Private equity firm Quadria Capital has announced a partial exit from Nephrocare Health Services Limited (NephroPlus) following the company’s successful initial public offering (IPO). The stake sale marks one of Quadria’s fastest value-creation cycles, delivering strong returns within approximately 18 months of investment.
NephroPlus shares debuted at a premium of about 7 per cent over the issue price of ₹490, reflecting robust investor interest. The IPO witnessed strong demand, with subscriptions reaching 27 times from Qualified Institutional Buyers (QIBs) and 14 times overall. The anchor book attracted participation from leading global and domestic institutional investors.
The transaction is expected to generate significant returns for investors in Quadria Capital Fund III and provides early liquidity just seven months after the fund’s final close. With this listing, Quadria has completed its third successful oversubscribed public market exit in India in the past two years, following Concord Biotech in August 2023 and Akums in August 2024.
Quadria had invested in NephroPlus in May 2024 to support the company’s expansion amid rising demand for high-quality dialysis services across Asia. The strategy focused on scaling operations in existing international markets while entering new geographies in the region.
Following the IPO, Quadria will continue to hold approximately a 30 per cent fully diluted stake in NephroPlus, retaining its position as the company’s largest shareholder. The firm said it sees substantial growth potential as NephroPlus accelerates international expansion and strengthens its presence in current markets.
Commenting on the development, Sunil Thakur, Partner and Investment Committee Member at Quadria Capital, said the partial divestment allows the firm to realise value for investors while maintaining a significant long-term interest in the company. He added that Quadria remains committed to supporting NephroPlus as it enters its next phase of growth across India and global markets.
Vikram Vuppala, Founder Chairman and Managing Director of NephroPlus, said the company’s growth has been anchored in patient-centric care, clinical excellence and operational innovation. He noted that with an expanding global footprint, NephroPlus is well positioned to scale further and continue delivering world-class dialysis services across geographies.