NephroPlus announces IPO launch on December 10. View the most important details

The Nephrocare Health Services initial public offering (IPO) opens for subscription on Wednesday, December 10 and closes on Friday, December 12. The anchor bidding will take place on Tuesday, December 9. The proposed IPO of the Hyderabad-based company is a combination of a fresh issue of shares up to Rs 353 crore and an offer for sale (OFS) of 1.12 crore shares by the selling shareholders, according to the red herring prospectus (RHP).NephroPlus proposes to utilize Rs 129 crore from the net proceeds of the new issue for capital expenditure for opening new dialysis clinics in India; Rs 136 crore towards prepayment or scheduled repayment of certain loans availed by the company and the balance for general corporate purposes.

Founded in 2009, NephroPlus is the largest organized dialysis service network in India and the only Indian dialysis service provider to have scaled internationally, with a global network of 519 clinics, including 51 clinics in the Philippines, Uzbekistan and Nepal, as of September 2025. In FY24, it also expanded into the Kingdom of Saudi Arabia (KSA) market by forming a joint venture with Arabian International Healthcare Holding Company, an Al Faisaliah Group company.The 165-bed dialysis clinic in Tashkent, Uzbekistan, is the largest dialysis clinic in the world.

NephroPlus is also the most widely distributed dialysis network in India with an extensive pan-India network of clinics in 288 cities, as of September 30, 2025, across 21 states and 4 Union Territories.

About 77% of clinics are in tier II and tier III cities and towns, as of September 2025.

It offers hemodialysis, with options such as home hemodialysis, hemodiafiltration, holiday dialysis, on-call dialysis and dialysis on wheels, giving patients access to the most appropriate and convenient treatment options. As of September 2025, NephroPlus had more than 5,562 dialysis machines.

Vikram Vuppala, BVP (Bessemer Venture Partners) Trust, Edoras Investment Holdings Healthcare Parent Limited (HPL), Investcorp Private Equity Fund II (IPEF II) and Investcorp Growth Opportunity Fund (IGOF) are the promoters of the company.

NephroPlus reported revenue from operations of Rs 756 crore and profit after tax of Rs 67 crore in FY25. For the six-month period ending September 2025, reported revenue from operations was Rs 473 crore.

In FY24, the Indian dialysis services market was valued at $818 million, and according to the F&S Report, it is expected to reach approximately $1,979 million by 2029 at a CAGR of 19.3%. Kidney disease is currently the third fastest growing cause of death worldwide, and diabetes and hypertension have been recognized as the two leading causes of chronic kidney disease (CKD).

ICICI Securities, Ambit, IIFL Capital and Nomura Financial Advisory and Securities (India) are the lead managers of the issue. The shares of the company are proposed to be listed on BSE and NSE.