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NephroPlus files DRHP, aims to raise ₹353.4 crore via fresh equity issue
The Hyderabad based firm aims to raise ₹353.4 crore through a fresh issue of equity shares. Market sources claim the total issue size could touch ₹2000 crore.
According to the DRHP, the proposed IPO involves a combination of the fresh issue and an offer for sale (OFS) of 12.7 million equity shares by promoters and existing shareholders.
Commenting on the offer, Nephrocare Health Services said that the company proposes to utilise the net proceeds of the fresh issue towards capital expenditure to the tune of ₹129.1 crore for opening new dialysis clinics in India.
'₹136 crores is for pre-payment or scheduled repayment of certain borrowings availed by the company and rest on general corporate purposes,' it added.
The company added that it is in consultation with Book Running Lead Managers (BRLMs) and may consider a pre-IPO placement of up to ₹70.6 crore prior to the filing of the Red Herring Prospectus (RHP).
'If such placement is carried out, then the fresh issue will be reduced to the extent of such pre-IPO placement,' it said.
The IPO will be managed by ICICI Securities, IIFL Capital Services, Nomura, and Ambit Capital.
As part of the OFS, the promoter selling shareholde₹include Investcorp Private Equity Fund II, Healthcare Parent Limited, Investcorp Growth Opportunity Fund and Edoras Investment Holdings Private Limited.
Other selling shareholde₹include Investcorp India Private Equity Opportunity Limited, International Finance Corporation, 360 One Special Opportunities Fund - Series 9 and Series 10.
Founded in 2010, NephroPlus runs 447 clinics across 269 cities in 21 states and 4 union territories, serving more than 33,000 patients globally on an annual basis.
It is backed by private equity (PE) firms such as Quadria Capital, which had invested ₹850 crore in NephroPlus last year.
In the full financial year 2024-25 (FY25), the company reported a revenue from operations of ₹755.8 crore and profit after tax (PAT) of ₹67 crore.
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Any decline in transaction volumes, demat account growth, or pricing pressure may negatively impact financials. 3) Competition from CDSL and others NSDL faces stiff competition from Central Depository Services (India) (CDSL) and the latter reported a higher number of demat accounts in 2025 at 15.29 crore versus 3.94 crore accounts of NSDL. 4) Regulatory risks NSDL and its subsidiaries are governed by regulatory provisions of Sebi, RBI, IRDAI and UIDAI and regulatory changes or company's failure to comply with the regulations of above regulators would impact the businesses. 5) Failure to execute growth strategies Company's failure to successfully implement its current and future strategic plans and its efforts to expand service offerings and market reach may impact our revenue and growth. 6) Cybersecurity and Data Breach Risks Being a critical market infrastructure institution (MIIs), NSDL is a potential target for cyberattacks. A breach could result in data loss, regulatory penalties, and investor distrust. 7) Dependency on Technology Infrastructure NSDL relies on stable and secure tech systems for operations. Any prolonged outage or technological failure can disrupt services and cause market-wide issues. 8) Conflict of Interest NSDL in its RHP has said that it cannot assure investors that there will not be a conflict of interest between its responsibilities as a securities depository and its shareholders' interests in the company. Its shareholders include NSE and many top banks like HDFC Bank , IDBI Bank , Canara Bank , among others. NSDL also said that one of its directors, Sriram Krishnan is a director on the board of directors of India International Depository IFSC, which is in the same line of business as NSDL. Any conflict of interest that may occur as a result could adversely affect its business, financial condition, results of operations and cash flows. Also Read: NSDL IPO: Issue opens on July 30, here's what you need to know about GMP, issue details 9) Risks involving third-party vendors The company utilizes the services of certain third-party vendors for its operations. Any deficiency or interruption in their services could adversely affect its business and reputation. For e.g. it relies on complex information technology networks and systems to operate our business. 10) Pending legal proceedings There are outstanding legal proceedings involving our Company, our Directors, our Subsidiaries and our Group Companies. These proceedings are pending at different levels of adjudication before various judicial authorities, from which further liability may arise. The depository has fixed the price band at Rs 760–800 per share, with a lot size of 18 shares, amounting to a minimum investment of Rs 14,400 for retail investors. 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