• SEBI approves NephroPlus’s IPO proposal with Rs 353.4 crore fresh issue
• Offer includes sale of 1.27 crore shares by existing investors
• Proceeds to fund new clinics, repay debt, and support business growth

Hyderabad based dialysis care provider Nephrocare Health Services, popularly known as NephroPlus, has received approval from the Securities and Exchange Board of India (SEBI) for its proposed initial public offering (IPO). The public issue will comprise a fresh issue worth Rs 353.4 crore and an offer for sale (OFS) of 1.27 crore equity shares by its existing investors.

Promoters of the company include Vikram Vuppala, BVP (Bessemer Venture Partners) Trust, Edoras Investment Holdings, Healthcare Parent Limited (HPL), Investcorp Private Equity Fund II (IPEF II), and Investcorp Growth Opportunity Fund (IGOF). As part of the OFS, IPEF II, IGOF, and Edoras Investment Holdings will divest their holdings. Other selling shareholders include Investcorp India PE Opportunity Ltd, International Finance Corporation, and 360 One Special Opportunities Fund - Series 9 and 10.

According to the company’s draft red herring prospectus (DRHP), NephroPlus plans to utilize Rs 129 crore from the fresh issue for setting up new dialysis clinics across India and Rs 136 crore for repaying or prepaying borrowings. The remaining funds will be used for general corporate purposes.

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Founded in 2009, NephroPlus operates more than 500 dialysis centers across India, the Philippines, Uzbekistan, and Nepal, offering affordable and quality kidney care services. The upcoming IPO marks a significant milestone in its journey to scale its healthcare footprint further.

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