Nephrocare Health IPO Day 3 Highlights: Issue booked 13.96 times as of final day

Nephrocare Health IPO booked 13.96 times as of final day. The QIB segment was subscribed 27.47 times, the NII segment 24.27 times and the retail portion 2.31 times.

Assigning a 'subscribe' tag to the public issue, Anand Rathi report says, "At the upper price band company is valuing at P/E of 60.2x with EV/EBITDA of 26x to its FY25 earnings and market cap of ₹46,153 million post issue of equity shares. We believe that the IPO is fully priced and recommend a “SubscribeLong Term” rating to the IPO."

By 3:21 PM on third day of bidding, the public issue had been booked 8.57 times, the retail portion had been subscribed to 1.43 times, the NII segment had been filled 19.26 times, whereas the QIB portion had been booked 13.39 times.

Founded in 2009, the company operates a wide network of over 500 standardized clinics across India, with a strong presence in Tier II and Tier III cities, as well as an expanding international footprint in countries like the Philippines and Uzbekistan, all unified by a mission to enable dialysis patients to lead long, happy, and productive lives.

IPO proceeds will be utilized for rapid domestic expansion (new clinics) and de-leveraging (debt repayment), which strengthens the balance sheet and funds future growth.

"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," Lakshmishree Investment report says.

"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," says Lakshmishree Investment report.

According to Lakshmishree Investment report, 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.

Nephrocare Health IPO GMP has slipped from ₹20 to ₹11 on Friday morning deals. According to market observers, this dip in the Nephrocare Health IPO GMP can be attributed to the tepid response received by the public issue.

Kunvarji Finstock, Lakshmishree Investment, Anand Rathi, BP Equities, InCred Equities, SBICAP Securities, SMIFS, and Swastika Investmart have assigned a ‘subscribe’ tag to the public issue.

The book build issue is proposed for listing on the NSE and the BSE. The most likely date for the share listing is 17 December 2025.

By 11:57 AM on third day of bidding, the public issue had been booked 0.64 times, the retail portion had been subscribed to 0.75 times, the NII segment had been filled 0.76 times, whereas the QIB portion had been booked 0.31 times.

Within India, the company served patients across 288 cities in 21 states and 4 union territories, with 77.53% of its centres based in tier II and tier III geographies — a focus that enables it to address significant unmet medical needs in smaller and underserved markets.

By 11:33 AM on third day of bidding, the public issue had been booked 0.57 times, the retail portion had been subscribed to 0.70 times, the NII segment had been filled 0.55 times, whereas the QIB portion had been booked 0.31 times.

“Given NHSL’s focused expansion strategy, asset-light partnerships, and valuation at 29x FY25 EV/EBITDA at the upper band, we find the issue reasonably priced and recommend a SUBSCRIBE rating for long-term investors,” Geojit Financial Services said.

Geojit Financial Services has given a positive view on the Nephrocare Health Services Ltd (NHSL) IPO, citing attractive valuations and a strong expansion strategy. At the upper price band of ₹460, NHSL is valued at an FY25 EV/EBITDA of 29x, which the brokerage says is reasonably priced compared with listed peers in the healthcare services space.

By September 30, 2025, Nephrocare’s footprint had expanded to 519 clinics, among which 51 facilities were located in the Philippines, Uzbekistan and Nepal. Its operations in Uzbekistan include the world’s largest dialysis clinic, underscoring its global scale.

The most likely date for the finalisation of share allocation is 13 December 2025. However, in case of delay due to Saturday falling on 13 December 2025, we can expect the announcement of share allotment on 15 December 2025 i.e. on Monday next week.

By 11:00 AM on third day of bidding, the public issue had been booked 0.50 times, the retail portion had been subscribed to 0.64 times, the NII segment had been filled 0.39 times, whereas the QIB portion had been booked 0.30 times.

Investor sentiment toward the IPO is muted, as Nephrocare 's grey market premium (GMP) is ₹11.5 on December 12. This suggested that the stock was likely to debut at ₹471.50, a premium of 4.34% from IPO price.

Nephrocare Health IPO Day 3 LIVE: The IPO was subscribed 0.37x by end of Day 2. The retail portion was subscribed 0.47x, and NII portion was booked 0.23x, Qualified Institutional Buyers (QIBs) portion received 0.29x bids. Moreover, the employee portion was subscribed 1.26x.

The company has received bids for 49.51 lakh shares against 1.32 crore shares on offer.