Nephro Care to open IPO with price band set at Rs 85-90

New Delhi: Nephro Care India Limited (NCIL) announced the launch of its initial public offering (IPO) set to open for subscription on Friday, June 28, 2024.

The anchor portion opened on Thursday, June 27, 2024, and the issue will close on Tuesday, July 2, 2024. NCIL aims to raise approximately Rs 41.26 crore from the offering, with plans to be listed on the NSE Emerge platform. The price band for the issue has been fixed at Rs 85-90 per share, with a lot size of 1,600 equity shares.

Corporate Capital Ventures Private Limited is the sole Book Running Lead Manager for the issue, and Bigshare Services Private Limited is the Registrar. Corporate Capital Ventures has recently managed a series of successful SME IPOs, including GP Eco Solutions India, Trust Fintech, Creative Graphics, Alpex Solar, Rockingdeals, Accent Microcell, Oriana Power, Droneacharya, Annapurna Swadisht, Phantom Digital FX, Crayons Advertising.

The IPO consists of a fresh issue of 45.84 lakh equity shares with a face value of Rs. 10 each through the book-building route. Of these, 12.38 lakh equity shares have been reserved for anchor investors, 2.3 lakh equity shares for the market maker, 2.25 lakh equity shares for employees, 6.19 lakh equity shares for the HNI portion, 8.25 lakh equity shares for net QIBs, and 14.44 lakh equity shares for the retail portion.

According to the RHP document, NCIL plans to utilize Rs. 26.17 crore of net proceeds from the IPO to establish a multi-speciality healthcare facility, Vivacity Multi Speciality Hospital, in Madhyamgaram, Kolkata, West Bengal. The remaining funds will be used for general corporate purposes. The new hospital will feature 100 inpatient beds, including a 30-bed Critical Care unit with ICU, HDU, RTU, and NICU facilities. Vivacity will offer services in various disciplines such as cardiology, medical oncology, gastroenterology, gynaecology, and an advanced renal transplant unit.

In December 2023, Nephro Care India Limited successfully closed a pre-IPO funding round, attracting investments from prominent figures like banking veteran and former chairman of HDFC Ltd, Deepak Parekh, chairman of HDFC Securities Bharat Shah, and Rajendra Agarwal, Founder and MD of Macleods Pharmaceuticals.