One of Asia’s largest dialysis networks, NephroPlus Health Services Limited, is planning to file a DRHP with SEBI to raise ₹2000 crore via an Initial Public Offering (IPO).
NephroPlus Health Services was incorporated in 2010, founded by Vikram Vuppala and Kamal D Shah. It is a Hyderabad-based company that runs more than 447 dialysis centres across India and has a presence in the Philippines, Uzbekistan, and Nepal.
According to the sources, the proceeds raised from the IPO will be utilized for India’s first mainboard listing in the fast-growing dialysis sector in order to expand its operations, including buying mid-sized dialysis companies in India and the Philippines. 

Recently, India Ratings improved its NephroPlus’s rating to “IND A+/Positive indicating its strong financial performance and better returns on capital. Not only that, recently, even India Ratings said that a strong business model, wide operations, and cost-effective growth strategy are the main reasons for the rating upgrade.

In FY25, the company generated a revenue of Rs 749.4 crore, with EBITDA margins improving to 22.5 percent. And interest coverage rose to 8.04x, showing the company’s strong financial control and discipline.
Quadria Capital invested ₹850 crore in NephroPlus since 2024, buying shares from other investors like Investcorp, Bessemer, IFC, and IIFL.
The book-running lead managers on the issue are ICICI Securities, IIFL Capital Services, Nomura, and Ambit Capital.

By 2030, India’s dialysis market is expected to reach $870 million, growing at 6.5% each year.