NEW DELHI / SINGAPORE, December 17, 2025 – Quadria Capital (“Quadria”), one of Asia’s largest healthcare-focused private equity firms, today announced the sale of partial stake in Nephrocare Health Services Limited (“NephroPlus”) as part of the company’s initial public offering (IPO). The transaction enables Quadria to make top return on its investment, one of the firm’s fastest turnarounds, with meaningful value creation achieved within approximately 1.5 years. The shares were listed at a premium of around 7 percent over the issue price of ₹490, underscoring strong investor confidence in Asia’s leading renal care provider.
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 has grown into Asia’s largest dialysis network, pioneering a patient-centric and asset-light model across India, Philippines, Uzbekistan and Nepal, and recently securing approval to open its first centre in Saudi Arabia. As of 30 September 2025, the company operates 519 clinics globally, including 51 international centres, serving more than 35,000 patients annually and delivering over 3.3 million treatments in FY25. In India Nephroplus footprint spans 288 cities across 21 states and four union territories, with nearly 77% of clinics located in Tier II and Tier III markets, underscoring its focus on expanding access to high-quality renal care in underserved regions. As the renal care sector shifts toward organised, protocol-driven delivery, NephroPlus has emerged as the clear market leader positioned to capture and shape this transition. The company’s strong clinical standards, high-recurring essential care base and scalable platform have supported sustained growth and operational resilience.
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 new markets in the region. Since the investment, NephroPlus has added more than 110 new centres, entered the large GCC market, strengthened governance, broadened partnerships and improved patient outcomes across its network.
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 Head of South Asia, 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.”
About Nephrocare Health Services Limited
Nephrocare Health Services Limited, incorporated in 2009, is the largest dialysis service network in India in terms of number of patients served, clinics, cities covered, treatments performed, revenue, and EBITDA (excluding other income). As of 30 September 2025, the company is operating 519 clinics across 328 cities globally. In India Nephroplus operates 288 cities in 21 states and 4 Union Territories. The company serves more than 35,000 patients annually.
About Quadria Capital
Founded in 2012, Quadria Capital is Asia’s premier healthcare investor managing over US$4 billion in assets across 28 investments in South and Southeast Asia including India, Vietnam, Indonesia, Malaysia, Singapore and Dubai. Quadria Capital aims to create significant and sustainable shareholder value by partnering with exceptional healthcare businesses to enhance their impact and scale, while generating superior returns for investors.
For more information, please visit www.quadriacapital.com