Nephro Care India IPO Subscribed 716 Times On Day 3

The initial public offering of Nephro Care India witnessed a subscription rate of 715.85 times on Tuesday, buoyed by substantial interest from institutional investors.

The initial share sale of Rs 41.26 crore garnered bids for 2,23,00,38,400 shares, far exceeding the 31,15,200 shares available. According to NSE data, non-institutional investors subscribed 1,787.56 times over their quota, while retail individual investors subscribed 634.12 times the allotted shares.

Further, the quota for qualified institutional buyers was oversubscribed by 245.14 times, and the employee portion by 20.44 times, resulting in an overall subscription rate of 715.85 times.

The healthcare provider based in Kolkata announced on Friday that it raised Rs 11.14 crore from anchor investors.

The IPO comprises fresh issuance of 45.84 lakh equity shares.

Shares were available for public subscription in the range of Rs 85-90 per scrip. Investors who bid for the issue can check the Nephro Care India IPO allotment status here.

The kidney care provider intends to utilise Rs 26.17 crore of the IPO proceeds for setting-up a multi-speciality healthcare facility—Vivacity Multi Speciality Hospital—at Madhyamgram near Kolkata, while the remaining capital 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 new hospital will offer treatment services in various disciplines such as cardiology, medical oncology, gastroenterology, gynaecology, and many others, including an advanced renal transplant unit in East India.

In December 2023, Nephro Care India closed the pre-IPO funding round, which saw the participation of banking veteran and former chairman of HDFC Ltd Deepak Parekh, chairman of HDFC Securities Bharat Shah, and Founder and MD of Macleods Pharmaceuticals Rajendra Agarwal, among others.

The company's shares will be listed on the NSE Emerge platform. Corporate Capital Ventures will serve as the book running lead manager, while Bigshare Services will act as the registrar for the issue.

(With inputs from PTI)