Deepak Parekh-Backed Nephro Care Files Draft IPO Papers With NSE Emerge
The proceeds will be used to set up a multispeciality hospital at Madhyamgaram in Kolkata.
Kidney care provider Nephro Care India Ltd. on Tuesday said it has filed preliminary papers with NSE Emerge to garner funds through initial public offering. The proceeds of the IPO will be used to set up a multispecialty hospital in Kolkata. The company's IPO comprises a fresh issuance of 45.84 lakh equity shares, it said in a statement.
Founded in 2014, Nephro Care plans to utilise proceeds from the IPO to set up a multispeciality hospital—Vivacity Multi Speciality Hospital—at Madhyamgaram in Kolkata, West Bengal, besides a portion will be used for general corporate purposes.
The new hospital is proposed to include 100 in-patient beds, including a 30-bed critical care unit.
The Kolkata-headquartered Nephro Care is a healthcare provider that specialises in the treatment of kidney-related diseases. It currently provides healthcare services to patients at its flagship Salt Lake clinic, and two satellite clinics at Salt Lake (HB 113) and Chandannagar, near Kolkata.
Additionally, it is in the process of opening three more satellite clinics at Alipurduar and Shyambazar in West Bengal and Balasore in Odisha.
In December 2023, Nephro Care successfully closed the pre-IPO funding round, which saw participation from Deepak Parekh, former chairman of HDFC Ltd., Bharat Shah, chairman of HDFC Securities, and Rajendra Agarwal, founder and managing director of Macleods Pharmaceuticals, among others.
Nephro Care posted a revenue of Rs 19.90 crore and earned a profit of Rs 3.4 crore during the first nine months of financial year 2023-24.
Corporate Capital Ventures is the sole book running lead manager to the issue. The merchant banker has completed a string of SME IPOs in the recent months, including Trust Fintech, Creative Graphics, Alpex Solar, Rockingdeals, Accent Microcell, Oriana Power, Droneacharya and Crayons Advertising.
