Nephroplus, India’s largest dialysis service provider, has filed papers with SEBI to launch its IPO, with a total issue size expected to be around ₹2,000 crore.
This IPO will include a fresh issue of shares worth ₹353.4 crore and an offer-for-sale (OFS) of 1.28 crore shares by existing investors and promoters.
Big Backers, Big Ambitions
The company is backed by well-known names like BVP Trust, Investcorp, and Edoras Investment Holdings. Other key shareholders include International Finance Corporation and 360 One Special Opportunities Fund.
Nephroplus might also raise ₹70.68 crore in a pre-IPO round. If this happens, the size of the fresh issue will be reduced by that amount.
Promoters, including Vikram Vuppala, BVP, Edoras, and others, currently hold a 78.9 percent stake in the company. The remaining 21.1 percent is with public shareholders.
What Nephroplus Does
Started in 2010 in Telangana, Nephroplus provides kidney dialysis services across India and beyond. It offers different types of care like in-clinic dialysis, home dialysis, and mobile dialysis.
Today, it runs 490 clinics across several cities. This includes 43 clinics outside India in countries like the Philippines, Nepal, and Uzbekistan.
In India, Nephroplus is the biggest dialysis provider, far ahead of any hospital chain. It serves the highest number of patients and leads in terms of revenue and treatments.
It is also Asia’s largest dialysis provider and ranks fifth in the world.
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Where the IPO Money Will Go
From the ₹353.4 crore fresh issue:
- ₹129.1 crore will be used to open new dialysis centres across India
- ₹136 crore will help repay debt
- The rest will go towards general corporate needs
As of May 2025, Nephroplus had total borrowings of ₹280.6 crore, according to its DRHP filing.
Strong Financial Growth
Nephroplus is growing fast. In FY2025, it reported:
- Profit of ₹67.1 crore, up 91 percent from last year
- Revenue of ₹755.8 crore, up 33.5 percent from FY24
This shows the brand is not just growing in size, but also becoming more profitable.
IPO Managers
The IPO will be handled by top investment banks like ICICI Securities, Ambit, IIFL Capital Services, and Nomura.
This Nephroplus IPO is one of the biggest healthcare listings in recent times. With strong backers, growing profits, and massive scale, the company looks ready to make a powerful entry into the stock market.
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