Nephrocare Health Services’ ₹871-crore initial public offering (IPO) experienced a lackluster response on its opening day, with the issue being subscribed just 0.04 times by midday on Wednesday. The IPO, which has a price band of ₹438-460, is scheduled to close on December 12.
Retail investors led the demand, subscribing 0.08 times by bidding for 5.17 lakh shares against the 67.35 lakh shares reserved for them. The employee quota attracted a subscription of 0.20 times. In contrast, institutional participation was nearly absent, with qualified institutional buyers yet to place bids and non-institutional investors subscribing only 0.02 times their allocated portion.
If priced at the upper limit of the range, the company will achieve a market capitalization of ₹4,615 crore post-issue. The IPO includes a fresh issue worth ₹353 crore and an offer for sale amounting to ₹518 crore.
Brokerage firms offered varied recommendations on the IPO. Anand Rathi Research assigned a “Subscribe-Long Term” rating, citing Nephrocare’s leading position as India’s largest dialysis provider but expressed some caution regarding its valuation, which stands at 60.2 times FY25 earnings. SBI Securities recommended a “Subscribe,” noting the company’s capital-efficient asset-light model and robust growth trajectory. Conversely, Swastika Investmart advised that only “aggressive long-term investors” should consider applying, pointing to the high valuation despite consistent growth.
Nephrocare operates 519 clinics across India and in international markets such as the Philippines, Uzbekistan, and Nepal, serving over 31,000 patients as of September 2025.
Published on December 10, 2025.
