Quadria Capital, a healthcare-focused private equity firm, has secured a partial exit from its investment in Nephrocare Health Services (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. The shares were listed at a premium of around 7 per cent over the issue price of ₹490.
The IPO’s strong subscription, 27 times from Qualified Institutional Buyers (QIB) and 14 times overall, signals growing investor conviction in single-specialty platforms addressing core public-health needs. The anchor book saw participation from marquee global and domestic investors.
The transaction will deliver stellar returns for Quadria Capital Fund III investors and critically provide liquidity just seven months after the final close of Fund III. This marks Quadria’s third successful oversubscribed public listing in India in the past two years, following its exits from Concord Biotech in August 2023, and Akums in August 2024.
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 delivers more than 3.3 million treatments in the financial year 2025.
Quadria’s investment in May 2024 was focused on supporting NephroPlus in scaling and serving the growing demand for quality dialysis services across Asia, including both the company’s existing international markets, as well as new markets in the region.
Post-IPO, Quadria will retain approximately 30% fully diluted stake, remaining the company’s largest shareholder. Quadria sees substantial upside ahead as NephroPlus accelerates its international expansion and deepens penetration in existing markets. Quadria will continue to support the company as it executes the next phase of its growth.
Sunil Thakur, Partner and Investment Committee Member, 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. We remain committed partners and look forward to supporting the company through its next phase of expansion, as it deepens its footprint and strengthens clinical delivery across India and beyond.”
Vikram Vuppala, Founder Chairman and Managing Director, NephroPlus, said, “NephroPlus was built with a deep commitment to patient centricity, clinical excellence and operational innovation. With a growing global footprint, we are well-positioned for the next phase of expansion, and we look forward to continuing to advance our goal of delivering world-class dialysis care to patients across geographies.”
