The ₹41.26-crore initial public offering of Kolkata-based Nephro Care India Ltd. created a record as it became the first SME offer to draw bids worth over ₹20,000 crore. The IPO on the NSE-SME platform received an overwhelming response from all category investors and was subscribed to a whopping 666.56 times.
The issue received bids for 223 crore shares against an offer size of 33.45 lakh shares (net-off anchor portion).
While the qualified institutional buyer portion of the issue was subscribed 245.14 times, the HNI quota was subscribed 1,787.56 times, and the retail investor’s quota was subscribed 634.12 times. The employee portion was subscribed 20.44 times.
Anchor investors
The IPO that comprised a fresh issue of 45.84 lakh shares hit the market with a price band of ₹85-90. As part of IPO, the company had raised ₹11.14 crore from three anchor investors – CCV Emerging Opportunities Fund-I, Persistent Growth Fund (Varsu India Growth Story Scheme I) and Vikasa India EIF I Fund (Incube Global Opportunities) – by allotting 12.38 lakh shares at ₹90 each.
The company plans to use ₹26.17 crore of net proceeds to establish a multi-speciality healthcare facility, Vivacity Multi Speciality Hospital, at Madhyamgaram in Kolkata. The remaining funds will be used for general corporate purposes.
Deepak Parekh Holdings
In December 2023, the company successfully closed the pre-IPO funding round, which saw participation from banking veteran and former chairman of HDFC Ltd Deepak Parekh and chairman of HDFC Securities Bharat Shah, among others.
Corporate Capital Ventures is the sole Book-Running Lead Manager, and Bigshare Services Private Limited is the offer’s registrar.
Nephro Care (NCIL), founded by nephrologist Pratim Sengupta in 2014, provides patients with various clinical and lifestyle solutions and renal insufficiency treatment. Its clinics are operated on a ‘hub-and-spoke’ model, where each clinic is independent and individually well-equipped with skilled healthcare professionals and advanced infrastructure to serve the healthcare needs of the patients and ensure their rehabilitation.