Quadria Capital Secures Partial Exit in NephroPlus IPO

Healthcare focused private equity firm Quadria Capital has secured a partial exit from its investment in Nephrocare Health Services Limited (NephroPlus), following the company's IPO. The move marks Quadria's fastest value creation cycle so far, with capital returned within about 1.5 years of its investment.

As per the official statement, NephroPlus shares listed at a premium of around 7 percent over the issue price of INR 490, reflecting positive investor sentiment. The IPO was subscribed 14 times overall, while demand from Qualified Institutional Buyers stood at 27 times. The anchor book attracted participation from a mix of global and domestic institutional investors.

This transaction represents Quadria's third oversubscribed IPO exit in India in the past two years and the first exit from its Fund III. Earlier exits include Concord Biotech in August 2023 and Akums in August 2024. The latest sale also provided liquidity to Fund III investors just seven months after the fund's final close.

Founded in 2010, NephroPlus operates a patient centric and asset light dialysis model. As of 30 September 2025, the company runs 519 clinics across 328 cities globally, including 51 centres outside India. In India, its network spans 288 cities across 21 states and four Union Territories, with a large share of clinics located in tier II and tier III markets. The company serves over 35,000 patients annually and delivered more than 3.3 million treatments in the financial year 2025.

Quadria invested in NephroPlus in May 2024 to support its expansion across Asia and other regions. Since then, the company has added more than 110 centres, entered the GCC market, strengthened governance practices and expanded partnerships, while focusing on improving patient outcomes.

Following the IPO, Quadria will retain about a 30 percent fully diluted stake, remaining the largest shareholder. The firm plans to continue supporting NephroPlus as it pursues further growth.

Sunil Thakur, Partner and Investment Committee Member at Quadria Capital, said, "The partial sale through the IPO allows us to crystallise value for our investors while continuing to hold a significant minority stake, underlining our long term belief in NephroPlus's growth trajectory."