Dialysis chain NephroPlus engages with bankers for planned $200-250 mn IPO
Mumbai: Dialysis chain NephroPlus has engaged with bankers for a planned initial public offering to raise $200-250 million to fund expansion, two people familiar with the matter told Mint.
Backed by Investcorp and Quadria Capital, the company will file its draft papers with the regulator over the next three months, with the listing likely by next year, one person said. The person said the IPO will have a fresh capital raise and an offer by existing investors looking to sell a part of their stake.
'NephroPlus has engaged with ICICI Securities, IIFL Capital Services, Nomura and Ambit Capital to help with the issue," the second person said.
NephroPlus and the investment banks did not respond to Mint's requests for comment on the proposed IPO.
Also Read | Patients saved ₹16,000 crore under Centre's free dialysis scheme
Quadria, a healthcare-focused private equity firm, invested about ₹850 crore for a minority stake in NephroPlus last year through a combination of a primary investment and the purchase of shares from Investcorp, Bessemer Venture Partners, IFC, and IIFL Private Equity.
NephroPlus planned to use the funds raised from Quadria in the IPO for growth in India and overseas. With plans for additional acquisitions, specialised chains such as NephroPlus are expected to gain market share as hospitals increasingly outsource dialysis operations and governments seek to make high-quality dialysis services more accessible.
Demand for dialysis services in the company's target markets is expected to grow at over 11% annually over the next five years, Quadria said when it invested in the company in May 2024.
Founded by Vikram Vuppala and Kamal Shah in 2010, the Hyderabad-based company operates about 450 dialysis centres in 250+ towns and cities across India, the Philippines and Uzbekistan. It serves about 30,000 patients, carrying out 3 million dialysis sessions each year.
Healthcare growth
The company operates in marquee hospitals and standalone clinics, working with leading nephrologists, and also through public-private partnerships in urban and rural areas. Over the past three years, NephroPlus entered the Philippines by acquiring Royal Care Dialysis Centers Inc. and won a public-private partnership bid in Uzbekistan.
NephroPlus' revenue grew to ₹566 crore in FY24 from ₹438 crore a year earlier. It recorded a profit of ₹35 crore from a loss of ₹12 crore in FY23, according to an Entrackr report.
Also Read | Choppy markets take toll on pre-IPO deal talks
The Indian healthcare ecosystem is expected to grow at a CAGR of 16% to $527 billion over the next five years from $250 billion in FY24. The market includes services such as healthcare delivery, diagnostics, medical devices, pharmaceuticals, financing, and health-tech, according to a report by Praxis Global Alliance last year.
Of the $250 billion, healthcare delivery accounts for about 55% (about $135 billion) and is expected to grow at a CAGR of 18% over the next five years. Praxis added that the growth will be primarily driven by changing demographics, increasing urbanisation and health insurance coverage, improving medical tourism, favourable government policies, and rising health awareness and accessibility.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
India Gazette
an hour ago
- India Gazette
Indian Embassy in Nepal organises series of events to mark 11th International Day of Yoga
Kathmandu [Nepal], June 21 (ANI): The Indian Embassy in Nepal and the Consulate General of India in Birgunj on Saturday organised a series of engaging events across 10 cities and municipalities in Nepal, including Kathmandu, Pokhara, Lamjung, Lumbini, Janakpur, Chitwan, Birgunj, Hetauda, Rautahat and Bariyarpur to mark the 11th International Day of Yoga. In keeping with this year's theme of 'Yoga for One Earth, One Health,' the Embassy of India organised a curtain-raiser event, including a Yoga demonstration, at the revered Pashupatinath Temple on April 7, marking the 75-day lead-up to the International Day of Yoga (IDY) 2025. As part of the 50-day lead-up to IDY, the Embassy of India conducted a Yoga session at the ECHS Polyclinic in Kathmandu on May 2 with active participation from ex-servicemen of the Indian Army. Additionally, in the 25-day lead-up to IDY 2025, a Yoga session was held with Nepali Army personnel at the Nepal Army HQ ground in Kathmandu on May 27. The Embassy of India organised Yoga posture demonstrations at six UNESCO World Heritage sites in the Kathmandu Valley, namely: Pashupatinath Temple on April 7; Kathmandu Durbar Square on June 6; Boudhanath Stupa and Swayambhunath Stupa on June 9; Changu Narayan Temple on June 10; and Patan Durbar Square on June 14. 'These events saw active participation from Yoga enthusiasts and members of the Indian diaspora. The demonstration at Patan Durbar Square witnessed enthusiastic involvement from Nepali celebrities, local authorities, residents, and members of the Indian community,' a release from the Indian Embassy reads. 'Separately, a Yoga session with participation of more than 150 students from various schools in Kathmandu was organised at the premises of Kendriya Vidyalaya, Kathmandu on 13 June 2025. The event also featured an insightful lecture demonstration on the 'Benefits of Saatvik Aahar,' inspiring students to embrace mindful eating rooted in traditional Indian wisdom and holistic wellness,' the release adds. In addition, the Embassy of India partnered with the International Centre for Integrated Mountain Development (ICIMOD) to host a Yoga session at the ICIMOD HQ in Kathmandu on June 15. The event was attended by the officials of ICIMOD and Embassy of India, Kathmandu. On June 19, a Yoga demonstration was held in the picturesque Lamjung district, in collaboration with the Madhya Nepal Municipality. In a similar spirit, the Embassy of India conducted Yoga demonstrations at three prominent landmarks in Pokhara: the Sarangkot viewpoint, renowned for its panoramic views of the Annapurna mountain range; the Shiva Temple at Pumdikot, where spiritual serenity meets breathtaking vistas; and the Shanti Stupa, gracefully located on the scenic Anadu Hill. Continuing the celebration of Yoga, the Embassy of India hosted a large-scale Yoga and meditation session on June 20 along the serene banks of Lake Phewa in Pokhara. With over 500 participants in attendance, the event highlighted Yoga's profound ability to connect human consciousness with nature. On 20 June 2025, the Embassy of India hosted a large-scale Yoga demonstration at the Lumbini Development Trust in Lumbini, drawing participation from over 500 Yoga enthusiasts. The event was graced by the presence of the Governor of Lumbini, Mr. Krishna Bahadur Gharti, and the Minister of Youth and Sports of Nepal, Mr. Teju Lal Chaudhary. In his address, the Governor of Lumbini expressed his appreciation to the Embassy of India for organising a meaningful Yoga event at the sacred birthplace of Lord Buddha, acknowledging its significance in strengthening the cultural ties between India and Nepal. Ambassador Naveen Srivastava underscored the universal appeal of Yoga and its vital role in fostering a healthy, mindful, and sustainable lifestyle. The Minister of Youth and Sports of Nepal also extended his gratitude to the Embassy of India for hosting the event and promoting the spirit of wellness and unity through Yoga. 'The main highlight of the Embassy of India's International Day of Yoga celebrations in Nepal in 2025 was a grand Yoga demonstration held at Pokhara's Rangsala Stadium on 21 June, in collaboration with the Pokhara Metropolitan City. The event witnessed enthusiastic participation from over 7000 Yoga practitioners across the region and was graced by the Hon'ble Chief Minister of Gandaki Province, Mr. Surendra Raj Pandey, and the Mayor of Pokhara Metropolitan City, Mr. Dhana Raj Acharya,' the release stated. In his address, the Chief Minister extended his gratitude to the Embassy of India for organising the International Yoga Day celebrations in Pokhara on such a remarkable scale. He emphasised that Yoga represents an integral aspect of the enduring and deeply rooted cultural ties between India and Nepal. Ambassador Naveen Srivastava emphasised Yoga's role as a meaningful cultural bridge between the two nations and highlighted the potential of organising such events in key tourist destinations to further promote Yoga tourism in Nepal. The Mayor of Pokhara expressed appreciation for the Embassy's support in positioning Pokhara as Nepal's tourism hub through initiatives like these. The Consulate General of India also organised International Day of Yoga events in Janakpur, Chitwan, Birgunj, Hetauda, Rautahat, and Bariyarpur. The Embassy of India remains committed to fostering people-to-people connections and cultural exchanges with Nepal, grounded in the shared appreciation for Yoga and holistic approaches to health and well-being. (ANI)
Time of India
2 hours ago
- Time of India
2 new Aavin dairies to double supply
Chennai: With Gujarat-based Amul slowly firming up its dairy footprint in Tamil Nadu, the state govt-run Aavin has begun ramping up its infrastructure in Chennai after several years. Tired of too many ads? go ad free now Two new dairies — one in Madhavaram with a capacity of 10lakh litres a day and another in Acharapakkam of 1 lakh litre capacity — are set to begin operations by March 2026, effectively doubling Aavin's current milk supply potential in Chennai to 22 lakh litres a day, said A Annadurai in response to a grievance letter from the Tamil Nadu Milk Dealers and Workers Welfare Union. The move comes days after Amul managing director Amit Vyas told reporters here that the brand, already selling curd in Chennai, will "slowly and steadily enter into the milk segment" through its plant in Chittoor. Though Chennai, with a population of more than one crore, is a high-potential dairy market, Aavin's current daily sales in the city hover around just 11 lakh litres. Private dairies, despite commanding higher prices, have a stronger presence. Many brands have increased prices by 2 to 3 thrice in the past year, without prior notice or justification. "Aavin's Green Magic, a standardized variant, is in high demand. But it's restricted to monthly cardholders. At retail outlets, agents push the full cream 'premium' or toned 'nice' packs, which don't suit our morning coffee," said T Sadagopan, a resident-activist from Pattabiram. "Aavin should promote what consumers actually prefer, not what offers them higher margins." Beyond sales, Aavin's response letter also addressed environmental concerns raised by the union. The Ambattur dairy, one of its key units, was flagged for polluting the Korattur lake. Tired of too many ads? go ad free now Aavin said that its sewage treatment plant, earlier operating at 3.3 lakh litre a day capacity, is being upgraded to 7 lakh litres a day, with the new facility expected to go live by the end of 2025. Indian Institute of Technology Madras has certified the treatment unit's current output at 700 KLD, and formal approvals from the pollution control board for capacity expansion are under process. On the procurement front, Aavin released 342.14 crore in procurement incentives since Dec 2023, directly credited to dairy farmers through cooperative unions. Dealers too have been seeking a revision in commission rates, which currently stand at 1.5 a litre for retail sellers and 2 for wholesale. Aavin has said the revision will be considered when milk prices are restructured.
Time of India
2 hours ago
- Time of India
Health department will start siddha fertility clinic, says min Ma Su
Chennai: The health department will start fertility clinics under the department of Indian medicine on a pilot basis, similar to allopathic fertility clinics, at the Govt Siddha Hospital in Chennai, health minister Ma Subramanian said on Saturday. The minister, who took part in a yoga demonstration as part of International Yoga Day, said the state started three allopathic fertility clinics — one each in Chennai, Coimbatore, and Salem — recognizing the increasing prevalence of infertility and the need for improved access to affordable and high-quality fertility care, as well as further research into the underlying causes and effective prevention strategies. "I read an article by a doctor from this institution who said textbooks of siddha medicine, written centuries ago, prescribe drugs to solve infertility. We will soon start a siddha clinic for fertility on this campus," he said. The state is also working on legislation to set up a siddha university at Madhavaram. The Tamil Nadu Siddha Medical University Bill, 2022, which was tabled in the state legislative assembly, was earlier withdrawn. The govt said it will undertake fresh legislation in tune with the provisions contained in the National Commission for Indian System of Medicine Act. In 2021-2022, the govt announced it would establish a separate siddha university. A bill passed by the Tamil Nadu assembly on April 28, 2022, was sent for the Governor's assent, but it was sent from Raj Bhavan for the assent of the President. The Centre said certain provisions of the Tamil Nadu Siddha Medical University Bill, 2022, are not in accordance with the National Commission for Indian System of Medicine Act, 2020. "We will place the new bill in the coming assembly session," Subramanian said. Tamil Nadu is the only state where there are govt-run colleges for five streams of Indian medicine and homeopathy. The govt will fill doctor vacancies in this stream soon.
