Nephrocare Health makes positive D-street debut; shares list at 6% premium

Nephrocare Health share opened its maiden session on the BSE at ₹491.70 per share, reflecting a premium of ₹31.70, or 6.89 per cent, over the issue price of ₹460 per share.

Nephrocare Health share price: Shares of pharmaceutical firm Nephrocare Health Services made a buoyant debut on Dalal Street on Wednesday, December 17, following the completion of its initial public offering (IPO), which raised ₹871.39 crore.

 

The stock opened its maiden session on the BSE at ₹491.70 per share, reflecting a premium of ₹31.70, or 6.89 per cent, over the issue price of ₹460 per share. On the NSE, Nephrocare Health shares listed at ₹490, up ₹30 or 6.52 per cent from the issue price.

 

The listing, however, came in slightly below grey market expectations. Ahead of the debut, sources tracking grey market activity indicated the stock at around ₹498, implying a grey market premium (GMP) of ₹38, or 8.26 per cent, over the issue price. 

Nephrocare Health IPO details

Nephrocare Health IPO, valued at ₹871.39 crore, comprised a fresh issue of 7.7 million shares aggregating ₹353.75 crore, alongside an offer-for-sale (OFS) of 11.3 million shares worth ₹517.64 crore. The shares were offered in a price band of ₹438–₹460, with a lot size of 32 shares.

 

The public issue, open for subscription from December 10 to December 12, 2025, drew strong investor interest, being subscribed 14.08 times, according to NSE data. The qualified institutional buyers (QIB) segment was subscribed 26.82 times, the non-institutional investors (NII) portion 24.77 times, and the retail quota 2.36 times. In total, bids were received for 186.92 million shares against 13.27 million shares on offer.

 

The basis of allotment was finalized on Monday, December 15, 2025, ahead of the listing. The company fixed the issue price at the upper end of the band at ₹460 per share.

 

Nephrocare Health has further stated that it will not receive any proceeds from the OFS component, with funds going entirely to the selling shareholders. According to the company’s red herring prospectus, “Each of the selling shareholders shall be entitled to its respective portion of the proceeds of the offer-for-sale after deducting its proportion of the offer expenses and relevant taxes thereon.”

 

Proceeds from the fresh issue, the company said, will be used for capital expenditure to set up new dialysis clinics across India, as well as for prepayment or scheduled repayment of certain borrowings. A portion of the funds will also be allocated to general corporate purposes, according to the RHP.

 

For the public offering, KFin Technologies served as the registrar, while ICICI Securities, IIFL Capital Services, Ambit, and Nomura Financial Advisory and Securities (India) acted as book-running lead managers.