NephroPlus, Asia’s Largest Dialysis Provider, to Launch ₹353-Crore IPO on December 10
(From Left to Right) Jane Sequeira Kumar, Business Head – Healthcare & Pharma, ICICI Securities Limited; Prashant Goenka, Chief Financial Officer, NephroPlus; Vikram Vuppala, Founder, Chairman and Managing Director, NephroPlus; Rohit Singh, Group Chief Executive Officer, NephroPlus; and Shirish Chikalge, Sr. Vice President – Investment Banking, IIFL Capital Services Limited at a press conference in connection with the company’s forthcoming Initial Public Offering (IPO).
Hyderabad, December 5: NephroPlus, Asia’s largest dialysis services provider and the world’s fifth largest in treatment volume, will open its Initial Public Offering (IPO) for subscription on December 10, 2025. The issue will close on December 12, with a price band of ₹438–₹460 per equity share. Eligible employees will receive a discount of ₹41 per share.
The public offering comprises a fresh issue of equity shares aggregating up to ₹353.4 crore and an offer for sale (OFS) of up to 1,12,53,102 equity shares by existing shareholders.
According to the company’s prospectus, ₹129.1 crore from the fresh issue will be used for capital expenditure to establish new dialysis clinics in India, while ₹136 crore will go toward pre-payment or scheduled repayment of borrowings.
Founded in 2009, NephroPlus operates India’s largest organised dialysis network, spanning 288 cities across 21 states and 4 Union Territories. Internationally, it runs 51 clinics across the Philippines, Uzbekistan, and Nepal, taking its total footprint to 519 centres. The company also owns the world’s largest standalone dialysis clinic — a 165-bed facility in Tashkent, Uzbekistan.
NephroPlus offers a wide spectrum of advanced dialysis services including home haemodialysis, hemodiafiltration, holiday dialysis, dialysis-on-call and dialysis-on-wheels, catering to diverse patient needs and geographies.
India’s dialysis services market, valued at USD 818 million in FY24, is projected to grow to nearly USD 1.98 billion by 2029, driven by rising chronic kidney disease prevalence and increasing demand for accessible, quality dialysis care. Analysts note that NephroPlus’ scale, technology-led delivery, and pan-India presence position it strongly in a rapidly expanding healthcare segment.
The IPO is expected to attract strong investor interest, given the company’s market leadership and the anticipated growth of India’s renal care ecosystem.
