Nephrocare Health Services IPO
Nephrocare Health Services Limited (NEPHROPLUS) · mainboard IPO on NSE and BSE · 100% Book Building. Listed on 17 December 2025.
Issue details
Listing day
Back-tested estimate (from a model that had only seen earlier years' IPOs): listing gain +2.1% (likely range -8% to +17%), day's high +8.3%, chance of a gain 50%. Actual: +6.5% at the open, +8.5% at the high.
Subscription status
| Category | Shares offered | Shares bid for | Subscribed | |
|---|---|---|---|---|
| QIB (institutions) | 36,78,793 | 10,10,69,088 | 27.5x | |
| NII (HNI) total | 28,86,270 | 7,00,52,352 | 24.3x | |
| Big NII (above ₹10 lakh) | 19,24,180 | 5,73,66,080 | 29.8x | |
| Small NII (₹2-10 lakh) | 9,62,090 | 1,26,86,272 | 13.2x | |
| Retail | 67,34,630 | 1,55,38,304 | 2.31x | |
| Employees | 88,161 | 2,35,136 | 2.67x | |
| Total | 1,33,87,854 | 18,68,94,880 | 14.0x |
Bids on NSE and BSE together, as published by NSE, as of 12 Dec 2025, 07:00 PM. Shares offered exclude the anchor portion. 7% of all shares bid for were at the cut-off price.
Past IPOs with similar demand
Earlier mainboard IPOs whose QIB, NII and retail subscription and size were closest to Nephrocare Health Services's, and how they listed.
| IPO | QIB | NII | Retail | Total | Size | Listing gain | Day high |
|---|---|---|---|---|---|---|---|
| Smartworks Coworking SpacesJul 2025 | 24.4x | 22.8x | 3.53x | 13.5x | ₹601 Cr | +6.9% | +15.3% |
| Ceigall IndiaAug 2024 | 31.5x | 14.4x | 3.77x | 13.8x | ₹1,267 Cr | +4.5% | +5.9% |
| Medi Assist Healthcare ServicesJan 2024 | 40.1x | 14.9x | 3.19x | 16.2x | ₹1,172 Cr | +10.1% | +23.9% |
| Aptus Value Housing Finance IndiaAug 2021 | 32.4x | 33.9x | 1.35x | 17.2x | ₹2,780 Cr | -5.7% | +0.5% |
| Jana Small Finance BankFeb 2024 | 38.7x | 25.1x | 5.46x | 18.5x | ₹590 Cr | -4.3% | -1.2% |
| Anand Rathi Share and Stock BrokersSep 2025 | 43.8x | 28.6x | 4.78x | 20.7x | ₹786 Cr | +4.3% | +10.8% |
Lead managers and their listing record
| Book running lead manager | Mainboard IPOs since 2019 | Avg listing gain | Listed at a premium |
|---|---|---|---|
| ICICI Securities | 109 | +21.3% | 69% |
| Ambit | 13 | +24.3% | 69% |
| IIFL Capital Services | 94 | +19.3% | 71% |
| Nomura Financial Advisory and Securities (India) | 27 | +16.0% | 56% |
Offer documents (NSE)
Frequently asked
What is the Nephrocare Health Services IPO price band and lot size? ₹438–460 per share, with a lot of 32 shares, so the smallest retail bid is ₹14,720.
How many times has it been subscribed? 14.0x overall: QIB 27.5x, NII 24.3x, retail 2.31x, employees 2.67x.
How did it list? It opened at ₹490, +6.5% against the issue price of ₹460, and closed its first day +2.5%.
