Nephrocare Health Services’ stock settled with marginal listing gains after a positive debut on the stock market on Wednesday, while Park Medi World fell sharply after opening below its issue price of ₹162. It reflected a mixed listing outcome for healthcare IPOs amid strong investor interest during the subscription phase.
Nephrocare Health Services listing and IPO details
Shares of dialysis services provider Nephrocare Health Services Ltd, which operates under the NephroPlus brand, settled with nearly 2.5 per cent listing gains after opening at ₹491.70 on the BSE and at ₹490 on the NSE, translating into a premium of about 6.5–7 per cent over the offer price.
It closed at ₹471.60 on the BSE and at ₹471.25 on the NSE.
Shivani Nyati, Head of Wealth at Swastika Investmart Ltd, advised investors to book partial profits and hold the remaining position with a stop-loss placed at ₹460.
“Rising incidence of chronic kidney disease, high patient stickiness, and expansion of dialysis centres support long-term growth, though investors remain watchful on margin sustainability and regulatory factors in healthcare services,” Nyati added.
The ₹871-crore initial public offering . QIBs portion was subscribed 27.47 times, while non-institutional investors subscribed their quota 24.27 times. Retail investors segment saw a subscription of 2.31 times.
Ahead of the issue opening, Nephrocare raised ₹260 crore from anchor investors. The IPO was priced in a band of ₹438–460 per share, valuing the Hyderabad-based company at over ₹4,600 crore. The public issue comprised a fresh issue of shares worth ₹353.4 crore and an offer for sale of 1.12 crore shares valued at ₹517.6 crore at the upper end of the price band.
Quadria Capital, Asia’s largest healthcare-focused private equity firms, announced the sale of partial stake in Nephrocare as part of the IPO. Post this, Quadria will retain approximately 30 per cent fully diluted stake, remaining the company’s largest shareholder.
Proceeds from the fresh issue are to be used for opening new dialysis clinics in India, repayment of debt and general corporate purposes. ICICI Securities, Ambit, IIFL Capital Services and Nomura Financial Advisory and Securities (India) were the book running lead managers to the issue.
Park Medi World listing and IPO details
Park Medi World Ltd shares settled with nearly 9 per cent losses at ₹148.15 and ₹147.95 on the BSE and NSE, respectively, below the offer price of ₹162.
It debuted at ₹155.60 on the BSE, a discount of about 4 per cent, and at ₹158.80 on the NSE.
Noting the weak listing of Park Medi, Nyati said, long-term performance will depend on the company’s ability to improve operational efficiency, enhance return ratios, and scale hospital utilisation in a competitive healthcare environment. Investors and traders are advised to hold the stock with a medium-to-long-term perspective, while maintaining a stop-loss below ₹145
The ₹920-crore IPO of the hospital chain he non-institutional investors’ category was subscribed 15.15 times, the QIBs 11.48 times, and the retail segment 3.16 times.
Park Medi World had raised ₹276 crore from anchor investors prior to the IPO. The issue was priced in a band of ₹154–162 per share, valuing the company at around ₹7,000 crore. The IPO consisted of a fresh issue of shares worth ₹770 crore and an offer for sale of shares valued at ₹150 crore by promoter Ajit Gupta.
The company to utilise the proceeds for debt repayment, development of a new hospital and expansion of an existing hospital by its subsidiaries, purchase of medical equipment, and for inorganic acquisitions and general corporate purposes. Nuvama Wealth Management, CLSA India, DAM Capital Advisors and Intensive Fiscal Services were the book running lead managers to the issue.