Nephrocare Health IPO Day 1 LIVE: Issue sees weak demand, subscribed just 0.10x till now; check GMP - Apply or not?

Nephrocare Health Services Ltd. has a unique and asset-light model that leverages partnerships and an extensive network of 519 clinics across 288 cities, with a strategic focus on expanding accessibility in Tier II and Tier III regions. NephroPlus Health Services Ltd. has demonstrated robust financial performance, achieving a consolidated revenue from operations of ₹769.92 Cr in FY25 (a 34% YoY jump) and successfully turning profitable with a PAT of ₹67.09 Cr in FY25, highlighting the positive operating leverage of its scaled network. This momentum continued with a PAT of ₹14.22 Cr in H1 FY26.

The IPO, valued at ₹871.05 Cr, comprises a Fresh Issue of ₹353.40 Cr and an Offer for Sale (OFS) of ₹517.64 Cr (59.42%) by existing investors.

Given NephroPlus's market leadership, scalable and asset-light model, strong financial turnaround, and the massive, non-discretionary nature of dialysis demand, we recommend a 'SUBSCRIBE' rating for long-term investors.

Nephrocare Health IPO Day 1 LIVE: Nephrocare IPO GMP today or grey market premium was ₹0, which meant shares were trading at their issue price of ₹460 with no premium or discount in the grey market according to chittorgarh.com

Nephrocare Health IPO Day 1 LIVE: A large portion of NHSL’s revenue (37–62% FY23–1HFY26) comes from captive clinics within private hospitals on a revenue-sharing model. Loss or non-renewal of these contracts could hurt operations.

Additionally, 22–31% of revenue is from government PPP contracts, with delays or failure to secure future contracts posing risks. Operational, reputational, medical, and legal risks exist if quality standards are not met.

Nephrocare Health IPO Day 1 LIVE: SMIFS said Nephrocare is well placed to benefit from the rapidly expanding global dialysis services industry, which is expected to grow from USD 75.2 billion in 2024 to USD 106.2 billion by 2029. The company holds over 50% share of India’s organised market and has scaled international operations rapidly, especially in the Philippines and Uzbekistan. Strong PPP projects, an asset-light model and improving margins further strengthen its position.

As SMIFS noted, “we recommend subscribing to the issue as a long-term investment, supported by strong growth triggers including international expansion, PPP-driven scale-up and technology-enabled efficiencies.” The brokerage views Nephrocare’s global footprint and financial turnaround as key drivers for sustained growth.

Nephrocare Health IPO Day 1 LIVE: By 1:50 pm on Day 1, the IPO was subscribed 0.09 times overall.

The retail category stood at 0.15x.

The NII segment saw subscriptions of 0.05x.

The employee quota was subscribed 0.34x.

However, the QIB portion had not received any bids till then.

In total, the company received bids for 11.34 lakh shares against the 1.32 crore shares on offer.

Nephrocare Health IPO Day 1 LIVE: The company operates 519 clinics, forming India’s most extensive dialysis network, with a presence across 288 cities in 21 states and 4 union territories as of September 30, 2025. About 77.35% of its clinics are located in tier II and tier III cities and towns.

Of these, 80 clinics operate through greenfield projects, 259 through brownfield expansion, and 180 via PPP collaborations. NHSL is India’s only dialysis services provider with an international presence, having a network of 51 clinics across the Philippines, Uzbekistan, and Nepal as of September 2025.

Nephrocare Health IPO Day 1 LIVE: Anand Rathi said Nephrocare Health Services Ltd stands as the largest dialysis network in India and Asia, benefiting from scale, an asset-light model and standardized clinical protocols that strengthen efficiency and patient outcomes. The brokerage highlighted the company’s consistent growth through disciplined expansion and strategic acquisitions, supported by experienced leadership and marquee investors.

At the upper price band, Nephrocare is valued at a P/E of 60.2x and EV/EBITDA of 26x on FY25 earnings, with a post-issue market cap of ₹46,153 million. As Anand Rathi noted, “we believe that the IPO is fully priced and recommend a Subscribe-Long Term rating to the IPO.”

Nephrocare Health IPO Day 1 LIVE: The company’s revenue from operations increased from ₹437.30 crore in FY2023 to ₹755.81 crore in FY2025. EBITDA grew from ₹48.60 crore to ₹166.64 crore, and PAT rose from a loss of ₹11.79 crore to a profit of ₹67.10 crore over the same period.

For the six months ended September 30, 2025, it reported revenue from operations of ₹473.50 crore, EBITDA of ₹110.31 crore, and PAT of ₹14.23 crore.

Nephrocare Health IPO Day 1 LIVE: Nephrocare Health Services is a dialysis services provider offering comprehensive care through its network of clinics, from diagnosis to treatment and wellness programs, including haemodialysis, home and mobile dialysis, and pharmacy services.

In FY25, the company served 29,281 patients and completed 28,85,450 treatments in India, which represented 10% of the total dialysis patients in India.

Nephrocare Health IPO Day 1 LIVE: Nephrocare IPO GMP today or grey market premium was ₹0, which meant shares were trading at their issue price of ₹460 with no premium or discount in the grey market according to chittorgarh.com

'Grey market premium' indicates investors' readiness to pay more than the issue price.

Nephrocare Health IPO Day 1 LIVE: By 11:50 on Day 1, the IPO was subscribed 0.05 times overall.

The retail category stood at 0.09x.

The NII segment saw subscriptions of 0.04x.

The employee quota was subscribed 0.19x.

However, the QIB portion had not received any bids till then.

In total, the company received bids for 7.15 lakh shares against the 1.32 crore shares on offer.

Nephrocare Health IPO Day 1 LIVE: Swastika Investmart stated that the company offers comprehensive dialysis care services worldwide. It is recognized as the largest dialysis service provider in Asia and the fifth largest globally. The company has consistently shown growth in both its revenue and profits throughout the reported periods. Nonetheless, higher finance costs have impacted its profitability in the first half of FY26.

According to the most recent financials, the brokerage said that the valuation appears to be quite high. Only those investors who are aggressively inclined for the long term should consider participating in this IPO.

Nephrocare Health IPO Day 1 LIVE: By 10:45 on Day 1, the IPO was subscribed 0.03 times overall.

The retail category stood at 0.05x.

The NII segment saw subscriptions of 0.02x.

The employee quota was subscribed 0.10x.

However, the QIB portion had not received any bids till then.

In total, the company received bids for 3.77 lakh shares against the 1.32 crore shares on offer.

Nephrocare Health IPO Day 1 LIVE: As per SBICAP Securities, with the upper price band set at ₹460, the firm is assessed at a FY25 EV/EBITDA of 26.1x based on post-issue capital, which aligns with its competitors. The company's long-term growth outlook appears promising due to its leading market position, expanding international footprint, and deeper market penetration in India. The brokerage advises investors to SUBSCRIBE to the offering at the cut-off price.

Nephrocare Health IPO Day 1 LIVE: Nephrocare IPO GMP today or grey market premium was ₹0, which meant shares were trading at their issue price of ₹460 with no premium or discount in the grey market according to chittorgarh.com

'Grey market premium' indicates investors' readiness to pay more than the issue price.

Nephrocare Health IPO Day 1 LIVE: The preliminary allotment of Nephrocare Health IPO shares will be determined on Monday, December 15, followed by the initiation of refunds on Tuesday, December 16, with shares being credited to the demat accounts of the allottees on the same day after the refund process. Nephrocare Health shares are anticipated to be listed on BSE and NSE on Wednesday, December 17.

Nephrocare Health IPO Day 1 LIVE: For the Nephrocare IPO, 50% of the shares in the public offering is allocated for qualified institutional buyers (QIB), 15% for non-institutional investors (NII), and 35% of the issue is set aside for retail investors. Additionally, equity shares amounting to ₹35 million have been reserved for employees.

Nephrocare Health IPO Day 1 LIVE: Ahead of the public offering's launch, Nephrocare Health secured ₹260 crore from anchor investors.

Among the prominent anchor investors are SBI Mutual Fund (MF), ICICI Prudential MF, Fidelity Funds, DSP MF, Bandhan MF, The Prudential Assurance Company, Eastspring Investments, Polar Capital Funds, Baroda BNP Paribas MF, SBI Life Insurance, and HDFC Life Insurance, as reported in a circular posted on BSE's website.