NephroPlus gets Sebi nod to launch IPO, to raise Rs 353 crore from fresh issue

Dialysis services provider Nephrocare Health Services has received a nod from capital markets regulator Securities and Exchange Board of India (Sebi) to launch its initial public offering (IPO), which will be a mix of an offer for sale (OFS) and issue of new shares.The proposed public issue of the Hyderabad-based company includes an OFS of 1.27 crore equity shares by the selling shareholders and a fresh issue worth Rs 353.4 crores, as per the draft red herring prospectus (DRHP).

About NephroPlus

Citing the F&S report, the company claims to be India’s largest provider of dialysis services and the fifth largest in the world in terms of the number of treatments performed in fiscal 2025. Founded in 2009 as NephroPlus, the company operates in five countries and serves more than 33,000 patients per month.

NephroPlus is a full-stack dialysis services company offering comprehensive dialysis services including both hemodialysis and peritoneal dialysis. Options range from single-bed dialysis setups such as home hemodialysis, Dialysis on Demand and Dialysis on Wheels, to the design, construction and operation of the world’s largest dialysis center in Uzbekistan. This broad spectrum of services ensures that patients have access to high-quality and personalized dialysis care in all settings.

In India, NephroPlus serves a large and growing population of patients with End-Stage Renal Disease (ESRD) – patients whose kidneys can no longer filter waste and require renal replacement therapies such as dialysis.

As of March 31, 2025, NephroPlus owns 5,068 dialysis machines and has performed more than 3.3 million treatments in FY25, with treatments growing at a CAGR of 20.09% between FY2023 and FY2025.

The company recently announced that it has visited 500 dialysis centers worldwide, joining major global dialysis providers such as Fresenius Medical Care, DaVita and Diaverum.

The IPO of Nephrocare Health Services continues

NephroPlus proposes to use the net proceeds from the new issue for capital expenditure of Rs 129.1 crore for opening new dialysis clinics in India. It will use another Rs 136 crore for prepayment or scheduled repayment of certain loans availed by the company, while the rest will be used for general corporate purposes.

Nephrocare Health OFS

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

As part of the OFS, the promoter-selling shareholders include Investcorp Private Equity Fund II, Healthcare Parent Limited, Investcorp Growth Opportunity Fund and Edoras Investment Holdings Pte. Ltd. and other selling shareholders include Investcorp India Private Equity Opportunity Limited, International Finance Corporation, 360 One Special Opportunities Fund – Series 9 and 360 One Special Opportunities Fund – Series 10.

Nephrocare Health IPO Lead Managers

ICICI Securities Limited, Ambit Private Limited, IIFL Capital Services Limited and Nomura Financial Advisory and Securities (India) Private Limited are the Book Running Lead Managers for the issue.

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