NephroPlus IPO GMP Today: Final Day Subscription Status and Listing Preview
Park Medi World IPO GMP Today Complete Analysis of Subscription and Allotment Details (1)
NephroPlus IPO GMP today stands at Rs 11 to Rs 25 showing mixed sentiment among investors as the public issue enters its last day on December 12, 2025. The dialysis service provider’s maiden public offering has witnessed moderate response with retail investors leading the charge while institutional buyers remain cautious about the premium valuation.
Nephrocare Health Services operates as India’s largest dialysis network under the NephroPlus brand. The company runs 519 clinics across 288 cities covering kidney care services like haemodialysis and peritoneal dialysis. The Rs 871.05 crore IPO comprises a fresh issue of Rs 353.40 crore and an offer for sale of Rs 517.64 crore. Price band is set between Rs 438 and Rs 460 per share with minimum application requiring 32 shares. Retail investors need to invest Rs 14,720 at the upper price band to participate in this offering.
The grey market premium fluctuated throughout the bidding period starting from zero on day one and touching Rs 20 on day two before settling around Rs 11 to Rs 25 range today. This indicates investors expect a modest listing gain of 2 to 5 percent over the issue price. The company serves 29,281 patients and completed 29 lakh treatments in financial year 2025 capturing roughly 10 percent market share in India’s dialysis sector.
Key Takeaways
- NephroPlus IPO closes today December 12, 2025 with current GMP ranging between Rs 11 and Rs 25
- Issue subscribed 0.53 times overall as of 11:18 AM with retail category at 0.67 times
- Company operates 519 dialysis clinics across India and 51 international centers
- Price band set at Rs 438 to Rs 460 per share requiring minimum Rs 14,720 investment
- Allotment expected on December 15 and tentative listing scheduled for December 17, 2025
- Financial year 2025 revenue reached Rs 769.92 crore with profit of Rs 67.09 crore
Also Read: Fairfax Financial IDBI Offer: Canadian Giant Leads Race for Major Bank Stake
Subscription Details Show Cautious Response
The subscription numbers reveal interesting patterns across different investor categories. Retail individual investors have shown maximum interest with 0.67 times subscription indicating decent participation from small investors. Non institutional investors bid for 0.47 times while qualified institutional buyers remained most conservative at just 0.31 times subscription.
The only oversubscribed portion came from employees who applied for 1.53 times their reserved quota showing internal confidence in company prospects.
Total bids received stood at approximately 49.51 lakh shares against the offered 1.32 crore shares. The tepid institutional response stems primarily from valuation concerns as the issue trades at 69 times price to earnings ratio for financial year 2025.
This premium pricing compared to global dialysis chains like DaVita which trades at 15 times earnings has made large investors cautious. However retail enthusiasm continues driven by India’s growing kidney disease burden and government healthcare schemes supporting dialysis treatments.
Subscription picked up gradually from 0.10 times on day one to 0.28 times on day two before reaching current levels. Market analysts expect final subscription numbers to improve by close of bidding today. The moderate response reflects investor balancing act between strong business fundamentals and stretched valuation multiples in current market conditions.
Grey Market Premium Trends and Listing Expectations
Grey market premium serves as unofficial indicator of listing day performance based on advance share trading. NephroPlus IPO GMP started flat at zero rupees on opening day December 10 showing neutral initial sentiment. The premium jumped to Rs 20 on second day as subscription numbers gained momentum. However it declined to Rs 11 by morning of final day before recovering to Rs 25 range according to latest market sources.
The volatile GMP movement reflects ongoing debate about fair valuation. Bulls point to company’s market leadership position and 34 percent year on year revenue growth in financial year 2025. The asset light business model requiring minimal capital expenditure appeals to growth focused investors. International presence across Philippines, Uzbekistan and Nepal adds geographic diversification missing in domestic peers.
Bears highlight dependence on government reimbursements which contribute 80 percent of revenues creating payment delay risks. Competition from unorganized dialysis providers and rich entry valuation at 26 times enterprise value to EBITDA ratio concern conservative investors. Current GMP suggests listing price could range between Rs 471 and Rs 485 translating to modest gains of 2 to 5 percent over issue price.
Financial Performance Shows Strong Turnaround
Company financials demonstrate impressive recovery trajectory after previous year losses. Financial year 2025 operating revenue reached Rs 769.92 crore marking 34 percent growth from Rs 566.2 crore in financial year 2024. Profit after tax turned positive at Rs 67.09 crore compared to losses in financial year 2023. This turnaround resulted from clinic network expansion and improved operational efficiency across existing centers.
Half year results for financial year 2026 show revenue of Rs 397.5 crore with reported profit of Rs 14.22 crore. Core profit excluding one time non cash expenses stood higher at Rs 51.42 crore indicating underlying business strength. The company treated 29,281 patients performing 29 lakh dialysis sessions during financial year 2025. Average revenue per treatment and patient retention rates improved supporting margin expansion.
| Financial Metric | FY24 | FY25 | H1 FY26 |
|---|---|---|---|
| Revenue (Rs Crore) | 566.2 | 769.92 | 397.5 |
| PAT (Rs Crore) | Loss | 67.09 | 14.22 |
| Patient Count | 22,000+ | 29,281 | Growing |
| Treatment Volume (Lakh) | 22+ | 29 | 15+ |
Management plans utilizing fresh issue proceeds for opening new dialysis clinics and repaying existing debt. Geographic expansion focuses on tier two and tier three cities where 77 percent of current clinics operate. This strategy targets underserved populations while maintaining capital efficiency through partnership models with local hospitals.
Market Outlook and Investment Considerations
India’s dialysis market presents significant growth runway driven by rising chronic kidney disease prevalence. About 17 percent of adult population suffers from kidney ailments with end stage renal disease cases projected to increase 2.5 times by 2030. Government insurance schemes like Ayushman Bharat covering dialysis treatments expand addressable market particularly in smaller cities.
NephroPlus competitive advantages include established brand recognition, quality clinical protocols and technology integration for patient monitoring. The company remains only Indian dialysis provider with meaningful international operations. Anchor investor participation from ICICI Prudential Mutual Fund and Aditya Birla Sun Life signals institutional backing despite public offering caution.
Investment risks include regulatory changes affecting reimbursement rates, execution challenges in rapid expansion and intense competition. The premium valuation leaves little room for disappointment requiring consistent high growth delivery. Long term investors betting on healthcare infrastructure buildout may find merit while short term traders should watch listing day price action carefully given moderate GMP levels.
Five brokerage firms including Anand Rathi have issued subscribe recommendations emphasizing long term wealth creation potential. The 30 percent plus revenue growth visibility and asset light scalable model support positive outlook. Final allotment expected December 15 with shares listing on BSE and NSE by December 17, 2025.
Tags: NephroPlus IPO, IPO GMP today, Nephrocare Health Services, dialysis IPO India, healthcare IPO 2025, IPO subscription status, grey market premium
Related Posts :
Share This Post