Nephrocare Health Services came to market through an IPO that opened on 10 December 2025 and closed on 12 December 2025, and the shares listed on 17 December 2025 on BSE, NSE. The price band was ₹438 to ₹460 per share and one lot was 32 shares, so the minimum application was ₹14,720. The issue size was ₹871.05 crore. It combined a fresh issue of new shares with an offer for sale by existing shareholders.
Kfin Technologies Limited was the registrar to the issue, and ICICI Securities Limited/nAmbit Pvt.Ltd, IIFL Capital Services Ltd., Nomura Financial Advisory & Securities (India) Pvt.Ltd were the lead managers.
As of 12 December 2025.
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Nephrocare Health Services Ltd, incorporated in the year 2010, is an end-to-end dialysis care provider through its wide network of clinics across India and select international markets. It offers services such as diagnosis, haemodialysis, home and mobile dialysis, and wellness programs, supported by an in-house pharmacy. As of March 31, 2025, Nephrocare operated 490 clinics—447 in India and 43 across the Philippines, Uzbekistan, and Nepal. This includes the world’s largest dialysis clinic in Uzbekistan.
In India, the company had a presence across 269 cities in 21 States and four Union Territories. Approximately 76.73% of its clinics were located in tier II and tier III cities, addressing a critical need in underserved regions. In Fiscal 2025, Nephrocare treated 29,281 patients and performed more than 2.88 million dialysis treatments, amounting to approximately 10% of the country's total dialysis patient base.
The number of dialysis machines operated by the company increased to 5,068 as of March 2025 from 4,714 in Fiscal 2024 and 3,662 in Fiscal 2023. Nephrocare has formulated strategic alliances with leading hospital chains like 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.
As of March 2025, the workforce consisted of 3,230 employees, including both medical and administrative staff working across its clinics and corporate office.
As described in the offer document.
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Nephrocare Health Services raises over Rs 260 crore from 14 anchor investors. Nephrocare Health on Tuesday has finalised the allocation of 56.57 lakh shares to anchor investors at the upper price band. Of the total allocation, 25.82 lakh shares were allotted to 5 domestic mutual funds: SBI Mutual Fund, ICICI Prudential AMC, DSP MF, Baroda BNP Paribas MF and Bandhan MF.
Apart from these, Fidelity Funds, Prudential Assurance Company, Eastspring Investments, Polar Capital Funds, Manulife Global Fund, SBI Life Insurance Company, and HDFC Life Insurance Company also invested in the company via anchor book.
Vikram Vuppala, Bessemer Venture Partners Trust, Edoras Investment Holdings Pte. Ltd, Healthcare Parent Limited, Investcorp Private Equity Fund II, Investcorp Growth Opportunity Fund. Promoter holding 78.90% before the issue and 71.49% after.
Work out the listing gain for this IPO
If the retail portion is not fully subscribed, every valid application is allotted in full. If it is oversubscribed, SEBI's rules require that as many applicants as possible receive at least one lot, so the shares are allotted by a computerised lottery across all valid applications, one lot each, until the retail portion is exhausted. Applying for more lots does not improve your chance in a lottery; it only increases what you receive if the issue is under-subscribed.
The basis of allotment document, published by the registrar on the allotment date, states the ratio: for example, one applicant in seven received one lot.
Allotment status is published by the registrar on its website, searchable by PAN, application number or demat account, and also on the exchange's website. Allotted shares are credited to the demat account the day before listing, and blocked money for unsuccessful applications is released the same day. The Rupix app can check allotment status by PAN once the registrar publishes it.
Shares list within three working days of the issue closing. On listing day the exchanges run a special pre-open session from nine o'clock, during which orders are collected and an opening price is discovered from them; trading in the share begins after that, usually around ten. The opening price is the listing price that appears on this page once the issue has listed, and the listing gain or loss is the difference between it and the issue price.
For a mainboard issue, the share then trades in the normal way with the exchange's price band for a new listing. For an SME issue, shares trade in lots rather than one at a time, and the market can be thin, so selling on listing day is not always possible at the opening price. Capital gains on shares sold within a year of allotment are short-term and taxed at the short-term rate.
Nephrocare Health Services IPO was a ₹871.05 crore book-built issue, comprising a fresh issue of ₹353.4 crore and an offer for sale of ₹517.64 crore. It was priced at ₹438–₹460 per share with a lot size of 32 shares (₹14,720). The IPO was open from December 10 to December 12, 2025 and was subscribed 14.08x. Shares listed on BSE and NSE on December 17, 2025 at ₹490, a 6.5% premium to the issue price of ₹460.
Kfin Technologies Limited is the registrar. ICICI Securities Ltd and 3 other book running lead managers manage the issue.
The price band of Nephrocare Health Services IPO is ₹438 to ₹460 per share.
The lot size of Nephrocare Health Services IPO is 32 shares.
The minimum investment for Nephrocare Health Services IPO is approximately ₹14,720 based on the upper price band.
The allotment date of Nephrocare Health Services IPO is Dec 15, 2025.
Nephrocare Health Services IPO's final recorded GMP before listing was ₹32 per share (a 7% premium over the ₹460 upper price band). The shares listed at ₹490. GMP is unofficial and does not forecast or guarantee the actual listing price.
Nephrocare Health Services IPO listed on Dec 17, 2025. It was issued at ₹490.0(NSE) and is currently around ₹623.00 as on 2-Nov-2026 3:30 PM, which is approximately 35.4% versus issue price. The 52-week high is ₹781.50.
You can check Nephrocare Health Services IPO allotment status on the registrar or stock exchange websites using your PAN or application number after allotment. You can also check the Nephrocare Health Services IPO allotment status on Rupix for quick and easy access.
₹438 to ₹460 per share, against a face value of ₹2. Most applicants bid at the cut-off price, the top of the band, so that the application was valid whatever price the issuer finally fixed.
One lot was 32 shares, and every application had to be a whole number of lots. At the top of the band that made the minimum application ₹14,720.
₹14,720, for one lot of 32 shares at the top of the price band. The amount was blocked in the applicant's bank account through ASBA or a UPI mandate while the issue was open, and released on the allotment date to applicants who were not allotted shares.
It opened on 10 December 2025 and closed on 12 December 2025.
The basis of allotment was published on 15 December 2025 by Kfin Technologies Limited, and allotted shares were credited to demat accounts before listing.
The shares listed on 17 December 2025 on BSE, NSE.
The issue size was ₹871.05 crore. The fresh issue was 76,82,717 shares (aggregating up to ₹353.4 crore). The offer for sale was 1,12,53,102 shares (aggregating up to ₹517.64 crore).