Nephrocare IPO Day 1: Issue booked 11% so far. Check GMP, review, issue details. Apply or not?

Nephrocare IPO Day 1: The initial public offering for dialysis services provider Nephrocare Health Services Ltd is set to open for subscription on December 10 and will close on December 12. Nephrocare IPO price band has been established at ₹438-460 per share, giving the company a valuation exceeding ₹4,600 crore. 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.

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.

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 IPO GMP today

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 IPO Review

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.

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 IPO subscription status

Nephrocare IPO subscription status is 11% on day 1. The retail portion is subscribed 18%, and NII portion has been booked 7%, Qualified Institutional Buyers (QIBs) portion is yet to receive bids. The employee portion has been booked 43%.

The company has received bids for 14,26,304 shares against 1,33,87,854 shares on offer, at 15:45 IST, according to data on BSE.

Nephrocare IPO details

Nephrocare IPO consists of a fresh share issue totaling ₹353.4 crore and an Offer For Sale (OFS) of 1.12 crore shares valued at ₹517.6 crore at the highest price point, bringing the total size of the issue to ₹871 crore.

Within the OFS, the promoters—including Investcorp Private Equity Fund II, Healthcare Parent, Investcorp Growth Opportunity Fund, and Edoras Investment Holdings Pte—together with other shareholders such as Investcorp India Private Equity Opportunity, the International Finance Corporation, and 360 One Special Opportunities Funds—will be selling shares.

From the proceeds of the fresh issue, the company intends to allocate ₹129.1 crore towards the establishment of new dialysis clinics across India, ₹136 crore for debt repayment, and the remaining amount for general corporate objectives.

The book-running lead managers for the issue are ICICI Securities, Ambit, IIFL Capital Services, and Nomura Financial Advisory and Securities (India) Private Ltd., while Kfin Technologies Ltd. serves as the issue's registrar.

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