BVP Trust, Investcorp, Edoras Investment-promoted Asia’s largest dialysis services provider Nephrocare Health Services has filed preliminary papers with the SEBI to raise funds via IPO. Sources familiar with the development told Moneycontrol that the total issue size could be around Rs 2,000 crore.
The IPO will comprise of fresh issuance equity shares worth Rs 353.4 crore, and an offer-for-sale of 1.28 crore shares by existing shareholders including promoters.
Promoters - Vikram Vuppala, BVP Trust, Investcorp, Healthcare Parent, Edoras Investment Holdings along with others like International Finance Corporation, and 360 One Special Opportunities Fund will be selling shareholders in the offer-for-sale.
Nephroplus may consider a further issue of shares worth Rs 70.68 crore in pre-IPO round. If the company successfully closes pre-IPO round, the fresh issue size will be reduced to the extent of such amount.
Promoters hold 78.90 percent stake on a fully diluted basis, and the remainder 21.1 percent shares are owned by public shareholders.
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Vikram Vuppala, BVP (Bessemer Venture Partners) Trust, Edoras Investment Holdings, Healthcare Parent, and Investcorp are the promoters of the company, while Quadria Capital India Fund, Pankaja Gatuku, Manvi Family Trust, and Viraaj Family Trust are part of promoter group.
Telangana-based Nephrocare Health Services, which offers dialysis care - from diagnosis to treatment and wellness programs including haemodialysis, home and mobile dialysis - is India’s largest dialysis service provider in terms of number of patients served, clinics, cities covered, treatments performed, revenue, and EBITDA in FY25, and it is 4.4 times the size of the next largest organised dialysis provider in India in terms of operating revenue in FY24.
It is also the largest dialysis service provider in Asia and the fifth largest globally in FY25, with a network of 490 clinics including 43 clinics internationally across the Philippines, Uzbekistan and Nepal.
Nephroplus, founded in 2010 by Vikram Vuppala, and Kamal D Shah, will spend Rs 129.1 crore of the fresh issue proceeds for opening new dialysis clinics in India. Further, Rs 136 crore will be utilised for repaying of debt, and the remainder funds for general corporate purposes.
As on May 2025, "our company had outstanding borrowings of Rs 280.6 crore on a consolidated basis," Nephrocare Health Services in its DRHP said.
Nephroplus that competes with several hospitals in the listed space has reported profit at Rs 67.1 crore in the fiscal 2025, growing 91 percent over the previous year, and revenue at Rs 755.8 crore, increasing 33.5 percent in the same period.
ICICI Securities, Ambit, IIFL Capital Services, and Nomura Financial Advisory and Securities (India) are appointed as the merchant bankers to handle the Nephroplus IPO.
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