IPO-bound NephroCare Health Services on Wednesday announced that it has expanded from a single clinic in India in 2010 to a robust network of 500 dialysis clinics across India, Nepal, the Philippines, and Uzbekistan, serving more than 33,000 patients annually.
The Hyderabad-based company, which operates under the NephroPlus brand, filed its draft papers with the Securities and Exchange Board of India (SEBI) in July 2025 to raise funds through an initial public offering (IPO).
As of March 31, 2025, NephroCare operated 125 clinics in tier II cities and 218 clinics in tier III cities across India. In FY25, the company created 1,642 jobs in these regions and trained 132 dialysis technicians, according to its draft papers.
“Reaching 500 clinics is a proud milestone for all of us at NephroPlus. This achievement belongs to our guests who trust us, our partners who support us, and our teammates who power us every day. We are moving faster, reaching further, and aiming higher to redefine dialysis care in India and across borders,” said Rohit Singh, Group Chief Executive Officer, NephroCare Health Services.
The company also entered the Middle East market in FY24, setting up operations in the Kingdom of Saudi Arabia (KSA) through a joint venture with Arabian International Healthcare Holding Company, part of the Al Faisaliah Group.
NephroPlus continues to pursue brownfield expansion opportunities by taking over and managing existing dialysis units run by hospitals, non-profits, or private providers seeking to outsource their dialysis operations.
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On the financial front, the company reported a total revenue of ₹755.81 crore in FY25, up from ₹566.16 crore in FY24, while net profit rose to ₹67.1 crore in FY25 from ₹35.13 crore in the previous year.
The proposed IPO includes a fresh issue of equity shares worth ₹353.4 crore and an offer for sale (OFS) of 1.27 crore shares by promoters and existing shareholders. Of the fresh proceeds, around ₹129 crore will be used to set up approximately 167 new dialysis centres across India by FY28.
