Shardul Amarchand Mangaldas, Khaitan, Cyril Amarchand Mangaldas and Trilegal Advise on NephroPlus ₹871 Crore IPO

Shardul Amarchand Mangaldas, Khaitan & Co, Cyril Amarchand Mangaldas and Trilegal advised on the NephroPlus initial public offering, assisting NephroPlus, promoter selling shareholder Investcorp, selling shareholder International Finance Corporation (IFC), and the book-running lead managers respectively. The transaction: Nephrocare Health Services Limited, trading as NephroPlus, raised ₹871.048 crore (approximately $95.99 million) through an initial public offering comprising a fresh issue of ₹353.405 crore and an offer for sale of ₹517.643 crore. The IPO process included prospectus filing and listing procedures and coordination with domestic and international stakeholders. NephroPlus is Asia’s largest dialysis network, with over 490 clinics across India and operations expanding into Nepal, the Philippines and Uzbekistan. The company provides a comprehensive range of renal care services, including in-clinic hemodialysis, serving thousands of patients with reliable and accessible dialysis treatment. Shardul Amarchand Mangaldas represented NephroPlus with a team composed by: Prashant Gupta (National Practice Head – Capital Markets), Devi Prasad Patel (Partner), and Associates Divya Dhawan, Satakshi N. Dixit and Arjun Bhatia. Khaitan & Co represented promoter selling shareholder Investcorp with a team composed by: Thomas George (Partner), Suman Prabhu (Partner) and Anand Sivasankaran (Associate). Cyril Amarchand Mangaldas represented selling shareholder International Finance Corporation (IFC) with a team composed by: Aashima Johur (Partner) with support from Associates Rishi Nandkeolyar and Abhinav Singh Chauhan on capital markets matters; and Ravindra Bandhakavi (Senior Partner), Poornima Singh (Partner) and Radhika Shukla (Senior Associate) on general corporate aspects. Trilegal represented the book-running lead managers ICICI Securities Limited, Ambit Private Limited, IIFL Capital Services Limited and Nomura Financial Advisory and Securities (India) Private Limited with a team composed by: Richa Choudhary (Partner), Murtaza Zoomkawala (Partner), Maitreya Rajurkar (Counsel), Shivayana Balodia (Senior Associate) and Associates Rainika Malhotra, Dinank Bhanot, Yatin Shikharpuri and Arnab Goswami.

Shardul Amarchand Mangaldas, Khaitan, Cyril Amarchand Mangaldas and Trilegal Advise on NephroPlus ₹871 Crore IPO

Read the full story