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Credent Connect N Care Ltd IPO
Credent Connect N Care Ltd
₹2,14,800 /1200 sharesMinimum investment
IPO listing details
Listed on
20 Aug '26
Issue price
₹189.00
Listing price
₹359.10
Listing gains
₹170.10 (90.00%)
Exchange
--
IPO details
Minimum investment
₹2,14,800
Price range
₹179 - ₹189
Lot size
600
Issue size
93.90 Cr
Face value
10
IPO document
Subscription rate
Qualified Institutional Buyers131.39x
Non-Institutional Investor160.22x
Retail Individual Investor138.09x
Total142.01x
As of 17 Aug'26, 05:00 PM
Schedule
13 Aug 2026
IPO open date
17 Aug 2026
IPO close date
18 Aug 2026
Allotment date
18 Aug 2026
Funds unblock or debit
20 Aug 2026
Tentative listing date
About
Founded in
2015
MD/CEO
Mr Tarun Sharma
Parent organisation
Credent Connect N Care Ltd
Credent Connect N Care Financials
Revenue
Total Assets
Profit
All values are in ₹ Cr
Strengths & Risks
Strengths
Risks
The company operates across multiple healthcare service segments, including diagnostic laboratories, IVD companies, hospitals, clinics, pharmaceutical companies, and other healthcare enterprises. Its services cover healthcare logistics, home sample collection, phlebotomy, medical staffing, corporate wellness, and courier aggregation.
The company has a geographically diversified domestic presence. In FY2026, it generated revenue from multiple states, with Maharashtra contributing 29.40% of revenue, followed by Uttar Pradesh at 26.83%, Delhi at 10.93%, Karnataka at 10.55% and Haryana at 9.67%.
The company had around 280 domestic customers in FY2026, including 38 customers that had been associated with it for three consecutive years. This indicates that a portion of its business comes from customers with an established relationship with the company.
The company claims to operate a cold-chain-enabled logistics network using road, air, and onboard courier services for time-sensitive healthcare consignments. It also claims to use technology tools for tracking transportation timelines and temperature-handling conditions.
The company’s promoters have experience in the logistics industry. Chairman and Managing Director Tarun Sharma has over 12 years of industry experience, while Whole Time Director and CFO Karan Sharma has over nine years of experience.
The company holds ISO certifications for its operations. It is ISO 9001:2015 certified for services covering financial management, strategic management, human resources, marketing, operations, and supply chain management. It is also certified under ISO 15189:2022 for medical laboratory and diagnostic imaging services.
The company derives a significant portion of its revenue from its top 10 customers, which contributed Rs 175.09 crore (81.76%), Rs 64.93 crore (83.31%), and Rs 66.58 crore (87.92%) of total revenue in FY26, FY25, and FY24, respectively. Loss of one or more major customers, reduction, delay or cancellation of orders, failure to renew contracts, or migration of customers to competitors could adversely affect the company’s business, cash flows, financial condition and results of operations.
The company’s business is working capital intensive, with trade receivables amounting to Rs 58.83 crore, Rs 17.90 crore, and Rs 19.02 crore as of March 31, 2026, March 31, 2025, and March 31, 2024, respectively. Delay or failure in realising these receivables due to client approval processes, billing disputes, reconciliation issues or financial stress could increase working capital requirements and borrowing costs, adversely affecting the company’s liquidity, cash flows, financial condition and profitability.
The company’s healthcare logistics and diagnostic sample transportation operations depend on the continuous availability of specialised packaging materials and consumables, which are procured from third-party suppliers. Purchases of goods amounted to Rs 4.39 crore (2.31% of total expenses), Rs 5.70 crore (7.58%), and Rs 1.58 crore (2.18%) in FY26, FY25, and FY24, respectively. Any prolonged supply disruption, quality issue or significant increase in the cost of these materials could disrupt service delivery, compress margins and adversely affect the company’s business, financial condition, cash flows and results of operations.
The company’s subsidiaries have incurred losses and, in some periods, reported negative net worth, which could adversely affect its consolidated financial performance. Alltrak Technologies Pvt Ltd reported negative PAT of Rs 1.25 crore and Rs 2.20 crore in FY25 and FY24, respectively, while Credent Team Pvt Ltd reported a negative PAT of Rs 0.06 crore and Rs 0.04 crore) during FY26 and FY24. Any continued losses or deterioration in the financial position of these subsidiaries may require financial support from the company, which could adversely affect its consolidated financial condition and results of operations.
The company’s revenue is subject to seasonal fluctuations, with a significant portion generated during the second half of the financial year. Revenue from October to March amounted to Rs 124.02 crore (57.91%), Rs 48.18 crore (61.82%), and Rs 45.39 crore (59.93%) in FY26, FY25, and FY24, respectively, compared with Rs 90.14 crore (42.09%), Rs 29.76 crore (38.18%), and Rs 30.34 crore (40.07%) generated during April to September. Any material seasonal decline in testing volumes or deviation from historical revenue patterns could be detrimental to the company’s profitability, cash flows, business and financial condition.
The company, its directors, and promoters are involved in certain outstanding legal proceedings. Any adverse decisions in these proceedings could result in demands for amounts, interest or penalties, divert management time and attention, and adversely affect the company’s cash flows, business, and financial condition.
The company has experienced negative cash flows in the recent past, with net cash used in operating activities amounting to Rs 6.62 crore in FY26, compared with net cash generated from operating activities of Rs 5.48 crore and Rs 0.81 crore in FY25 and FY24, respectively. The negative operating cash flow in FY26 was largely due to a sharp rise in trade receivables and higher tax payments, despite a significant increase in operating profit. Net cash used in investing activities stood at Rs 10.78 crore, Rs 6.19 crore, and Rs 1.13 crore in FY26, FY25, and FY24, respectively. The higher outflow in FY26 was largely driven by the acquisition of a subsidiary, besides capital expenditure and investments in fixed deposits. Any inability to generate sufficient cash flows from operations and manage these outflows could adversely affect the company’s liquidity, business, and financial operations.
As of June 30, 2026, the company had total outstanding borrowings of Rs 23.01 crore. Any failure to service or repay these borrowings on time could adversely affect the company’s business, financial condition, and results of operations.
Application details
For Credent Connect N Care IPO, eligible investors can apply as Individual investor.
| Apply as | Price band | Apply range | Lot size |
|---|---|---|---|
| Individual investor | ₹179 - ₹189 | ₹2 - ₹5 Lakhs | 600 |
About
Objectives of Credent Connect N Care IPO Proceeds
|
Particulars |
Estimated Amount (in ₹ Cr.) |
|
Investment in the wholly owned subsidiary, Credent Healthcare Private Limited to meet its working capital requirement |
26.80 |
|
Investment in our wholly owned subsidiary, Credent Healthcare Private Limited to finance its capital expenditure requirements for machinery |
3.00 |
|
To meet Working Capital Requirements |
37.00 |
|
Repayment and/or repayment, in full or part, of borrowing availed by the Company |
6.00 |
|
General corporate purposes |
[.] |
|
Total |
[.] |
Book Running Lead Manager & Registrar of Credent Connect N Care IPO
|
Book Running Lead Manager |
Hem Securities Limited |
|
Registrar to the Issue |
KFin Technologies Limited |
|
Market Maker to the Issue |
Hem Finlease Private Limited |
Key Performance Indicators (KPIs) of Credent Connect N Care Ltd.
|
KPI |
Value (for the year ended March 31, 2026) |
|
ROE (%) |
40.00 |
|
ROCE (%) |
61.8 |
|
EBITDA Margin (%) |
13.29 |
|
PAT Margin (%) |
8.61 |
|
Return on Net Worth (RoNW) (%) |
42.13 |
|
Net Asset Value (NAV) per Equity Share (₹) |
33.12 |
|
EPS (Pre-IPO) (₹) |
33.12 |
Credent Connect N Care IPO Contact Details
|
Company Name |
Credent Connect N Care Limited |
|
Registered Office |
B-3, Second Floor, Nimri Commercial Complex, Ashok Vihar, Phase-4, New Delhi – 110052, Delhi, India. |
|
Phone |
+91-9971777199 |
|
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|
|
Website |
Credent Connect N Care IPO Registrar Contact Details
|
Company Name |
KFin Technologies Limited |
|
Phone |
+91 40 6716 2222 |
|
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|
|
Website |