| Photo Credit: Kshitij Goel
The retail segment showed relatively stronger traction, with subscription at 0.30 times, while qualified institutional buyers (QIBs) also bid at 0.30 times their reserved portion. However, non-institutional investors showed weak interest, with subscription rates at just 0.13 times. The employee reservation category was subscribed to 0.75 times, the highest among all categories.
The company is offering shares in the price band of ₹438-460, with a minimum lot size of 32 shares. At the upper price band, Nephrocare would command a post-issue market capitalisation of ₹4,615 crore.
Nephrocare operates 519 dialysis clinics globally, including 468 in India across 288 cities and 51 internationally. The company served 29,281 patients and completed 2.89 million treatments in fiscal 2025. Revenue grew at a CAGR of 31.5 per cent between FY23-FY25, reaching ₹756 crore, while EBITDA expanded at 85.2 per cent CAGR to ₹167 crore.
Despite the company’s market leadership as India’s and Asia’s largest dialysis chain, brokerage houses have expressed concerns about valuation. At the upper end of the price band, Nephrocare is valued at a P/E of 60.2x and an EV/EBITDA of 26x based on FY25 earnings.
Analysts from Anand Rathi, Ventura Securities, and Geojit have assigned “Subscribe for Long Term” ratings, citing the company’s leadership position and growth potential, but noting the IPO appears fully priced. The net proceeds will be utilised for capital expenditure on new clinics, debt repayment, and general corporate purposes.
Published on December 11, 2025
