Nephrocare IPO: Off to a slow start, but analysts stay positive
Nephrocare Health Services's ₹871 crore IPO is seeing slow demand so far—subscribed just 0.27 times by Thursday morning, with retail and institutional investors at 0.30 times and non-institutional at 0.13 times.
The offer opened Wednesday and closes Friday, giving investors a bit more time to jump in.
What does Nephrocare actually do?
Nephrocare runs 519 dialysis clinics—468 across India and 51 overseas—helping over 29,000 patients in FY25 with nearly three million treatments.
The company's revenue has grown fast (31.5% CAGR since FY23), hitting ₹756 crore, while profits (EBITDA) have risen even quicker at an impressive 85% CAGR to ₹167 crore.
Other key details
If fully subscribed at the top price band, Nephrocare's market cap would be ₹4,615 crore (P/E ratio: 60.2x).
Analysts from Anand Rathi, Ventura Securities, and Geojit recommend Subscribe for Long Term, pointing to its strong growth and leadership—even if the IPO isn't cheap.
Funds raised will go toward expanding clinics, paying down debt, and general corporate needs.