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
Citing F&S report, the company claims to be India’s largest dialysis services provider and fifth largest globally in terms of number of treatments performed in fiscal 2025. Incorporated in 2009, NephroPlus, the company operates across five countries and serves more than 33,000 patients per month.
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
NephroPlus proposes to utilise the net proceeds of the fresh issue towards capital expenditure of Rs 129.1 crore for opening new dialysis clinics in India. It will use another Rs 136 crore for pre-payment or scheduled repayment of certain borrowings availed by the company while the remainder for general corporate purposes.
Nephrocare Health OFS
Vikram Vuppala, BVP (Bessemer Venture Partners) Trust, Edoras Investment Holdings Pte. Ltd., Healthcare Parent Limited (HPL), Investcorp Private Equity Fund II (IPEF II) and Investcorp Growth Opportunity Fund (IGOF) are the promoters of the company.
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
ICICI Securities Limited, Ambit Private Limited, IIFL Capital Services Limited and Nomura Financial Advisory and Securities (India) Private Limited are the Book Running Lead Managers to the issue.
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