Nephrocare Health Services Ltd IPO GMP Surges to ₹34.5; Expected 7.5% Listing Gain

Nephrocare Health Services Ltd IPO is generating significant buzz in the grey market ahead of its listing on 2025-12-17. Operating under the brand NephroPlus, the company has seen a late surge in grey market activity following the closure of its subscription window.

📊 GMP Snapshot: What’s the Premium Today?

The Grey Market Premium (GMP) for Nephrocare Health Services has witnessed an upward trend over the last 48 hours. After opening flat, the premium has climbed as allotment finalization approaches.

Metric	Value
Issue Price	₹460
Current GMP	₹34.5 (Source: Livemint/Market Trackers as of 2025-12-15)
Expected Listing Price	₹494.5
Expected Listing Gain	7.50%
Minimum Investment	₹14,720 (32 shares)
Data Source	Livemint / NDTV Profit

Note: The GMP has risen from ₹16 on December 12 to ₹34.5 today, signaling improving sentiment among unregulated market participants.

📈 Subscription Status: How Strong is the Demand?

The IPO closed with healthy demand, particularly from institutional investors, which often signals confidence in the company’s long-term valuation. While retail participation was moderate, the Qualified Institutional Buyers (QIB) portion was heavily oversubscribed.

Category	Subscription
QIB	26.82 times
NII	24.77 times
Retail	2.36 times
Overall	14.08 times
Employee	2.81 times

Analysis: The 26x QIB subscription is a robust indicator of institutional trust, balancing the relatively lower retail enthusiasm.

🏢 Company Overview

Nephrocare Health Services Ltd (NephroPlus) is India’s largest dialysis service provider and a significant player in the Asian market. As of September 2025, the company operates a network of 519 clinics across India, the Philippines, Uzbekistan, and Nepal.

Key Fundamentals:

• Revenue: Grown to ₹755.8 Cr in FY25 (up from ₹566.2 Cr in FY24).
• Profitability: Reported a PAT of ₹67.1 Cr in FY25, marking a turnaround from previous losses.
• Positioning: It holds a dominant market share in the organized dialysis segment, operating nearly 4.4 times more clinics than its nearest organized competitor.
• Use of Proceeds: Funds will primarily drive the expansion of 167 new clinics and debt repayment (~₹136 Cr).

🎯 Verdict: Should You Apply?

Based on the final subscription data and current grey market trends, here is the Positune Market Desk verdict:

Verdict: Long Term Only

Rationale:

1. Modest Listing Gain: With a GMP of ~7.5% (₹34.5), the immediate listing pop is below the 10-15% threshold typically recommended for pure listing gain plays. The risk-to-reward ratio for short-term flipping is neutral.
2. Strong Fundamentals: The company is a clear market leader with a scalable business model and improving financials (turning profitable in FY25). The high QIB subscription (26.82x) validates the long-term growth story.
3. Valuation: The issue is priced to capture most of the near-term value, leaving limited room for a massive debut surge, but offering stability for long-term holders.

Investors who have been allotted shares are advised to hold for long-term compounding, while those looking for quick listing gains may find the returns underwhelming.