The base offer size is up to 5.5% of total equity, amounting to ₹400 crore. An upsize option of up to 3.4%, worth ₹250 crore, takes the total offer size to ₹650 crore, sources added. The offer price has been set at ₹705 per share, representing a discount of around 5% to the stock’s last closing price.
The sellers include Investcorp Private Equity Fund II, Healthcare Parent Limited, Investcorp India Private Equity Opportunity Limited, Edoras Investment Holdings Pte Ltd, Quadria Capital India Fund III, Bessemer Venture Partners Trust, Vikram Vuppala, Viraaj Family Trust and Manvi Family Trust.
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Back in May this year, Nephrocare Health said it expects to maintain 15-20% revenue growth over the next three to four years, supported by expansion across India and overseas markets, acquisitions and new capacity additions, said Group CFO Prashant Goenka.
The Kolkata-based dialysis services provider will continue to strengthen its India platform while scaling operations internationally. The company currently operates in India, the Philippines, Uzbekistan and Nepal, and plans to continue adding new centres and entering new markets.
NephroPlus also continues to increase its contribution from international markets. The international business contributed 42% of revenue during the year compared with 32% earlier. Goenka said the company aims to enter at least one new international market every year and leverage its India operating model to improve profitability overseas.
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Goenka said the company’s growth strategy is driven by three levers — utilisation improvement in existing centres, addition of new centres and expansion into newer geographies through acquisitions or partnerships. Last year, NephroPlus added 52 new centres in India and completed 11 acquisitions in the Philippines. He said the first two growth drivers are predictable, while expansion into new countries or large PPP opportunities could create additional upside.
Nephrocare Health Services Ltd, which operates under the NephroPlus brand, is India’s largest dialysis service provider with more than a 50% share of the organised dialysis market.
The company follows a scalable, asset-light and capital-efficient model. As of 9M FY26, it operated 521 clinics globally, including 469 clinics across 290 cities in India. Its Indian network spans 21 states and four Union Territories, with around 78% of its clinics located in Tier II and Tier III cities and towns.
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Shares of Nephrocare Health Services Ltd ended at ₹741.85, down by ₹7.45, or 0.99%, on the BSE.