Nephrocare Health Services Ltd, which operates Asia’s largest dialysis network under the NephroPlus brand, is preparing to file for a ₹2,000-crore initial public offering (IPO) later this month.
Established in 2010 by Vikram Vuppala and Kamal D Shah, the Hyderabad-based company currently manages over 447 dialysis centres across India, with a growing presence in the Philippines, Uzbekistan, and Nepal. This IPO marks the first mainboard listing from India’s rapidly expanding dialysis care sector.
Proceeds from the IPO will be used to scale operations, including the acquisition of mid-sized dialysis service providers in India and the Philippines.
In a recent development, India Ratings upgraded NephroPlus’s rating to “IND A+/Positive,” citing its strong business fundamentals, scalable cost-efficient model, and diversified operations. The upgrade applies to the company’s bank facilities and working capital limits, reflecting greater confidence in its financial stability.
For FY25, NephroPlus reported a 39% increase in consolidated revenue, reaching ₹749.4 crore. EBITDA margins improved to 22.5%, while net leverage dropped to 0.40x and interest coverage surged to 8.04x — indicators of sound financial discipline.
Since 2024, private equity firm Quadria Capital has invested ₹850 crore in NephroPlus, acquiring shares from previous investors including Investcorp, Bessemer Venture Partners, IFC, and IIFL Private Equity.
As part of its expansion strategy, the company plans to add 70–75 centres annually in India and 16 centres per year in the Philippines. It also owns a 51% stake in a Saudi Arabian joint venture and is actively bidding for projects across the region.
The IPO will be managed by ICICI Securities, IIFL Capital Services, Nomura, and Ambit Capital.
India’s dialysis market is projected to grow to $870 million by 2030, at a CAGR of 6.5%. NephroPlus holds over 50% market share in the organised dialysis segment, benefiting from long-term public-private partnership (PPP) agreements and alliances with leading hospital groups such as Max Healthcare, Fortis, and Medanta.