Nephrocare Health IPO
Live Updates, GMP, Subscription Data, and Financial Details
IPO Overview
Listed
Dates
Dec 10 to Dec 12 2025
Price Band
₹438 - 460
Current GMP
₹490.0 (+6.52%)
Subscription
14.08 times
IPO Details
| IPO Date | Wed, Dec 10, 2025 to Fri, Dec 12, 2025 |
| Listing Date | Wed, Dec 17, 2025 |
| Face Value | ₹ 2 per share |
| Price Band | ₹438 to ₹460 |
| Issue Price | ₹460 per share |
| Lot Size | 32 Shares |
| Sale Type | Fresh Capital-cum-Offer for Sale |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Employee Discount | ₹ 41.00 |
| Total Issue Size | 1,89,43,264 shares (aggregating up to ₹ 871.39 Cr) |
| Fresh Issue | 76,90,162 shares (aggregating up to ₹ 353.75 Cr) |
| Offer for Sale | 1,12,53,102 shares of ₹ 2 (aggregating up to ₹ 517.64 Cr) |
| Share Holding Pre Issue | 9,26,50,799 shares |
| Share Holding Post Issue | 10,03,40,961 shares |
| BSE Script Code / NSE Symbol | 544647 / NEPHROPLUS |
| ISIN | INE428V01029 |
IPO Date
Wed, Dec 10, 2025 to Fri, Dec 12, 2025
Listing Date
Wed, Dec 17, 2025
Face Value
₹ 2 per share
Price Band
₹438 to ₹460
Issue Price
₹460 per share
Lot Size
32 Shares
Sale Type
Fresh Capital-cum-Offer for Sale
Issue Type
Bookbuilding IPO
Listing At
BSE, NSE
Employee Discount
₹ 41.00
Total Issue Size
1,89,43,264 shares (aggregating up to ₹ 871.39 Cr)
Fresh Issue
76,90,162 shares (aggregating up to ₹ 353.75 Cr)
Offer for Sale
1,12,53,102 shares of ₹ 2 (aggregating up to ₹ 517.64 Cr)
Share Holding Pre Issue
9,26,50,799 shares
Share Holding Post Issue
10,03,40,961 shares
BSE Script Code / NSE Symbol
544647 / NEPHROPLUS
ISIN
INE428V01029
IPO Subscription Details
| Anchor Investors | 1 |
| QIB (Ex Anchor) | 26.82 |
| Non-Institutional Buyers | 24.77 |
| bNII (bids above ₹10L) | 30.43 |
| sNII (bids below ₹10L) | 13.46 |
| Retail Investors | 2.36 |
| Employees | 2.81 |
| Total ** | 14.08 |
Anchor Investors
1
QIB (Ex Anchor)
26.82
Non-Institutional Buyers
24.77
bNII (bids above ₹10L)
30.43
sNII (bids below ₹10L)
13.46
Retail Investors
2.36
Employees
2.81
Total **
14.08
Day Wise Sub
| Day | QIB (Ex Anchor) | NII | NII (> ₹10L) | NII (< ₹10L) | Retail | EMP | Total |
|---|---|---|---|---|---|---|---|
| Day 1 Dec 10, 2025 | 0.00 | 0.10 | 0.07 | 0.15 | 0.21 | 0.60 | 0.13 |
| Day 2 Dec 11, 2025 | 0.29 | 0.23 | 0.16 | 0.36 | 0.47 | 1.26 | 0.37 |
| Day 3 Dec 12, 2025 | 26.82 | 24.77 | 30.43 | 13.46 | 2.36 | 2.81 | 14.08 |
DayDay 1
Dec 10, 2025
QIB (Ex Anchor)0.00
NII0.10
NII (> ₹10L)0.07
NII (< ₹10L)0.15
Retail0.21
EMP0.60
Total0.13
DayDay 2
Dec 11, 2025
QIB (Ex Anchor)0.29
NII0.23
NII (> ₹10L)0.16
NII (< ₹10L)0.36
Retail0.47
EMP1.26
Total0.37
DayDay 3
Dec 12, 2025
QIB (Ex Anchor)26.82
NII24.77
NII (> ₹10L)30.43
NII (< ₹10L)13.46
Retail2.36
EMP2.81
Total14.08
Day Wise GMP
| Date | Price | GMP | Estimate List Price |
|---|---|---|---|
| 17-12-2025 | 460.00 | 37(8.04%) | 497 |
| 16-12-2025 | 460.00 | 37(8.04%) | 497 |
| 15-12-2025 | 460.00 | 37(8.04%) | 497 |
| 14-12-2025 | 460.00 | 34.5(7.50%) | 494.5 |
| 13-12-2025 | 460.00 | 33(7.17%) | 493 |
| 12-12-2025 | 460.00 | 33(7.17%) | 493 |
| 11-12-2025 | 460.00 | 11.5(2.50%) | 471.5 |
| 10-12-2025 | 460.00 | 20(4.35%) | 480 |
| 09-12-2025 | 460.00 | 0(0.00%) | 460 |
| 08-12-2025 | 460.00 | 0(0.00%) | 460 |
| 07-12-2025 | 460.00 | 0(0.00%) | 460 |
| 06-12-2025 | 460.00 | 0(0.00%) | 460 |
| 05-12-2025 | 460.00 | 0(0.00%) | 460 |
| 04-12-2025 | 460.00 | 0(0.00%) | 460 |
| 03-12-2025 | 0(%) | (%) |
Date17-12-2025
Price460.00
GMP37(8.04%)
Estimate List Price497
Date16-12-2025
Price460.00
GMP37(8.04%)
Estimate List Price497
Date15-12-2025
Price460.00
GMP37(8.04%)
Estimate List Price497
Date14-12-2025
Price460.00
GMP34.5(7.50%)
Estimate List Price494.5
Date13-12-2025
Price460.00
GMP33(7.17%)
Estimate List Price493
Date12-12-2025
Price460.00
GMP33(7.17%)
Estimate List Price493
Date11-12-2025
Price460.00
GMP11.5(2.50%)
Estimate List Price471.5
Date10-12-2025
Price460.00
GMP20(4.35%)
Estimate List Price480
Date09-12-2025
Price460.00
GMP0(0.00%)
Estimate List Price460
Date08-12-2025
Price460.00
GMP0(0.00%)
Estimate List Price460
Date07-12-2025
Price460.00
GMP0(0.00%)
Estimate List Price460
Date06-12-2025
Price460.00
GMP0(0.00%)
Estimate List Price460
Date05-12-2025
Price460.00
GMP0(0.00%)
Estimate List Price460
Date04-12-2025
Price460.00
GMP0(0.00%)
Estimate List Price460
Date03-12-2025
Price
GMP0(%)
Estimate List Price(%)
IPO Important Dates
| IPO Open Date | Wed, Dec 10, 2025 |
| IPO Close Date | Fri, Dec 12, 2025 |
| Tentative Allotment | Mon, Dec 15, 2025 |
| Initiation of Refunds | Tue, Dec 16, 2025 |
| Credit of Shares to Demat | Tue, Dec 16, 2025 |
| Tentative Listing Date | Wed, Dec 17, 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on Fri, Dec 12, 2025 |
IPO Open Date
Wed, Dec 10, 2025
IPO Close Date
Fri, Dec 12, 2025
Tentative Allotment
Mon, Dec 15, 2025
Initiation of Refunds
Tue, Dec 16, 2025
Credit of Shares to Demat
Tue, Dec 16, 2025
Tentative Listing Date
Wed, Dec 17, 2025
Cut-off time for UPI mandate confirmation
5 PM on Fri, Dec 12, 2025
IPO Lot Size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 32 | ₹14,720 |
| Retail (Max) | 13 | 416 | ₹1,91,360 |
| S-HNI (Min) | 14 | 448 | ₹2,06,080 |
| S-HNI (Max) | 67 | 2,144 | ₹9,86,240 |
| B-HNI (Min) | 68 | 2,176 | ₹10,00,960 |
ApplicationRetail (Min)
Lots1
Shares32
Amount₹14,720
ApplicationRetail (Max)
Lots13
Shares416
Amount₹1,91,360
ApplicationS-HNI (Min)
Lots14
Shares448
Amount₹2,06,080
ApplicationS-HNI (Max)
Lots67
Shares2,144
Amount₹9,86,240
ApplicationB-HNI (Min)
Lots68
Shares2,176
Amount₹10,00,960
Financial Information
| Period Ended | 30 Sep 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Assets | 1,193.68 | 996.46 | 806.02 | 666.23 |
| Total Income | 483.97 | 769.92 | 574.72 | 443.26 |
| Profit After Tax | 14.23 | 67.10 | 35.13 | -11.79 |
| EBITDA | 110.31 | 166.64 | 99.66 | 48.60 |
| NET Worth | 716.06 | 594.21 | 423.55 | 384.73 |
| Reserves and Surplus | 704.14 | 578.68 | 408.57 | 383.50 |
| Total Borrowing | 207.04 | 225.80 | 243.37 | 196.21 |
Period EndedAssets
30 Sep 20251,193.68
31 Mar 2025996.46
31 Mar 2024806.02
31 Mar 2023666.23
Period EndedTotal Income
30 Sep 2025483.97
31 Mar 2025769.92
31 Mar 2024574.72
31 Mar 2023443.26
Period EndedProfit After Tax
30 Sep 202514.23
31 Mar 202567.10
31 Mar 202435.13
31 Mar 2023-11.79
Period EndedEBITDA
30 Sep 2025110.31
31 Mar 2025166.64
31 Mar 202499.66
31 Mar 202348.60
Period EndedNET Worth
30 Sep 2025716.06
31 Mar 2025594.21
31 Mar 2024423.55
31 Mar 2023384.73
Period EndedReserves and Surplus
30 Sep 2025704.14
31 Mar 2025578.68
31 Mar 2024408.57
31 Mar 2023383.50
Period EndedTotal Borrowing
30 Sep 2025207.04
31 Mar 2025225.80
31 Mar 2024243.37
31 Mar 2023196.21
Key Performance Indicator
| ROE | 13.45% |
| ROCE | 18.67% |
| RoNW | 13.19% |
| PAT Margin | 8.88% |
| EBITDA Margin | 22.05% |
| Price to Book Value | 7.72 |
ROE
13.45%
ROCE
18.67%
RoNW
13.19%
PAT Margin
8.88%
EBITDA Margin
22.05%
Price to Book Value
7.72
Peers Comparison
| Company Name | EPS (Basic) | EPS (Diluted) | NAV (per share) (Rs) | P/E (x) | RoNW (%) | P/BV Ratio |
|---|---|---|---|---|---|---|
| Nephrocare Health Services Ltd. | 8.28 | 8.01 | 59.56 | 13.19 | ||
| Narayana Health | 38.90 | 38.90 | 160.35 | 45.21 | 21.77 | 10.99 |
| Jupiter Life Line Hospitals | 29.47 | 29.47 | 192.55 | 51.10 | 14.27 | 7.84 |
| Rainbow Children Hospital | 23.97 | 23.84 | 134.69 | 56.84 | 16.56 | 10.11 |
| Dr. Agarwal's Healthcare | 2.80 | 2.78 | 55.13 | 179.42 | 5.73 | 9.05 |
| Dr. Lal Path Labs | 58.48 | 58.40 | 245.26 | 52.47 | 22.30 | 12.51 |
| Metropolis Healthcare | 28.29 | 28.15 | 236.34 | 69.48 | 10.90 | 8.28 |
| Vijaya Diagnostics | 13.95 | 13.92 | 70.98 | 73.14 | 17.99 | 14.54 |
Company NameNephrocare Health Services Ltd.
EPS (Basic)8.28
EPS (Diluted)8.01
NAV (per share) (Rs)59.56
P/E (x)
RoNW (%)13.19
P/BV Ratio
Company NameNarayana Health
EPS (Basic)38.90
EPS (Diluted)38.90
NAV (per share) (Rs)160.35
P/E (x)45.21
RoNW (%)21.77
P/BV Ratio10.99
Company NameJupiter Life Line Hospitals
EPS (Basic)29.47
EPS (Diluted)29.47
NAV (per share) (Rs)192.55
P/E (x)51.10
RoNW (%)14.27
P/BV Ratio7.84
Company NameRainbow Children Hospital
EPS (Basic)23.97
EPS (Diluted)23.84
NAV (per share) (Rs)134.69
P/E (x)56.84
RoNW (%)16.56
P/BV Ratio10.11
Company NameDr. Agarwal's Healthcare
EPS (Basic)2.80
EPS (Diluted)2.78
NAV (per share) (Rs)55.13
P/E (x)179.42
RoNW (%)5.73
P/BV Ratio9.05
Company NameDr. Lal Path Labs
EPS (Basic)58.48
EPS (Diluted)58.40
NAV (per share) (Rs)245.26
P/E (x)52.47
RoNW (%)22.30
P/BV Ratio12.51
Company NameMetropolis Healthcare
EPS (Basic)28.29
EPS (Diluted)28.15
NAV (per share) (Rs)236.34
P/E (x)69.48
RoNW (%)10.90
P/BV Ratio8.28
Company NameVijaya Diagnostics
EPS (Basic)13.95
EPS (Diluted)13.92
NAV (per share) (Rs)70.98
P/E (x)73.14
RoNW (%)17.99
P/BV Ratio14.54
IPO Reservation
| QIB Shares Offered | 94,29,865 (49.78%) |
| − Anchor Investor Shares Offered | 56,57,919 (29.87%) |
| − QIB (Ex. Anchor) Shares Offered | 37,71,946 (19.91%) |
| NII (HNI) Shares Offered | 28,28,960 (14.93%) |
| − bNII > ₹10L | 18,85,973 (9.96%) |
| − sNII < ₹10L | 9,42,987 (4.98%) |
| Retail Shares Offered | 66,00,907 (34.85%) |
| Employee Shares Offered | 83,532 (0.44%) |
| Total Shares Offered | 1,89,43,264 (100.00%) |
QIB Shares Offered
94,29,865 (49.78%)
− Anchor Investor Shares Offered
56,57,919 (29.87%)
− QIB (Ex. Anchor) Shares Offered
37,71,946 (19.91%)
NII (HNI) Shares Offered
28,28,960 (14.93%)
− bNII > ₹10L
18,85,973 (9.96%)
− sNII < ₹10L
9,42,987 (4.98%)
Retail Shares Offered
66,00,907 (34.85%)
Employee Shares Offered
83,532 (0.44%)
Total Shares Offered
1,89,43,264 (100.00%)
Information about company
Incorporated in 2010, Nephrocare Health Services Ltd. provides end-to-end dialysis care through a wide network of clinics across India and select international markets. The company offers services including diagnosis, haemodialysis, home and mobile dialysis, and wellness programs, supported by an in-house pharmacy.
As of Sep 30, 2025, Nephrocare operated 519 clinics with 51 across the Philippines, Uzbekistan, and Nepal. This includes the world’s largest dialysis clinic in Uzbekistan. In India, the company had a presence across 288 cities in 21 States and 4 Union Territories. Approximately 77.53% of its clinics were located in tier II and tier III cities, addressing a critical need in underserved regions.
During Fiscal 2025, Nephrocare served 29,281 patients and completed 2,885,450 dialysis treatments, accounting for roughly 10% of the country's total dialysis patient base. Additionally, by Sep 30, it has served 31,046 patients and completed 1,591,377 treatments in India. As of Sep 30, 2025, the company has 5,562 dialysis machines.
Nephrocare has formed strategic partnerships with established hospital chains such as Max Super Speciality Hospital, Fortis Escorts Hospitals, Care Hospitals, Wockhardt Hospitals, Paras Healthcare, The Calcutta Medical Research Institute, Jehangir Hospital, and Ruby Hall Clinic to operate in-house dialysis centers.
Competitive strengths
Disclaimer
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