| Event | Date |
|---|---|
| Open Date | 10-12-2025 , Wednesday |
| Close Date | 12-12-2025 , Friday |
| Tentative Allotment | 15-12-2025 , Monday |
| Tentative Listing Date | 17-12-2025 , Wednesday |
| Retail Appl. Cut Off Time | 12-12-2025 , Friday 05:00 PM |
| Non Retail Appl. Cut Off Time | 12-12-2025 , Friday 04:00 PM |
| Anchor Allotment | 09-12-2025 , Tuesday |
| Initiation Of Refund | 16-12-2025 , Tuesday |
| Credit Of Share To Demat | 16-12-2025 , Tuesday |
Nephrocare Health Services Limited operates under the “NephroPlus” brand and is a specialised dialysis services provider. The company provides dialysis care through a large clinic network across India and select international markets.
This is not a general hospital business. Nephrocare is a chronic-care healthcare services platform where repeat dialysis treatments, clinic utilisation, patient retention, clinical quality and network scale are the key business drivers.
Nephrocare Health Services Limited provides dialysis-related healthcare services through clinics, hospital partnerships, public-private partnership centres and home / mobile dialysis service formats. Dialysis is required when kidneys are unable to adequately filter waste and excess fluids from the body.
| Service Area | Meaning |
|---|---|
| In-centre haemodialysis | Dialysis treatment provided at clinics / dialysis centres |
| Home dialysis | Dialysis support at patient’s home |
| Mobile dialysis | Dialysis services provided through mobile service formats |
| Diagnosis and wellness programs | Patient screening, monitoring and care support |
| In-house pharmacy support | Medicines and consumables support for dialysis care |
| Hospital in-house dialysis centres | Dialysis units operated inside partner hospitals |
| PPP dialysis centres | Centres operated under public-private partnership models |
IPORupee View: Nephrocare is a specialised chronic-care healthcare services business. Its revenue depends on recurring dialysis demand, clinic utilisation, patient retention, hospital partnerships, dialysis machines, treatment volume, revenue per treatment, consumable cost control and reimbursement / payor mix.
Patients with chronic kidney disease or kidney failure may require regular dialysis sessions, often multiple times every week. Nephrocare provides dialysis treatment through a wide clinic network and hospital partnerships.
| Main Business Activity | Explanation |
|---|---|
| Dialysis clinic operations | Runs dialysis centres where patients receive regular treatment |
| Hospital partnerships | Operates in-house dialysis centres inside partner hospitals |
| PPP model | Works with public healthcare systems to provide dialysis access |
| Home dialysis | Provides care for patients who require dialysis at home |
| Mobile dialysis | Provides flexible dialysis delivery in certain locations |
| Patient monitoring | Uses clinical protocols and digital tools to monitor patients |
| Training | Trains dialysis technicians and healthcare staff |
| Consumable supply chain | Manages dialysis consumables and procurement efficiencies |
IPORupee View: The dialysis business is different from a normal hospital business because it has recurring treatment frequency. A dialysis patient may need treatment several times every week. This creates repeat revenue, but also requires consistent quality, infection control, machine availability, technician training and strong patient trust.
Nephrocare has grown its clinic network, patient base, utilisation and revenue per treatment over the last few years.
| Particulars | H1 FY2026 | FY2025 | FY2024 | FY2023 |
|---|---|---|---|---|
| Clinics | 519 | 490 | 436 | 316 |
| Captive clinics | 272 | 255 | 233 | 224 |
| Standalone clinics | 67 | 59 | 46 | 27 |
| PPP clinics | 180 | 176 | 157 | 65 |
| Number of patients | 35,425 | 33,076 | 28,947 | 22,890 |
| Treatments | 2 million | 3 million | 3 million | 2 million |
| Revenue per treatment | Rs. 2,531 | Rs. 2,275 | Rs. 2,084 | Rs. 1,912 |
| Treatment frequency | 2x | 2x | 2x | 2x |
| Utilisation rate | 75.00% | 72.10% | 69.90% | 68.60% |
IPORupee View: The company’s network scale is a major strength. Clinics increased from 316 in FY2023 to 519 in H1 FY2026, and patients increased from 22,890 in FY2023 to 35,425 in H1 FY2026. Utilisation improved from 68.60% to 75.00%, showing that the company is not only expanding clinics but also improving usage of its network.
| Clinic Format | Meaning | IPORupee View |
|---|---|---|
| Captive clinics | Clinics operated inside or alongside hospitals / healthcare partners | Helps access patient flow from hospitals |
| Standalone clinics | Independent dialysis clinics operated by the company | Builds direct brand and local patient base |
| PPP clinics | Clinics operated under public-private partnership with government / public institutions | Helps reach underserved patients and Tier II / Tier III markets |
IPORupee View: This model supports capital-efficient expansion. Captive and PPP clinics can reduce the need for large hospital-like capex. Standalone clinics help build direct presence. However, PPP clinics may involve reimbursement delays or policy dependence, captive clinics depend on hospital partnerships, and standalone clinics require direct patient acquisition.
The company has a strong presence in Tier II and Tier III cities, with approximately 77.5% of its clinics located in Tier II and Tier III cities. This allows the company to address healthcare access gaps in underserved regions.
Dialysis access is often weaker outside large metro cities.
Kidney failure patients require repeated treatments, creating stable treatment demand.
Smaller-city pricing and reimbursement may be lower than premium metro markets.
Nephrocare has operations in India and select international markets, including the Philippines, Uzbekistan and Nepal. The company also has a joint venture opportunity for entry into Saudi Arabia’s dialysis market.
| Geography | H1 FY2026 Amount | % | FY2025 Amount | % | FY2024 Amount | % | FY2023 Amount | % |
|---|---|---|---|---|---|---|---|---|
| India | Rs. 284 cr | 42.84% | Rs. 516 cr | 51.79% | Rs. 432 cr | 61.63% | Rs. 386 cr | 79.10% |
| International markets | Rs. 189 cr | 28.51% | Rs. 240 cr | 24.09% | Rs. 135 cr | 19.26% | Rs. 51 cr | 10.45% |
| Uzbekistan | Rs. 46 cr | 6.94% | Rs. 73 cr | 7.33% | Rs. 66 cr | 9.42% | Rs. 17 cr | 3.48% |
| Philippines | Rs. 144 cr | 21.72% | Rs. 167 cr | 16.76% | Rs. 68 cr | 9.70% | Rs. 34 cr | 6.97% |
| Total Revenue | Rs. 663 cr | 100.00% | Rs. 996 cr | 100.00% | Rs. 701 cr | 100.00% | Rs. 488 cr | 100.00% |
IPORupee View: International markets are becoming more important. India’s share of revenue reduced from 79.10% in FY2023 to 42.84% in H1 FY2026. This can support growth, but it also introduces foreign regulation, currency, local partnership, political and reimbursement risks.
The company operates in-house dialysis centres with several hospital partners. Hospital partnerships are important because kidney patients are often identified or referred through hospitals.
Hospital-linked centres can receive patient referrals from doctors and hospital departments.
Dialysis care can be connected with nephrologists, ICU care and other hospital services.
Revenue may depend on contract terms, revenue share, renewal and hospital patient volumes.
Dialysis is a recurring healthcare need. Patients with chronic kidney disease or kidney failure may require repeated treatment over long periods. This creates a structurally recurring demand profile.
| Demand Driver | Impact |
|---|---|
| Rising chronic kidney disease cases | Increases dialysis patient pool |
| Diabetes and hypertension | Major contributors to kidney disease |
| Ageing population | Higher chronic disease burden |
| Healthcare access in smaller cities | Supports Tier II / Tier III clinic growth |
| Government healthcare schemes | Can support access and patient volumes |
| Hospital partnerships | Can provide patient referrals |
| International expansion | Opens access to higher-reimbursement markets |
IPORupee View: Dialysis is a healthcare segment with repeat treatment demand. This is attractive from a revenue visibility perspective. However, the business must maintain strong clinical quality because dialysis is a sensitive, high-frequency treatment.
The company’s business is supported by clinical protocols and technology-led operating systems.
| Framework / System | Purpose |
|---|---|
| RenAssure protocols | Standardised clinical quality and dialysis care protocol |
| Enpidia academy | Training ecosystem for dialysis technicians |
| Renova technology | Reprocessing and operating efficiency system |
| AI-enabled systems | Clinical monitoring, analytics and efficiency |
| Digital patient engagement tools | Patient experience and communication |
| Clinical dashboards | Network-wide monitoring and standardisation |
IPORupee View: Clinical standardisation is crucial in dialysis. Since patients take repeated treatments, even small quality issues can damage trust. Strong protocols, technician training, infection control, machine maintenance and digital monitoring are important competitive strengths.
The company follows a capital-efficient expansion model using greenfield clinics, brownfield clinics, PPP arrangements, hospital partnerships and acquisitions.
Dialysis clinics require machines, technicians and consumables, but not full hospital infrastructure.
Clinic format can support faster scale-up compared with full-service hospitals.
Clinic economics depend on patient flow, machine utilisation and revenue per treatment.
Dialysis depends heavily on consumables such as dialyzers, bloodlines, tubing, medicines and other materials. Nephrocare has focused on centralised procurement, bulk purchasing, preferred vendor relationships and contract manufacturing.
IPORupee View: Consumable cost control is critical in dialysis. Since each treatment requires repeat consumables, even small savings per treatment can significantly improve margins at scale. However, cost reduction must not compromise clinical quality.
| Technology Area | Purpose |
|---|---|
| Digital patient platforms | Patient engagement and convenience |
| Clinical dashboards | Monitoring quality and operations across clinics |
| AI-driven risk analytics | Patient risk monitoring and operational decisions |
| Home dialysis platforms | Support care outside clinics |
| Mobile apps for patients and clinicians | Improves coordination and experience |
| Renova system | Reprocessing and operating efficiency |
IPORupee View: Technology can improve consistency in a large clinic network. It helps management monitor multiple centres, reduce errors, improve patient experience and standardise care. For a large dialysis chain, technology is a core operating requirement.
The company has expanded through acquisitions in India and international markets. Acquisitions can add clinics, patients, machines and local teams quickly, but integration is a major risk.
| Integration Area | Why It Matters |
|---|---|
| Clinical protocol standardisation | Ensures consistent treatment quality |
| Staff retention | Protects patient relationships |
| Machine utilisation | Drives clinic economics |
| Procurement integration | Improves consumable cost efficiency |
| Brand integration | Builds trust under one platform |
| Regulatory compliance | Avoids operational disruptions |
| Particulars | H1 FY2026 | FY2025 | FY2024 | FY2023 |
|---|---|---|---|---|
| Revenue | Rs. 474 cr | Rs. 756 cr | Rs. 566 cr | Rs. 437 cr |
| Revenue Growth | 34% | 30% | — | — |
| EBITDA | Rs. 111 cr | Rs. 167 cr | Rs. 101 cr | Rs. 49 cr |
| EBITDA Margin | 23% | 22% | 18% | 11% |
| PAT | Rs. 3 cr | Rs. 9 cr | Rs. 6 cr | Rs. -3 cr |
| PAT Margin | 0.6% | 1.2% | 1.1% | -0.6% |
| ROE | 11.5% | 8.5% | -3.0% | — |
| ROCE | 13.4% | 8.1% | 1.3% | — |
| Net Worth | Rs. 717 cr | Rs. 584 cr | Rs. 414 cr | Rs. 389 cr |
IPORupee Financial Insight: Revenue increased from Rs. 437 crore in FY2023 to Rs. 756 crore in FY2025, showing strong growth. EBITDA increased from Rs. 49 crore in FY2023 to Rs. 167 crore in FY2025, and EBITDA margin improved from 11% to 22%. However, PAT remains thin at Rs. 9 crore in FY2025 and Rs. 3 crore in H1 FY2026.
| Particulars | Details |
|---|---|
| Issue size | Rs. 871.05 crore |
| Fresh issue | Rs. 353.40 crore |
| Offer for Sale | Rs. 517.64 crore |
| Price band | Rs. 438 to Rs. 460 per share |
| Face value | Rs. 2 |
| Lot size | 32 shares |
| Listing | BSE and NSE |
| Opening date | December 10, 2025 |
| Closing date | December 12, 2025 |
| Tentative listing date | December 17, 2025 |
IPORupee View: The fresh issue portion is positive if funds are used for expansion and debt reduction. New dialysis clinics can support future treatment volume growth, while debt repayment may improve profitability. However, the OFS portion is larger than the fresh issue, so investors should separate company growth capital from shareholder exit / partial exit.
The company operates one of the largest dialysis clinic networks across India and select international markets.
The company has strong positioning in the organised dialysis services market.
Dialysis patients require repeat treatment, creating recurring revenue visibility.
A significant part of the clinic network is located in underserved smaller cities.
Captive, standalone, PPP and revenue-sharing clinic formats support capital-efficient expansion.
Partnerships with hospitals help patient referrals and in-house dialysis centre operations.
RenAssure protocols, Enpidia academy, digital tools and dashboards support quality consistency.
Presence in the Philippines, Uzbekistan, Nepal and Saudi Arabia opportunity provides growth optionality.
EBITDA margin improved from 11% in FY2023 to 22% in FY2025.
Nephrocare Health Services Limited, operating under the NephroPlus brand, is a specialised dialysis services provider with a large clinic network across India and select international markets. The company provides in-centre haemodialysis, home dialysis, mobile dialysis, diagnosis, wellness support, hospital-based dialysis centres and PPP dialysis services.
Its key strength is scale. The company expanded from 316 clinics in FY2023 to 519 clinics in H1 FY2026, while patient count increased from 22,890 to 35,425 over the same period. Utilisation improved from 68.60% to 75.00%, and revenue per treatment improved from Rs. 1,912 to Rs. 2,531.
The business benefits from recurring dialysis demand, rising kidney disease burden, Tier II / III healthcare gaps, hospital partnerships, PPP opportunities, international expansion and clinic-level operating leverage.
This is not a general hospital chain. It is focused on dialysis, which is a recurring chronic-care treatment.
The company’s network of 519 clinics gives it procurement power, brand visibility, training scale and operating leverage.
Clinics increased from 316 in FY2023 to 519 in H1 FY2026.
Utilisation improved from 68.60% in FY2023 to 75.00% in H1 FY2026.
Revenue per treatment increased from Rs. 1,912 in FY2023 to Rs. 2,531 in H1 FY2026.
EBITDA margin improved from 11% in FY2023 to 22% in FY2025.
PAT margin was only 1.2% in FY2025 and 0.6% in H1 FY2026.
Around 77.5% of clinics are located in Tier II and Tier III cities.
International revenue share has increased meaningfully, but foreign regulatory and currency risks must be monitored.
PPP clinics support healthcare access but may involve payment delays and policy changes.
Partnerships with hospitals can improve patient acquisition and credibility.
Dialysis is consumable-heavy, so procurement efficiency directly affects margins.
RenAssure, Enpidia, Renova, AI tools and digital dashboards help standardise care.
Acquisitions can add clinics and patients quickly, but integration risk must be monitored.
Investors should compare valuation with revenue growth, EBITDA margin, PAT margin, utilisation and peer valuations.
Nephrocare Health Services Limited is a large specialised dialysis services platform with strong network scale, recurring treatment demand, Tier II / III penetration, hospital partnerships, PPP clinics, international presence and improving EBITDA margins.
The biggest positives are clinic expansion, utilisation improvement, rising revenue per treatment, supply chain efficiencies, clinical standardisation and leadership in organised dialysis services.
The biggest concerns are thin PAT margin, healthcare regulatory risk, PPP reimbursement risk, international execution risk, acquisition integration risk, consumable cost risk and the need to maintain strict clinical quality across a large network.
This IPO should be studied as a specialised recurring healthcare services + dialysis network scale + chronic-care platform story, not as a normal hospital IPO.
| Short Form | Full Form |
|---|---|
| IPO | Initial Public Offering |
| RHP | Red Herring Prospectus |
| DRHP | Draft Red Herring Prospectus |
| OFS | Offer for Sale |
| PPP | Public-Private Partnership |
| CKD | Chronic Kidney Disease |
| BONENT | Board of Nephrology Examiners Nursing and Technology |
| EBITDA | Earnings Before Interest, Tax, Depreciation and Amortization |
| PAT | Profit After Tax |
| ROE | Return on Equity |
| ROCE | Return on Capital Employed |
| JV | Joint Venture |
| KSA | Kingdom of Saudi Arabia |
| CIS | Commonwealth of Independent States |
| AI | Artificial Intelligence |
| BSE | Bombay Stock Exchange |
| NSE | National Stock Exchange |
| SEBI | Securities and Exchange Board of India |
| BRLM | Book Running Lead Manager |
This content is prepared by IPORupee for educational and informational purposes only. It is based on IPO-related disclosures, RHP/DRHP information, public IPO notes and publicly available information for understanding the company’s business model, clinic network, operating metrics, financial performance, expansion strategy and key risks.
This is not a recommendation to apply, avoid, buy, sell or hold any IPO or security. IPORupee is not a SEBI-registered investment adviser, research analyst, broker, healthcare consultant or portfolio manager.
Healthcare businesses are subject to operational, regulatory, clinical, legal and financial risks. Dialysis services require strict clinical quality, infection control, trained medical staff, machine uptime, consumable availability and compliance. Investors should read the Red Herring Prospectus, risk factors, financial statements, objects of the issue, peer comparison, valuation details and official disclosures carefully and consult their financial advisor before making any investment decision.
| Category | Percentage | No. of Shares Offered | Amount |
|---|---|---|---|
QIB | 50.00 % | 94,29,865 | 433.77 Cr |
Retail | 35.00 % | 66,00,907 | 303.64 Cr |
Total HNI | 15.00 % | 28,28,960 | 130.13 Cr |
SHNI | 5.00 % | 9,42,987 | 43.38 Cr |
BHNI | 10.00 % | 18,85,973 | 86.75 Cr |
Employee | 0.00 % | 83,532 | 3.50 Cr |
Nephrocare Health Services Ltd allotted 56,57,919 equity shares to anchor investors at ₹460 per share on 09 Dec 2025 before the IPO opening. The total anchor allocation stood at 260.26 Cr across 14 anchor investors.
Mutual funds received 25,82,944 shares worth 118.82 Cr, representing 45.65% of the total anchor investor allocation. Within the mutual fund portion, SBI Mutual Fund had the highest fund-house level allocation with 7,60,896 shares worth 35.00 Cr across 1 scheme. Other leading fund houses by allocation included ICICI Prudential Mutual Fund, DSP Mutual Fund, Baroda BNP Paribas Mutual Fund and Bandhan Mutual Fund.
At scheme level, the largest mutual fund allocations included SBI HEALTHCARE OPPORTUNITIES FUND, DSP HEALTHCARE FUND, ICICI PRUDENTIAL PHARMA HEALTHCARE AND DIAGANOSTICS (P.H.D) FUND, BARODA BNP PARIBAS SMALL CAP FUND and ICICI PRUDENTIAL RETIREMENT FUND-HYBRID AGGRESSIVE PLAN.
The largest anchor investor received 13.45% of the anchor portion. The top five anchor investors together received 30,10,944 shares, representing about 53.22% of the total anchor allocation.
| Rank | Anchor Investor Name | Shares Allocated | Allocation % | Allocation Amount |
|---|---|---|---|---|
| 1 | SBI HEALTHCARE OPPORTUNITIES FUND | 7,60,896 | 13.45 % | 35.00 Cr |
| 2 | DSP HEALTHCARE FUND | 6,19,584 | 10.95 % | 28.50 Cr |
| 3 | ICICI PRUDENTIAL PHARMA HEALTHCARE AND DIAGANOSTICS (P.H.D) FUND | 5,43,488 | 9.61 % | 25.00 Cr |
| 4 | THE PRUDENTIAL ASSURANCE COMPANY LIMITED | 5,43,488 | 9.61 % | 25.00 Cr |
| 5 | EASTSPRING INVESTMENTS - DRAGON PEACOCK FUND | 5,43,488 | 9.61 % | 25.00 Cr |
| Rank | Mutual Fund Scheme | AMC | Shares Allocated | Allocation % | Allocation Amount |
|---|---|---|---|---|---|
| 1 | SBI HEALTHCARE OPPORTUNITIES FUND | SBI Mutual Fund | 7,60,896 | 13.45 % | 35.00 Cr |
| 2 | DSP HEALTHCARE FUND | DSP Mutual Fund | 6,19,584 | 10.95 % | 28.50 Cr |
| 3 | ICICI PRUDENTIAL PHARMA HEALTHCARE AND DIAGANOSTICS (P.H.D) FUND | ICICI Prudential Mutual Fund | 5,43,488 | 9.61 % | 25.00 Cr |
| 4 | BARODA BNP PARIBAS SMALL CAP FUND | Baroda BNP Paribas Mutual Fund | 2,24,160 | 3.96 % | 10.31 Cr |
| 5 | ICICI PRUDENTIAL RETIREMENT FUND-HYBRID AGGRESSIVE PLAN | ICICI Prudential Mutual Fund | 2,17,408 | 3.84 % | 10.00 Cr |
The figures are based on the company’s stock exchange anchor allotment intimation. Anchor allocation is only an informational disclosure and does not indicate future listing performance.
| Application | Discount | Qty (Lot) | Total |
|---|---|---|---|
Retail MIN | - | 32 (1) | ₹ 14,720 |
Retail MAX | - | 416 (13) | ₹ 1,91,360 |
SHNI MIN | - | 448 (14) | ₹ 2,06,080 |
SHNI MAX | - | 2144 (67) | ₹ 9,86,240 |
BHNI MIN | - | 2176 (68) | ₹ 10,00,960 |
Employee MIN | ₹ 41 | 32 (1) | ₹ 13,408 |
Employee MAX | ₹ 41 | 1184 (37) | ₹ 4,96,096 |
| Objective | No Of Shares | Amount |
|---|---|---|
Fresh Issue | - | 353.41 Cr |
Offer for Sale | 1,12,53,102 | 517.64 Cr |
| Name | Contact Person | Telephone | Website | |
|---|---|---|---|---|
ICICI Securities Limited | Aboli Pitre / Namrata Ravasia | +91 22 6807 7100 | nephroplus.ipo@icicisecurities.com | www.icicisecurities.com |
Ambit Private Limited | Siddhesh Deshmukh / Harshita Borad | +91 22 6623 3030 | nephroplus.ipo@ambit.co | www.ambit.co |
IIFL Capital Services Limited | Yogesh Malpani / Pawan Kumar Jain | +91 22 4646 4728 | nephroplus.ipo@iiflcap.com | www.iiflcapital.com |
Nomura Financial Advisory and Securities (India) Pvt Ltd | Vishal Kanjani / Chirag Shah | +91 22 4037 4037 | nephroplusipo@nomura.com | www.nomuraholdings.com/company/group/asia/india/index.html |
Understand company details, IPO size, price band, lot size, exchange listing, fresh issue and Offer for Sale (OFS) in simple language for retail investors.
This IPO is of Nephrocare Health Services Ltd. The issue is scheduled to open on Wednesday, 10 December 2025 and closes on Friday, 12 December 2025.
After the IPO process is completed, the shares are proposed to be listed on both NSE and BSE.
IPO size means the total amount offered to investors through the public issue.
For Nephrocare Health Services Ltd IPO, the total issue size is Rs 871.05 crore, consisting of a fresh issue of Rs 353.41 crore and an Offer for Sale (OFS) of Rs 517.64 crore.
Price band is the price range within which investors can bid for shares in a book-built IPO.
For this IPO, the lower price band is Rs 438 per share and the upper price band is Rs 460 per share.
Lot size is the minimum number of shares an investor must apply for in an IPO. IPO applications are usually made in fixed lot multiples.
For Nephrocare Health Services Ltd IPO, the minimum lot size is 32 shares. At the upper price band of Rs 460 per share, the minimum application amount is Rs 14,720. Applications must be made in multiples of 32 shares.
Fresh Issue means the company issues new shares to investors and receives money from that part of the IPO.
For Nephrocare Health Services Ltd IPO, the Fresh Issue size is Rs 353.41 crore. The company can use these funds for purposes mentioned in the IPO documents, such as business growth, repayment of borrowings, working capital, capital expenditure, or general corporate purposes.
Offer for Sale (OFS) means existing shareholders sell their shares to the public through the IPO.
For Nephrocare Health Services Ltd IPO, the Offer for Sale (OFS) size is Rs 517.64 crore. In an OFS, the selling shareholders receive the money, and the company usually does not receive funds from that portion.
Understand the important IPO dates, allotment process, refund schedule and listing timeline in a retail-friendly format.
The IPO opening date is the first day on which investors can apply for the public issue.
For Nephrocare Health Services Ltd IPO, the IPO opens on Wednesday, 10 December 2025.
The IPO closing date is the last day on which investors can submit, modify, or cancel their IPO applications.
Nephrocare Health Services Ltd IPO closes on Friday, 12 December 2025.
The tentative allotment date is the expected date on which the registrar finalizes the share allotment for valid IPO applications.
For Nephrocare Health Services Ltd IPO, the tentative allotment date is Monday, 15 December 2025.
The tentative listing date is the expected date on which IPO shares begin trading on the stock exchanges.
Nephrocare Health Services Ltd IPO is expected to list on Wednesday, 17 December 2025.
After allotment, funds are unblocked or refunds are initiated for non-allotted investors, while allotted shares are credited to investors' demat accounts before listing.
For Nephrocare Health Services Ltd IPO, refund initiation is expected on Tuesday, 16 December 2025, and credit of shares to demat accounts is expected on Tuesday, 16 December 2025.
Understand IPO category-wise reservation, QIB quota, retail quota, HNI allocation, shareholder reservation and the meaning of structure columns in a simple format.
IPO structure shows how shares are divided among different categories of investors, such as QIB, Retail, NII/HNI, Employees, and Shareholders.
For Nephrocare Health Services Ltd IPO, the available categories in the structure table include QIB, Retail, Non-Institutional Investors (NII/HNI), Employees. The NII/HNI category includes SHNI and BHNI sub-categories. Investors can use this table to understand category-wise allocation before applying.
QIB stands for Qualified Institutional Buyers. This category includes mutual funds, banks, insurance companies, and other large financial institutions.
In Nephrocare Health Services Ltd IPO, 50% shares are reserved under the QIB category, with 94,29,865 shares offered, and an allocation amount of ₹433.77 crore.
The Retail category is reserved for individual investors and HUFs applying for up to Rs 2 lakh within the retail investment limit allowed under IPO rules.
In Nephrocare Health Services Ltd IPO, 35% shares are reserved under the Retail category, with 66,00,907 shares offered, and an allocation amount of ₹303.64 crore.
NII/HNI stands for Non-Institutional Investors / High Net-Worth Individuals. This category generally includes investors applying for more than Rs 2 lakh, above the retail investment limit.
In Nephrocare Health Services Ltd IPO, 15% shares are reserved under the NII/HNI category, with 28,28,960 shares offered, and an allocation amount of ₹130.13 crore.
SHNI stands for Small HNI. It is a sub-category within the NII/HNI category and generally refers to applications for more than Rs 2 lakh but not exceeding Rs 10 lakh.
In Nephrocare Health Services Ltd IPO, 5% shares are reserved under the SHNI sub-category, with 9,42,987 shares offered, and an allocation amount of ₹43.38 crore.
BHNI stands for Big HNI. It is a sub-category within the NII/HNI category and generally refers to applications for more than Rs 10 lakh.
In Nephrocare Health Services Ltd IPO, 10% shares are reserved under the BHNI sub-category, with 18,85,973 shares offered, and an allocation amount of ₹86.75 crore.
Employee reservation is a special quota reserved for eligible company employees, if applicable.
In Nephrocare Health Services Ltd IPO, 83,532 shares are offered under the Employee Reservation category, and an allocation amount of ₹3.50 crore.
Understand retail lot size, HNI application limits, employee category, shareholder category and investment amount calculations using the IPO lot table.
Lot size is the minimum number of shares an investor must apply for in an IPO. IPO applications are usually made in fixed lot multiples.
For Nephrocare Health Services Ltd IPO, the minimum lot size is 32 shares. At the upper price band of Rs 460 per share, the minimum application amount is Rs 14,720. Applications must be made in multiples of 32 shares.
Retail minimum application shows the minimum application size for retail investors.
For Nephrocare Health Services Ltd IPO, the Retail minimum application is 32 shares (1 lot) for about Rs 14,720.
Retail maximum application shows the maximum application size generally available under the retail category.
For Nephrocare Health Services Ltd IPO, the Retail maximum application is 416 shares (13 lots) for about Rs 1,91,360.
SHNI minimum application shows the minimum application size for the Small HNI category.
For Nephrocare Health Services Ltd IPO, the SHNI minimum application is 448 shares (14 lots) for about Rs 2,06,080.
SHNI maximum application shows the maximum application size available under the Small HNI category, when provided.
For Nephrocare Health Services Ltd IPO, the SHNI maximum application is 2,144 shares (67 lots) for about Rs 9,86,240.
BHNI minimum application shows the minimum application size for the Big HNI category.
For Nephrocare Health Services Ltd IPO, the BHNI minimum application is 2,176 shares (68 lots) for about Rs 10,00,960.
Employee minimum application shows the minimum application size under the employee category, if this category is available in the IPO.
For Nephrocare Health Services Ltd IPO, the Employee minimum application is 32 shares (1 lot) for about Rs 13,408 with a discount of Rs 41 per share.
Employee maximum application shows the maximum application size under the employee category, if provided in the lot size table.
For Nephrocare Health Services Ltd IPO, the Employee maximum application is 1,184 shares (37 lots) for about Rs 4,96,096 with a discount of Rs 41 per share.
Understand important financial figures in simple language using the financial statement data available for the IPO.
Financial Highlights show important numbers from the company's financial statements. These may include income, expenses, profit, assets, liabilities, cash flow and other financial information, depending on the data available for the IPO.
The table displays available financial data based on the IPO information currently available. Fields may differ from company to company depending on disclosures and reporting format.
Investors should read the table to understand the company's financial performance and financial position over different periods.
The table may help users review income, expenses, profitability, balance sheet position, cash movement or other financial information, depending on the available data.
Financial statement line items may differ because companies operate in different industries and may follow different reporting formats.
Some companies may provide detailed financial breakup, while others may present broader financial categories.
Investors should review income, expenses, profitability, debt position, asset base, liabilities and cash flow position together.
A single financial figure should not be used alone to judge the company.
Profit is important, but it does not show the full financial picture.
Investors should also review revenue quality, expenses, debt, assets, liabilities, cash flow, valuation and business risks.
Cash flow helps investors understand how money moves in and out of the business.
A company may report profit but still face cash flow pressure, so cash flow should be reviewed along with profit, debt and balance sheet information.
No. Financial Highlights are useful, but investors should also review valuation, peer comparison, KPI data, business risks, IPO pricing, management discussion and official offer documents such as the RHP or DRHP.
Understand how the company may be compared with similar businesses using the peer comparison data available for the IPO.
Peer Comparison means comparing the IPO company with businesses operating in a similar sector or industry.
It helps investors understand the company in a broader industry context.
Peer Comparison helps investors understand how the company can be compared with similar businesses using available financial or valuation metrics.
It is useful for context, but it should not be treated as a final investment conclusion.
Peer comparison metrics may differ depending on the companies selected, accounting format, business model and available public information.
Investors should compare only relevant and similar metrics.
Investors should use the peer comparison table as a reference point.
Available metrics should be read together with business model, scale, profitability, margins, debt, growth, valuation and IPO pricing.
No. Peer Comparison does not directly decide whether an IPO is good or bad.
It only provides context for comparison. Final analysis should include financial statements, KPI data, valuation, risk factors and official offer documents.
No. Peer Comparison is only one part of IPO analysis.
Investors should also review financial statements, KPI data, business risks, valuation, IPO pricing and company fundamentals.
Understand important KPI metrics in simple language using the key performance indicator data available for the IPO.
Key Performance Indicators, or KPIs, are financial and valuation metrics used to understand profitability, efficiency, leverage, return-based ratios and earnings performance.
They help investors understand the company beyond basic financial figures.
KPIs help investors assess profitability, capital efficiency, leverage, valuation and earnings quality.
They should be reviewed together with financial statements, peer comparison and IPO pricing.
KPI data may differ depending on the company, industry, financial disclosures and available offer document information.
Not every IPO may provide every KPI, and some metrics may not be applicable to every business.
Investors should read KPI metrics together instead of relying on one ratio.
A single KPI may not give the full picture unless it is reviewed with financial statements, peer comparison, business model and valuation.
No. High or low KPI values need context.
The meaning of a ratio may differ depending on industry, business model, debt level, growth stage, profitability and IPO valuation.
No. KPI data is useful, but it should not be used alone.
Investors should also review financial statements, peer comparison, business risks, valuation, IPO pricing and official offer documents such as the RHP or DRHP.