365telugu.com Online News, Hyderabad, July 26, 2025 : Nephrocare Health Services Limited, operating under the brand NephroPlus, Asia’s largest and globally fifth-largest dialysis services provider (in terms of treatments performed in Fiscal 2025, as per an F&S report), has filed its Draft Red Herring Prospectus (DRHP) with SEBI to raise funds through an Initial Public Offering (IPO).
The proposed IPO by the Hyderabad-based company comprises a fresh issue of equity shares amounting to Rs. 353.4 crores and an Offer For Sale (OFS) of up to 1.27 crore equity shares (1,27,92,056 equity shares) by selling shareholders.
NephroPlus, established in 2009, operates India’s largest organized dialysis service network, with 447 clinics across 269 cities in 21 states and 4 Union Territories. It serves over 33,000 patients globally annually and holds a revenue market share exceeding 50% in India’s organized market (in terms of treatments).
The company has also expanded its international presence, with clinics in the Philippines (34), Uzbekistan (4), Nepal (5), and a recent entry into the Middle East market via the Kingdom of Saudi Arabia.
The company offers a comprehensive range of haemodialysis services, including home haemodialysis, hemodiafiltration, holiday dialysis, dialysis on call, and dialysis on wheels, ensuring diverse and convenient treatment options for patients. As of March 31, 2025, NephroPlus managed over 5,000 dialysis machines and had performed more than 3.30 million treatments.
The Promoter Selling Shareholders participating in the OFS include Investcorp Private Equity Fund II, Healthcare Parent Limited, Investcorp Growth Opportunity Fund, and Edoras Investment Holdings Pte. Ltd..
Other Selling Shareholders consist of Investcorp India Private Equity Opportunity Limited, International Finance Corporation, 360 One Special Opportunities Fund – Series 9, and 360 One Special Opportunities Fund – Series 10.
NephroPlus intends to allocate Rs. 129.1 crores from the fresh issue proceeds towards capital expenditure for opening new dialysis clinics in India. Additionally, Rs. 136 crores are earmarked for pre-payment or scheduled repayment of certain company borrowings, with the remaining funds designated for general corporate purposes.
The company may also consider a Pre-IPO Placement of up to Rs. 70.6 crores in consultation with the Book Running Lead Managers (BRLMs) before filing the Red Herring Prospectus with the ROC. If this placement occurs, the fresh issue size will be adjusted accordingly.
For the fiscal year 2025, NephroPlus reported a revenue from operations of Rs. 755.8 crores and a profit after tax of Rs. 67 crores.
Globally, kidney disease is the third fastest-growing cause of death, with diabetes and hypertension identified as key drivers of chronic kidney disease (CKD).
Rapid urbanization and evolving lifestyle patterns have further escalated the incidence of CKD, leading to a significant global demand for dialysis, with approximately 3.8 million patients requiring treatment worldwide.
ICICI Securities Limited, Ambit Private Limited, IIFL Capital Services Limited, and Nomura Financial Advisory and Securities (India) Private Limited are serving as the Book Running Lead Managers for the issue.