Nephrocare Health Services IPO subscribed 25% on day 2 so far; check latest GMP

Nephrocare Health Services IPO subscribed 25% on day 2 so far; check latest GMP

The initial public offering of dialysis services provider Nephrocare Health Services received 25% subscription so far on the second day of share sale on December 11.

The Rs 871-crore initial public offering (IPO) received bids for 33,11,968 shares against 1,33,87,854 shares on offer, according to the NSE data.

The portion for retail individual investors (RIIs) received 27% subscription, the quota for Non Institutional Investors subscribed 11%.

Qualified institutional buyers bid for 30% of shares reserved for them.

Nephrocare Health Services known for its brand NephroPlus, on Tuesday said it has garnered Rs 260 crore from anchor investors.

This comes after secondary transactions worth Rs 136 crore concluded on December 8-9, which provided partial liquidity to early shareholders, including Quadria Capital, Bessemer Venture Partners, Investcorp and promoter-linked entities.

Key investors like Think Investments' TIMF Holdings, Axis Max Life Insurance, Enam's Akash Bhanshali, Malabar India Fund and Motilal Oswal India Excellence Fund invested in the company ahead of its IPO through secondary transactions.

The Hyderabad-based company's IPO will conclude on December 12. The company has fixed a price band of Rs 438-460 per share for its upcoming IPO, valuing the company at over Rs 4,600 crore.

The IPO is a combination of a fresh issue of shares aggregating to Rs 353.4 crore and an Offer For Sale (OFS) of 1.12 crore shares valued at Rs 517.6 crore, at the upper end, taking the total issue size to Rs 871 crore.

As a part of the OFS, promoters -- Investcorp Private Equity Fund II, Healthcare Parent, Investcorp Growth Opportunity Fund, Edoras Investment Holdings Pte, -- along with other shareholders -- Investcorp India Private Equity Opportunity, International Finance Corporation and 360 One Special Opportunities Funds--will offload shares.

Of the fresh issue, the company proposes to utilise Rs 129.1 crore for the opening of new dialysis clinics in India; Rs 136 crore payment of debt; and the balance for general corporate purposes.

NephroPlus will make its stock market debut on December 17.

Incorporated in 2009, NephroPlus had a global network of 519 clinics, including 51 clinics across the Philippines, Uzbekistan and Nepal, as of September 30, 2025.

In fiscal 2024, it also expanded into the Saudi Arabia market by forming a joint venture with Arabian International Healthcare Holding Company, an Al Faisaliah Group company. Also, its 165-bed dialysis clinic in Tashkent, Uzbekistan, is the largest dialysis clinic globally.

NephroPlus is also the most widely distributed dialysis network in India with an extensive pan-India network of clinics across 288 cities, spanning across 21 States and 4 Union Territories, as of September 2025.

Of these, 77% of clinics are located in tier II and tier III cities and towns. Financially, NephroPlus posted revenue from operations of Rs 756 crore and profit after tax of Rs 67 crore in FY25.

ICICI Securities, Ambit, IIFL Capital Services and Nomura Financial Advisory and Securities (India) Private Ltd are the book-running lead managers to the issue.

According to InvestorGain, the Grey Market Premium (GMP) of Nephrocare Health Services stood at Rs 20 as of December 11, 10:40 am. The estimated listing price is expected to be Rs 480 based on the upper price band of Rs 460. The expected percentage gain per share is 4.35%.