Nephrocare Health IPO GMP hints at decent Dalal Street debut on Dec 17

Nephrocare Health IPO listing forecast:  Grey market trends point to a positive sentiment for pharmaceutical company Nephrocare Health Services, which is scheduled to debut on Dalal Street on Wednesday, December 17, following the completion of its initial public offering (IPO). The company raised ₹871.39 crore through the public issue.

 

The public offering, which closed on Friday, December 12, attracted strong investor interest, with the issue subscribed 14.08 times, according to NSE data. Bids were received for 186.92 million shares against 13.27 million shares on offer. The qualified institutional buyers (QIB) segment was subscribed 26.82 times, while the non-institutional investors (NII) portion was booked 24.77 times. The retail investors’ quota saw a subscription of 2.36 times.

 

 

The basis of allotment for Nephrocare Health IPO shares was finalised on Monday, December 15, 2025. Investors are now awaiting the stock’s listing.  Ahead of the debut, sources tracking grey market activity indicated that the shares were trading at a decent premium. Nephrocare Health shares were quoted at around ₹498 in the grey market, implying a grey market premium (GMP) of ₹38, or about 8.26 per cent, over the issue price of ₹460 per share.

 

If these trends sustain, the stock could list at around ₹498. That said, the grey market is unregulated and the GMP should not be viewed as a definitive indicator of listing performance.  ALSO READ | ICICI Prudential AMC IPO GMP steady, subscription tops 3x; should you bid?

Nephrocare Health IPO details

Nephrocare Health IPO comprised a fresh issue of 7.7 million shares aggregating to ₹353.75 crore and an offer for sale (OFS) of 11.3 million shares worth ₹517.64 crore.

 

The issue was offered in a price band of ₹438–₹460 per share, with a lot size of 32 shares. The public issue was open for subscription from Wednesday, December 10, 2025, to Friday, December 12, 2025. The company fixed the issue price at the upper end of the band at ₹460 per share.

 

KFin Technologies was the registrar to the issue, while ICICI Securities, IIFL Capital Services, Ambit, and Nomura Financial Advisory and Securities (India) were the book-running lead managers.

 

Nephrocare Health will not receive any proceeds from the offer-for-sale component, with the funds going to the selling shareholders. “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,” the company said in its red herring prospectus.

 

The company plans to utilise proceeds from the fresh issue towards capital expenditure for setting up new dialysis clinics in India, and for the prepayment or scheduled repayment, in full or in part, of certain borrowings. A portion of the funds will also be used for general corporate purposes.