NephroCare Health Services IPO Details

About Company

NephroCare Health Services Limited (operating under the brand name NephroPlus) is India’s largest dialysis network, specializing in kidney care and dialysis services. Incorporated on December 18, 2009, as a private limited company in Hyderabad, Telangana, it was converted to a public limited company on June 18, 2025. The company operates dialysis clinics across India and internationally, focusing on providing high-quality, affordable dialysis treatments. As of March 31, 2025, it had over 5,000 dialysis machines and performed more than 3.30 million treatments.

The registered and corporate office is at 5th Floor, D Block, iLabs Centre, Plot 18, Software Units Layout, Survey No. 64, Madhapur, Shaikpet, Hyderabad 500 081, Telangana, India.

Website: http://www.nephroplus.com.

Purpose of the IPO

Fresh Issue proceeds (up to R 3,534.05 million) for

Purpose	Estimated Amount (₹ million)
Capital Expenditure for 167 New Dialysis Clinics in India	1,291.06
Pre-payment/Repayment of Borrowings	1,359.99
General Corporate Purposes	[●] (≤25% of Gross Proceeds)

Income Statements (in Crores)

Particulars	2025	2024	2023
Revenue from Operations	755.81	566.16	437.30
Other Income	14.10	8.57	5.96
Total Income	769.91	574.72	443.26
Total Expenses	682.48	541.56	451.85
Profit/(Loss) Before Tax	87.44	33.16	(8.59)
Total Tax Expense/(Benefit)	20.34	(1.97)	3.20
Profit/(Loss) for the Year	67.10	35.13	(11.79)
Total Comprehensive Income/(Loss)	66.06	22.66	(8.47)

Balance Sheet (in Crores)

Particulars	2025	2024	2023
Non-Current Assets	451.10	415.98	341.98
Current Assets	545.36	390.03	324.26
Total Assets	996.46	806.02	666.23
Equity	584.11	413.71	388.63
Non-Current Liabilities	128.45	149.72	102.99
Current Liabilities	283.90	242.59	174.61
Total Equity & Liabilities	996.46	806.02	666.23

KPIs (ROE, ROCE, Debt & Equity, PAT Margin, EBITDA Margin)

KPI	FY 2025	FY 2024	FY 2023	Calculation Method
ROE (%)	13.45	8.70	-3.09	PAT / Average Equity × 100. E.g., FY 2025: 670.96 / ((5,841.13 + 4,137.09)/2) = 13.45%.
ROCE (%)	13.42	7.25	1.37	EBIT / Average Capital Employed × 100 (Capital Employed = Equity + Total Borrowings – Cash). EBIT = PBT + Finance Costs. E.g., FY 2025 EBIT = 874.37 + 208.34 = 1,082.71; Avg CE ≈ 8,066.
Debt-to-Equity Ratio	0.39	0.58	0.50	Total Borrowings / Total Equity. E.g., FY 2025: (959.98 + 1,298.04) / 5,841.13 = 0.39.
PAT Margin (%)	8.71	6.11	-2.66	PAT / Total Income × 100. E.g., FY 2025: 670.96 / 7,699.15 × 100 = 8.71%.
EBITDA Margin (%)	23.50	17.88	12.82	EBITDA / Revenue from Operations × 100. EBITDA = PBT + Finance Costs + Depreciation. E.g., FY 2025: (874.37 + 208.34 + 724.69) / 7,558.12 × 100 = 23.50%.

Promoter Details & Their Holding

Promoter	Equity Shares (₹2 FV)	CCPS (₹10 FV)	Bonus CCPS (₹2 FV)	Total Equity on Diluted Basis	% Holding
Vikram Vuppala	1,940,590	–	3,881,180	10,533,523	11.16
BVP Trust	87,690	606,920	175,380	9,366,870	9.93
Edoras Investment Holdings Pte. Ltd.	7,494,200	646,482	14,988,400	32,415,615	34.36
Healthcare Parent Limited	2,006,430	102,711	4,012,860	7,637,400	8.09
Investcorp Private Equity Fund II	1,554,460	147,929	3,108,920	6,993,870	7.41
Investcorp Growth Opportunity Fund	–	–	–	(Not specified; minor)	–
Total Promoters	13,083,370	1,504,042	26,166,740	67,547,278	71.62

IPO Details, Lot Size

100% Book Built Offer. DRHP filed July 25, 2025; no RHP yet as of August 19, 2025

Detail	Information
Type	Fresh Issue + OFS
Fresh Issue	[●] Equity Shares (₹2 FV) up to ₹3,534.05 million
OFS	12,792,056 Equity Shares (₹2 FV) up to [●] million
Total Size	[●] Equity Shares up to [●] million
Face Value	₹2
Price Band	[●] (Floor [●]x FV; Cap [●]x FV)
Lot Size	[●] Equity Shares (to be announced)
Pre-IPO Placement	Possible up to ₹706.81 million (20% Fresh Issue), reducing Fresh Issue
Employee Reservation	[●] Equity Shares (up to [●] million); Discount ₹[●]/share

IPO Reservation & Quota

Category	Allocation (% Net Offer)	Details
QIBs	≤50%	Up to 60% Anchor (1/3 domestic MF); 5% Net QIB MF
NIIs	≥15%	1/3 bids Rs 0.2-1 million; 2/3 >Rs 1 million
RIIs	≥35%	Proportionate

Registrar Details

KFin Technologies Limited

Lead Manager

Book Running Lead Managers:

Name	Contact Person	Tel & E-mail
ICICI Securities Limited	Aboli Pitre / Namrata Ravasia	+91 22 6807 7100; nephroplus.ipo@icicisecurities.com
Ambit Private Limited	Siddhesh Deshmukh / Arundhati Iyer	+91 22 6623 3030; nephroplus.ipo@ambit.co
IIFL Capital Services Limited	Yogesh Malpani / Pawan Kumar Jain	+91 22 4646 4728; nephroplus.ipo@iiflcap.com
Nomura Financial Advisory and Securities (India) Pvt Ltd	Vishal Kanjani / Chirag Shah	+91 22 4037 4037; nephroplusipo@nomura.com