Nephro Care looks to mop-up funds via IPO; files draft papers with NSE Emerge

New Delhi: Kidney care provider Nephro Care India Ltd on Tuesday said it has filed preliminary papers with NSE Emerge to garner funds through an Initial Public Offering (IPO) and proceeds will be used to set up a multispeciality 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 inpatient beds, including a 30-bed Critical Care unit.

The Kolkata-headquartered Nephrocare 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 MD of Macleods Pharmaceuticals, among others.

Nephro Care posted a revenue of Rs 19.90 crore and earned a profit (PAT) of Rs 3.4 crore during the first nine months of FY 2023-24.

Corporate Capital Ventures is the sole book running lead manager to the issue. The mercant 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.