Quadria Capital has 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 per cent over the issue price of Rs 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.
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.
Post-IPO, Quadria will retain approximately 30 per cent 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.”