The Hyderabad-based company's proposed initial public offering (IPO) is a combination of an offer-for-sale of 1.27 crore equity shares by the selling shareholders and a fresh issue of Rs. 353.4 crores, according to the draft red herring prospectus (DRHP).
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Nephrocare Health Services Limited popularly known as NephroPlus, Asia’s largest dialysis services provider and fifth largest globally (in terms of number of treatments performed in Fiscal 2025, as per a F&S report), has secured Sebi's approval to raise funds through an initial share sale, an update with the markets regulator showed on Monday.
The Hyderabad-based company's proposed initial public offering (IPO) is a combination of an offer-for-sale of 1.27 crore equity shares by the selling shareholders and a fresh issue of Rs. 353.4 crores, according to the draft red herring prospectus (DRHP).
NephroPlus proposes to utilize the Net Proceeds of the Fresh Issue towards capital expenditure to the tune of Rs. 129.1 crores for opening new dialysis clinics in India; Rs 136 crores for pre-payment or scheduled repayment of certain borrowings availed by the company and rest on general corporate purposes.
NephroPlus, incorporated in 2009, recently announced the milestone of having crossed 500 dialysis centres globally, thereby joining the ranks of major global dialysis providers such as Fresenius Medical Care, DaVita and Diaverum. NephroPlus has operations across four countries: India, the Philippines, Uzbekistan, and Nepal, serving over 33,000 patients annually.
It offers haemodialysis, with capabilities such as home haemodialysis, hemodiafiltration, holiday dialysis, dialysis on call, and dialysis on wheels, ensuring patients have access to the most suitable and convenient treatment options. As of March 31, 2025, NephroPlus had 5,068 dialysis machines and had performed over 3.30 million treatments during FY25, with the number of treatments growing at a CAGR of 20.09% between Fiscal 2023 and Fiscal 2025.
Vikram Vuppala, BVP (Bessemer Venture Partners) Trust, Edoras Investment Holdings Pte. Ltd., Healthcare Parent Limited (HPL), Investcorp Private Equity Fund II (IPEF II) and Investcorp Growth Opportunity Fund (IGOF) are the Promoters of the Company.
As part of the OFS, the Promoter Selling Shareholders include Investcorp Private Equity Fund II, Healthcare Parent Limited, Investcorp Growth Opportunity Fund and Edoras Investment Holdings Pte. Ltd. and Other Selling Shareholders include Investcorp India Private Equity Opportunity Limited, International Finance Corporation, 360 One Special Opportunities Fund - Series 9 and 360 One Special Opportunities Fund - Series 10.
The global need for dialysis is rising sharply as chronic kidney disease (CKD) becomes more widespread, largely due to diabetes and hypertension. With over 750 million people estimated to have CKD globally and nearly 30 million requiring dialysis, the challenge is immense. India, with 124 million CKD patients, ranks among the top most affected countries. Over the next five years, India’s CKD population is projected to grow to 133 million, while ESRD cases may rise from 4.2 million to 6.9 million—dramatically increasing the need for quality dialysis care.
Globally, revenue from dialysis services was estimated to be around USD 75.2 billion in 2024 and it is estimated to grow to reach around USD 106.2 billion by 2029. In Fiscal 2024, the Indian dialysis service market was valued at USD 818 million, and it is expected to reach about USD 1,979 million in 2029 at a CAGR of 19.3%.
As Asia’s largest dialysis network, NephroPlus is making a significant impact and has been at the forefront of expanding access to reliable, high-quality dialysis across India and beyond. Through its growing footprint, patient-centric protocols, and commitment to delivering world-class clinical outcomes, NephroPlus is playing a pivotal role in strengthening dialysis access for millions who depend on it to survive.
( Source : Deccan Chronicle )
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