Nephrocare Health IPO Day 3: Issue 50% Subscribed | Should You Apply?

Mumbai | December 12, 2025

Nephrocare Health Services Ltd’s IPO, a public issue by one of India’s largest dialysis care networks, closes for subscription today, December 12. The issue opened on December 10 with a price band of ₹438–₹460 per share. As of 11:00 am on Day 3, the IPO was subscribed 50 percent, reflecting a lukewarm response from investors.

The basis of allotment is expected to be finalised on Monday, December 15, and the company plans to list its shares on the NSE and BSE on Wednesday, December 17, 2025, subject to regulatory approvals.

Nephrocare Health IPO Subscription Status

As of 11:00 am on the final day, the Nephrocare IPO was subscribed 50 percent, according to NSE data. The Qualified Institutional Buyers category was subscribed 30 percent, the Non-Institutional Investors portion 39 percent and the retail segment 64 percent. The subscription data indicates that while retail interest is comparatively stronger, institutional participation remains cautious so far.

Nephrocare Health IPO: Key Details

The Nephrocare Health Services IPO totals ₹871.05 crore and is structured as a mix of fresh issue and offer for sale. The fresh issue component amounts to ₹353.4 crore, while the offer for sale stands at ₹517.64 crore. through OFS, existing shareholders including Healthcare Parent, Investcorp Private Equity Fund II, Investcorp Growth Opportunity Fund, Edoras Investment Holdings Pte, International Finance Corporation, 360 One Special Opportunities Funds and Investcorp India Private Equity Opportunity are divesting part of their holdings.

The company has set the price band at ₹438–₹460 per share. A single lot consists of 32 shares, which translates into a minimum investment of ₹14,720 for retail investors at the upper end of the price band. The issue is being managed by ICICI Securities, Ambit, IIFL Capital Services and Nomura Financial Advisory and Securities (India) Pvt Ltd, while Kfin Technologies Ltd is acting as the registrar.

Use of IPO Proceeds

From the fresh issue, Nephrocare plans to deploy ₹129.1 crore for opening new dialysis clinics across India, strengthening its presence in both metro and non-metro markets. A further ₹136 crore will be used to repay existing borrowings, which should help improve the balance sheet and reduce interest costs. The remaining funds are earmarked for general corporate purposes, including working capital and strategic initiatives to support growth.

Nephrocare IPO GMP Today

In the unofficial grey market, sentiment around the issue is modest. The grey market premium has moved to about ₹20 per share on December 12, implying a notional listing price of around ₹480, which is roughly 4 percent above the upper end of the price band.

Note: GMP is an informal indicator driven by sentiment and should not be treated as a reliable forecast of actual listing performance.

Should You Apply? — Analysts’ View

Analysts note that Nephrocare operates in a structurally strong healthcare segment, supported by rising demand for dialysis services and limited penetration in smaller cities. At the upper price band, the IPO is valued at around 29x FY25 EV/EBITDA, which is considered reasonable compared with other listed healthcare service providers.

The company’s strong presence in tier II and tier III cities, expanding international footprint and improving profitability support its long-term growth outlook. However, the relatively weak subscription, particularly from institutional investors, suggests near-term caution. Investors with a long-term horizon and moderate risk appetite may consider the issue, while keeping the listing-day expectations conservative.

About Nephrocare Health Services

Incorporated in 2009, Nephrocare Health Services operates under the NephroPlus brand and runs one of the largest dialysis networks in India. As of September 2025, it operated over 500 clinics globally, including 51 centres across the Philippines, Uzbekistan and Nepal. In India, the company is present in 288 cities across 21 states and 4 union territories, with a strong focus on tier II and tier III markets.

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