Nephrocare Health Services IPO Day 2: Check Latest GMP, Subscription Status & Key Highlights
Nephrocare Health Services enters its second day of IPO today, on December 11, 2025. The public subscription window for Nephrocare Health Services IPO opened yesterday, on December 10, 2025 and will remain open till December 12, 2025.
NephroPlus (Nephrocare Health Services Ltd.) is India’s and Asia’s largest dialysis service provider. Through its extensive network of clinics, the company delivers comprehensive dialysis care, including in-clinic haemodialysis and various advanced dialysis formats.
The allotment process for Nephrocare Health Services IPO is expected to be finalised on December 15, 202,5, and the shares will be listed on both NSE and BSE. The tentative listing date is fixed as December 17, 2025.
Nephrocare Health Services IPO Details
The NephroPlus (Nephrocare Health Services) IPO is a book-building issue of ₹871.05 crore, comprising a fresh issue of ₹353.40 crore and an offer for sale of ₹517.64 crore. The price band has been set between ₹438 and ₹460 per share, with a lot size of 32 shares, requiring a minimum investment of ₹14,016 for retail investors.
ICICI Securities Ltd., Ambit Private Limited, IIFL Capital Services Limited (Formerly known as IIFL Securities Limited) and Nomura Financial Advisory and Securities (India) Private Limited are the book-running lead managers, and Kfin Technologies Ltd. is the registrar for the issue.
Nephrocare Health Services IPO Day 2 Subscription
[December 11, 2025, 12:15 PM]
On Day 2, Nephrocare Health Services' IPO was subscribed 0.28 times as per the NSE data on December 11, 2025, 12:15 PM. The public issue was subscribed to 0.33 times by Retail Individual Investors (RIIs), 0.14 times by Non Institutional Investors (NIIs), 0.30 times by Qualified Institutional Buyers (QIBs), and 0.84 times by Employees.
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Utilisation of Proceeds
The Company proposes to utilise the Net Proceeds towards funding the following objects:
- Capital expenditure by the Company for opening new dialysis clinics in India.
- Pre-payment, or scheduled repayment, in full or part, of certain borrowings availed by the Company.
- General corporate purposes.
Nephrocare Health Services IPO GMP
According to media reports, the Grey Market Premium (GMP) of Nephrocare Health Services is at ₹20 over the IPO price.
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NephroPlus (Nephrocare Health Services Ltd.) Business Overview
NephroPlus is the flagship brand of Nephrocare Health Services Ltd, a Hyderabad-based healthcare company founded in 2009 that operates a network of kidney care and dialysis clinics across India and select international markets. Under the NephroPlus brand, the company offers comprehensive renal care services, including in-centre haemodialysis, peritoneal dialysis, home dialysis, and related patient support programs.
The company is the only Indian dialysis services provider to have scaled internationally (Source: F&S Report), with a global network of 519 clinics, including 51 clinics in the Philippines, Uzbekistan, and Nepal (as of September 30, 2025).
Financially, Nephrocare Health Services reported operating revenue of approximately ₹755.8 crore in FY25, up from around ₹566.2 crore in FY24, reflecting strong growth as its clinic network expanded. Its profit after tax (PAT) for FY25 stood at about ₹67.1 crore.
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