Deepak Parekh-backed Nephro Care files draft papers for SME IPO

Healthcare provider Nephro Care India Ltd has filed its draft red herring prospectus (DRHP) papers with NSE Emerge to raise funds through an initial public offering (IPO). The SME (small and medium enterprise) IPO is backed by banking veteran and former HDFC chairman Deepak Parekh.

"The company's initial share sale comprises a fresh issuance of 45,84,000 equity shares, each with a face value of Rs 10," Nephro Care stated in a release on Tuesday.

According to DRHP, the company intends to utilise net proceeds from the IPO to set up a multi-speciality hospital -- Vivacity Multi Speciality Hospital -- at Madhyamgram in Kolkata, West Bengal, and for general corporate purposes.

"The new hospital will be a unit of Nephro Care and is proposed to include 100 inpatient beds, including a 30-bed Critical Care unit having ICU, HDU, RTU and NICU facilities. Vivacity 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," it said.

The healthcare provider had successfully closed the pre-IPO funding round in December last year, which then saw the participation of Deepak Parekh, HDFC Securities' chairman Bharat Shah and Macleods Pharmaceuticals' founder and MD Rajendra Agarwal, among others.

The Kolkata-headquartered firm offers a wide range of clinical and lifestyle solutions and renal insufficiency treatment to patients. The treatment framework covers the entire range of lifestyle, physiological and spiritual aspects of wellness.

Corporate Capital Ventures Pvt Ltd is the sole book-running lead manager to the issue and Bigshare Services Pvt Ltd is the registrar.

Nephro Care was founded in 2014 by Dr Pratim Sengupta, in Kolkata, with the objective of providing comprehensive medical services for renal patients.

The company posted a revenue of Rs 19.90 crore and earned a profit after tax (PAT) of Rs 3.4 crore during the first nine months of FY 2023-24, compared to a revenue of Rs 17.09 crore, with a PAT of Rs 1.94 crore in FY 2022-23.