Hyderabad: Nephrocare Health Services Limited, widely known as NephroPlus, has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to launch its Initial Public Offering (IPO). The NephroPlus IPO comprises a fresh issue of shares worth ₹353.4 crore and an offer for sale (OFS) of up to 1.27 crore equity shares by existing shareholders.
Founded in 2009, NephroPlus has emerged as Asia’s largest and the world’s fifth-largest dialysis service provider (based on FY25 treatment volume), according to a Frost & Sullivan report.
As of March 31, 2025, the company operates 447 clinics across 269 Indian cities, with additional clinics in Philippines (34), Nepal (5), Uzbekistan (4), and a recent expansion into Saudi Arabia.
NephroPlus has served over 33,000 patients annually and performed more than 3.3 million dialysis sessions, with a fleet of 5,000+ dialysis machines. The company provides comprehensive dialysis services, including home haemodialysis, hemodiafiltration, dialysis on call, dialysis on wheels, and holiday dialysis.
The company’s promoters include BVP (Bessemer Venture Partners) Trust, Edoras Investment Holdings Pte. Ltd., Healthcare Parent Limited, and Investcorp Private Equity Fund II (IPEF II). The OFS will include shares sold by Investcorp, International Finance Corporation (IFC), and 360 One Special Opportunities Fund, among others.
NephroPlus IPO Proceeds
The proceeds from the fresh issue will be used to:
- Allocate ₹129.1 crore for opening new dialysis clinics across India.
- Utilize ₹136 crore for pre-payment or repayment of borrowings.
- Fund general corporate purposes.
Ahead of the NephroPlus IPO, the company may consider a pre-IPO placement worth up to ₹70.6 crore, which would proportionately reduce the fresh issue.
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In FY25, NephroPlus reported:
- Revenue from operations of ₹755.8 crore
- Profit after tax of ₹67 crore
The IPO will be managed by ICICI Securities, Ambit, IIFL Capital, and Nomura as the Book Running Lead Managers (BRLMs).
With chronic kidney disease (CKD) now the third fastest-growing cause of death globally—driven by diabetes, hypertension, and changing lifestyles – NephroPlus IPO reflects the company’s strategic push to address growing demand for quality dialysis care across India and beyond.
