NephroPlus gets Sebi nod for IPO, to raise Rs 353 cr from fresh issue

Synopsis

Dialysis services leader Nephrocare Health Services, operating under NephroPlus, has received Sebi’s approval to launch its IPO, comprising a ₹353.4 crore fresh issue and 1.27 crore shares OFS. Proceeds will fund new dialysis centres, debt repayment, and corporate needs.

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 fresh equity shares.

The Hyderabad-based company's proposed public issue comprises an OFS of 1.27 crore equity shares by the selling shareholders and a fresh issue worth Rs 353.4 crores, according to the draft red herring prospectus (DRHP).

About NephroPlus

NephroPlus is a full-stack dialysis services company offering comprehensive dialysis services, including both hemodialysis and peritoneal dialysis. Its capabilities range from one-bed dialysis setups such as Home Hemodialysis, Dialysis on Call, and Dialysis on Wheels to the design, construction, and operation of the world’s largest dialysis centre in Uzbekistan. This wide spectrum of services ensures that patients have access to quality and personalised dialysis care across 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 had performed over 3.3 million treatments during FY25, with treatments growing at a CAGR of 20.09% between Fiscal 2023 and Fiscal 2025.

The company recently announced it had crossed 500 dialysis centres globally, thereby joining the ranks of major global dialysis providers such as Fresenius Medical Care, DaVita and Diaverum.

Nephrocare Health Services IPO proceeds

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

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