New IPO: NephroPlus files papers with Sebi for ₹353.4 crore IPO to expand Dialysis clinics
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The IPO will include a fresh issue of equity shares worth ₹353.4 crore and an offer-for-sale (OFS) of up to 1.27 crore equity shares by promoter and non-promoter shareholders. Among the OFS participants are Investcorp Private Equity Fund II, Healthcare Parent Limited, Edoras Investment Holdings Pte. Ltd., and 360 One Special Opportunities Fund. The company may also consider a pre-IPO placement of up to ₹70.6 crore, which would reduce the size of the fresh issue accordingly.
Asia's Largest Dialysis Service Provider
Established in 2009, NephroPlus has emerged as Asia's largest dialysis services provider and the fifth-largest globally in terms of the number of treatments performed in FY25, according to a Frost & Sullivan report. As of now, the company operates 447 clinics across 269 cities in 21 Indian states and 4 Union Territories, serving over 33,000 patients annually. NephroPlus commands more than 50 percent revenue market share in India's organised dialysis services market.
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NephroPlus has also made a significant push into international markets. It currently operates 34 clinics in the Philippines, 5 in Nepal, 4 in Uzbekistan, and recently entered Saudi Arabia in a bid to tap the Middle East healthcare market. The company's promoters include Vikram Vuppala, BVP Trust (Bessemer Venture Partners), and Investcorp-affiliated entities.
Proceeds to Fuel Domestic Expansion
As per the DRHP, NephroPlus will allocate ₹129.1 crore from the fresh issue proceeds towards setting up new dialysis clinics in India, which aligns with its strategy to grow its domestic footprint. An additional ₹136 crore will be used to pre-pay or repay certain existing borrowings, enhancing the company's financial flexibility and improving its balance sheet.
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In FY25, the company reported ₹755.8 crore in revenue from operations and a profit after tax of ₹67 crore, reflecting robust growth amid increasing demand for kidney care services. With chronic kidney disease (CKD) rising as the third fastest-growing cause of death globally, and diabetes and hypertension being its primary drivers, NephroPlus is well-positioned to benefit from secular health trends.
ICICI Securities, Ambit Private Limited, IIFL Capital Services, and Nomura Financial Advisory and Securities (India) are acting as Book Running Lead Managers (BRLMs) for the IPO.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
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