Nephrocare Health Services IPO allotment LIVE: GMP jumps, signals 8% listing pop — Check steps to track status

The global dialysis services industry was valued at USD 75.2 billion in 2024 and is projected to reach USD 106.2 billion by 2029, growing at a CAGR of 7.1%. Growth is supported by increasing CKD prevalence, improved ESRD diagnosis, and expanding access to dialysis services across both developed and emerging markets.

The combined dialysis markets of India, the Philippines, and Uzbekistan represented an estimated USD 1.9 billion opportunity in 2025, with strong forward growth prospects. India is expected to grow at 19.3%, the Philippines at 22.6%, and Uzbekistan at 16.7% between 2024 and 2029.

Price points vary significantly across regions, with the average cost per dialysis session at USD 22 in India, USD 71 in the Philippines, and about USD 72.5 in Uzbekistan under prevailing market and PPP rates.

Nephrocare Health Services witnessed consistent growth across financial parameters from FY23 to 1HFY26F, barring finance costs in 1HFY26 due to the raising of debt for its expansion plan. As the company plans to use IPO proceeds to clear its debt, this one-off cost should not be an issue in the long run.

The company saw an EBITDA margin improvement of 1,090 bp from FY23 to FY25, and the margin is projected to be 24% in FY26F. PAT margin declined in 1HFY26 due to the one-off finance cost stated above.

Revenue is expected to reach ₹12,773 million by FY27F. The company’s pre-IPO valuation stands at ₹46 billion, at a projected FY26F EV/EBITDA of 19.2x.

Nephrocare Health Services IPO GMP today rose further to ₹39, its highest so far. In the morning the GMP stood at ₹37. The lastest GMP signals 8.5% listing gains for investors.

The initial public offer (IPO) will garner ₹8.71 bn, with a combination of a fresh issue of 7.7 million equity shares aggregating to ₹3.53 bn and an offer for sale of 11.3 million shares aggregating to ₹5.18 bn. The objectives of the IPO are to be used for capital expenditure to open new dialysis clinics in India ( ₹1.29 bn), prepayment of debt ( ₹1.36 bn), and general corporate purposes.

The company operates an asset-light business model, ensuring that the establishment and operations of the clinics incur lower costs compared to other healthcare services. Several initiatives, such as standardized clinic formats, an in-house projects team, and an efficient supply chain, result in low establishment costs. Furthermore, procuring medical equipment directly from vendors helps negotiate favorable terms and prices. NHSL has also taken initiatives for vertical integration for key consumables and entered into contract manufacturing agreements, allowing stricter control over product quality and cost structures. The focus on cost and operational efficiencies has driven better overall margins for the company.

• Continue to consolidate leadership position in India
• Scale operations in existing international markets, including through inorganic growth opportunities
• Expand further in South East Asia, Commonwealth of Independent States, and Middle East markets
• Continue to focus on operating efficiency and leverage network scale to drive supply chain benefits and profitability
• Continue to focus on innovation-led digital healthcare to enhance convenience, efficiency, and reach

Nephrocare has formed strategic partnerships with established hospital chains such as Max Super Speciality Hospital, Fortis Escorts Hospitals, Care Hospitals, Wockhardt Hospitals, Paras Healthcare, The Calcutta Medical Research Institute, Jehangir Hospital, and Ruby Hall Clinic to operate in-house dialysis centers.

In India, the company had a presence across 288 cities in 21 States and 4 Union Territories. Approximately 77.53% of its clinics were located in tier II and tier III cities, addressing a critical need in underserved regions.

As of Sep 30, 2025, Nephrocare operated 519 clinics, with 51 across the Philippines, Uzbekistan, and Nepal. This includes the world’s largest dialysis clinic in Uzbekistan.

Basis of Allotment: 15-12-2025

Refunds/Unblocking ASBA Fund: 16-12-2025

Credit of Shares to Demat A/c: 16-12-2025

Listing Date: 17-12-2025

Strong Demand: High and rising prevalence of CKD (driven by diabetes/hypertension) ensures predictable, recurring, and life-long demand for dialysis services.

Market Leadership: As India's largest organized dialysis provider, the company benefits from scale, strong hospital partnerships, and a strategic focus on underserved Tier II/III cities.

Profitability Turnaround: Demonstrated operational efficiency led to a successful financial turnaround, achieving substantial Profit After Tax (PAT) of ₹67.1 Cr in FY25 and improving EBITDA margins.

Global Expansion: Successful replication of its model in international markets (e.g., Philippines, Uzbekistan) diversifies revenue streams and provides new avenues for growth.

Strategic IPO Funding: 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.

Nephrocare Health Services Ltd offer comprehensive dialysis care through their network of clinics – from diagnosis to treatment and wellness programs including haemodialysis, home and mobile dialysis, supported by pharmacy. Company is India’s largest dialysis service provider in terms of number of patients served, clinics, cities covered, treatments performed, revenue, and EBITDA (excluding other income) in Fiscal 2025, and are 4.4 times the size of the next largest organized dialysis provider in India in terms of operating revenue in Fiscal 2024.

How to check Nephrocare Health Services IPO allotment at registar's website? Follow these few steps:

1] Visit the web portal of the registrar here - https://ipostatus.kfintech.com/

2] Select ‘Nephrocare Health Services’ in the Select Company dropbox

3] Choose among - Application Number/CAF No, Beneficiary ID, or PAN

4] Enter the details as per the option selected

5] Fill the captcha and hit on ‘Search’

Your Nephrocare Health Services IPO allotment status will be displayed on the screen.

Here are the few steps to check Nephrocare Health Services IPO allotment online on NSE:

- Head to the NSE website using this link: https://www.nseindia.com/invest/check-trades-bids-verify-ipo-bids

- Select Equity & SME bids details

- Select company symbol from the dropdown - Nephrocare Health Services

- Enter PAN/Application Number

- Click on Submit

Follow these steps to check Nephrocare Health Services India IPO allotment on BSE:

1. Head to the BSE website using this link: https://www.bseindia.com/investors/appli_check.aspx

2. Select issue type as 'equity'

3. From the issue name dropdown, pick Nephrocare Health Services

4. Enter application number or PAN number

5. Select I am not a robot

6. Hit search

The IPO of dialysis services provider Nephrocare Health Services Ltd got subscribed 13.96 times on the closing day of share sale on Friday.

The ₹871-crore IPO received bids for 18,68,94,592 shares against 1,33,87,854 shares on offer, as per details available with the NSE.

Qualified Institutional Buyers' (QIBs) portion attracted 27.47 times subscription, while the quota for non-institutional investors got subscribed 24.27 times. The category meant for Retail Individual Investors (RIIs) fetched 2.31 times subscription.

Nephrocare Health Services IPO GMP today jumped to the highest so far of ₹37. At the prevailing GMP, Nephrocare Health Services IPO listing price could be ₹497, a premium of 8% over the offer price.

The lowest GMP for the IPO is ₹0.00, while the highest GMP is ₹37, signalling an upward trend and a strong listing. The shares of the company will list on Wednesday, December 17.

Nephrocare Health Services IPO allotment date is set as December 15. This means that investors can track allotment status for the IPO on BSE, NSE or at the registrar's website easily today. The offer witnessed a healty demand for its share sale.