NephroPlus plans global scale-up ahead of IPO amid rising CKD burden

India's largest dialysis provider plans to expand clinics at home and abroad ahead of its December 10 IPO, betting on rising CKD burden and demand for accessible dialysis care

NephroPlus, India’s largest dialysis provider, is preparing to accelerate its domestic and international expansion ahead of its initial public offering (IPO), which opens on December 10. The move comes as chronic kidney disease (CKD) continues to grow across emerging markets, highlighting the need for accessible dialysis services.

 

When does the NephroPlus IPO open and close? 

The IPO will open on Wednesday, December 10, and close on Friday, December 12. Anchor investors can bid a day earlier, on Tuesday, December 9.

 

What is the price band and fund-raise target for the issue? 

The company has set a price band of Rs 438 to Rs 460 per equity share, aiming to raise around Rs 871 crore at the upper end of the band.

 

How is the NephroPlus IPO structured between fresh issue and OFS? 

The NephroPlus IPO is structured as a combination of a fresh issue and an offer for sale (OFS). The fresh issue, aimed at raising up to Rs 353 crore, will fund capital expenditure for opening new dialysis clinics in India, which will account for nearly Rs 129 crore, repayment of certain borrowings of around Rs 136 crore, and general corporate purposes. In addition, the OFS will involve the sale of up to 11.2 million equity shares, valued at Rs 517 crore at the upper end of the band, by existing shareholders.

 

What is NephroPlus’ network footprint in India and overseas? 

Founded in 2009, NephroPlus operates India’s largest organised dialysis network, spanning 288 cities across 21 states and four Union territories, with 519 clinics globally, including operations in the Philippines, Uzbekistan, Nepal, and a joint venture in Saudi Arabia. Its 165-bed facility in Tashkent is currently the largest dialysis clinic in the world.

 

Why is NephroPlus focusing on tier-2 and tier-3 towns? 

The company’s expansion strategy is driven by the critical nature of dialysis treatment, which patients require multiple times per week, and by the limited availability of specialised centres in both urban and semi-urban regions. In India, 76 per cent of NephroPlus clinics are located in tier-2 and tier-3 towns, reflecting its focus on bringing care closer to patients. Similar strategies are being replicated in international markets.

 

What were NephroPlus’ FY25 revenue and profit? 

Financially, NephroPlus reported revenue from operations of Rs 755.8 crore and profit after tax of Rs 67 crore in FY25.

 

What is the company’s longer-term strategy on dialysis and CKD care? 

According to group chief executive officer Rohit Singh, the company aims not only to scale its operations but also to strengthen access to high-quality dialysis, create stand-alone facilities for immunocompromised patients, and eventually invest in preventive care programmes for CKD, a move that could significantly reduce the long-term disease burden.

 

“With only 10 per cent of patients in India who reach CKD stage 5 currently receiving dialysis, the need for accessible, high-quality services is immense,” Singh said. “Our goal is to scale sustainably, both in India and internationally, while maintaining the quality of care that patients deserve.”