2023 and Akums in August 2024.

Quadria Capital had invested in NephroPlus in May 2024, backing the company’s expansion strategy amid rising demand for dialysis services in India and other Asian markets. The investment thesis focused on scaling capacity, improving operational efficiency, and supporting geographic expansion in both existing and new international markets.

Following the IPO, Quadria will continue to hold approximately 30 per cent stake on a fully diluted basis, remaining the largest shareholder in NephroPlus. The firm will stay invested as the company moves ahead with its growth plans, including deeper penetration in current markets and expansion into additional geographies.

Sunil Thakur, Partner and Investment Committee Member at Quadria Capital, said the partial exit allows the firm to realise value while continuing as a significant shareholder. “The partial sale through the IPO allows us to crystallise value for our investors while continuing to hold a significant minority stake,” he said.

Vikram Vuppala, Founder Chairman and Managing Director of NephroPlus, said the company is entering its next phase of expansion following the listing, supported by its growing international footprint and focus on clinical delivery.

NephroPlus operates dialysis centres across India and select international markets, positioning itself as a large single-specialty provider in the renal care segment. The IPO comes amid increased investor interest in healthcare platforms addressing long-term and high-burden diseases.

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