NephroPlus files DRHP with Sebi for Rs 2000 crore IPO
Hyderabad: Dialysis services provider, Nephrocare Health Services Limited (NephroPlus), filed its draft red herring prospectus (DRHP) with capital markets regulator Securities & Exchange Board of India (Sebi) for its proposed initial public offering (IPO), which reports suggested is estimated to be in the region of Rs 2000 crore.
NephroPlus, which claims to be Asia's largest dialysis services provider chain and the fifth largest globally in terms of the number of treatments performed in fiscal 2024-2025, plans to raise Rs 353.4 crore via a fresh issue of shares and offer for sale (OFS) over 1.27 crore shares of the company by the selling shareholders, as per the DRHP.
The promoter selling shareholders participating in the OFS include Investcorp Private Equity Fund II (IPEF II), Healthcare Parent Limited (HPL), Investcorp Growth Opportunity Fund (IGOF), and Edoras Investment Holdings Pte.
Ltd. Set up in 2009, NephroPlus is promoted by Vikram Vuppala, BVP (Bessemer Venture Partners) Trust, Edoras, HPL, IPEF II, and IGOF.
On the other hand, the 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.
The company proposes to utilise the net proceeds of the fresh issue towards a capital expenditure of around Rs 129 crore for opening new dialysis clinics in India, as well as Rs 136 crore for pre-payment or scheduled repayment of certain borrowings availed by the company, as well as general corporate purposes.
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NephroPlus may also consider a pre-IPO placement of up to Rs 70.6 crore before it files the red herring prospectus with the Registrar of Companies (RoC). In case the company goes for the pre-IPO placement, the size of the fresh issue will be reduced by the extent of the pre-IPO placement amount.
The Hyderabad-based startup clocked a profit after tax of Rs 67 crore on revenue from operations of nearly Rs 756 crore in the financial year 2024-25.
The company operates 447 clinics across 269 cities in 21 states and 4 Union territories and caters to over 33,000 patients globally per annum.
It has also, in recent years, expanded its footprint globally to markets such as the Philippines, where it runs 34 clinics, Uzbekistan with four clinics, Nepal with five clinics, and its recent foray into the Middle East market with Saudi Arabia. As of March 31, 2025, NephroPlus had over 5,000 dialysis machines and performed over 3.30 million treatments.
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