Dialysis chain NephroPlus eyes INR20B IPO: ET

Dialysis chain NephroPlus eyes INR20B IPO: ET

Nephrocare Health Services, operating under the brand NephroPlus, is set to file its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) by the end of this month, aiming to raise over ₹2,000 crore through an initial public offering (IPO). The IPO will include a fresh issue and an offer for sale, with proceeds earmarked for expanding dialysis centers and acquiring mid-sized players in India and the Philippines [1].

NephroPlus, founded in 2010 by Vikram Vuppala and Kamal D Shah, operates more than 400 dialysis clinics across India and other Asian markets such as the Philippines, Uzbekistan, and Nepal. According to India Ratings report, the company had a domestic market share of over 50% in FY24 [1].

The IPO is expected to be led by ICICI Securities, IIFL Capital Services, Nomura, and Ambit Capital as book-running lead managers (BRLMs). Proceeds from the fresh issue are expected to fund the expansion of dialysis centers and acquisitions of mid-sized players, mainly in India and the Philippines, as the company looks to consolidate its leadership in the fast-growing renal care market [1].

Meanwhile, in the crypto space, Grayscale Investments has confidentially submitted an S-1 registration with the U.S. Securities and Exchange Commission (SEC), joining a growing roster of crypto firms pursuing IPOs as Bitcoin continues to hit new all-time highs [2]. Grayscale’s filing comes at a time of growing institutional interest and clearer signals from U.S. lawmakers, with Bitcoin (BTC) hitting record highs above $120,000 and momentum building around crypto-friendly legislation.

References:
[1] https://m.economictimes.com/markets/ipos/fpos/dialysis-chain-nephroplus-eyes-rs-2000-crore-ipo/articleshow/122604362.cms
[2] https://crypto.news/grayscale-confidentially-files-for-ipo-joining-a-wave-of-crypto-firms-heading-to-public-markets/