Nephrocare Health Services Limited has submitted its Monitoring Agency Report for the quarter ended September 30, 2026. The report, prepared by Crisil Ratings Limited, details the utilization of funds raised through its Initial Public Offer (IPO). The company has allocated proceeds towards capital expenditure for new dialysis clinics, pre-payment of borrowings, and general corporate purposes, with specific progress noted for each objective. The report confirms that utilization is largely in line with the offer document disclosures.
Nephrocare Health Services Submits IPO Proceeds Monitoring Report
Nephrocare Health Services Limited has formally submitted its Monitoring Agency Report for the quarter ended September 30, 2026. This report, prepared by Crisil Ratings Limited, provides an overview of how the proceeds from the company’s Initial Public Offer (IPO) have been utilized during the specified period. The Audit Committee has reviewed the report, and it has been taken on record by the Board of Directors.
Key Utilization Details
The report indicates that proceeds have been utilized for several key objectives as disclosed in the Offer Document. These include:
- Capital expenditure for opening new dialysis clinics in India.
- Pre-payment or scheduled repayment of certain borrowings availed by the Company.
- General corporate purposes, which encompass strategic initiatives, employee-related expenses, office expansion, and other operational needs.
The total gross proceeds from the IPO amounted to Rs 3,534.05 million, with net proceeds of Rs 3,251.53 million after deducting issue expenses of Rs 282.52 million.
Progress and Compliance
As of September 30, 2026, the company has utilized Rs 1,103.67 million for capital expenditure towards new dialysis clinics, with Rs 187.39 million utilized during the quarter. Borrowings have been fully utilized till the quarter ended March 31, 2026. General corporate purposes saw utilization of Rs 600.47 million during the quarter, with only Rs 0.01 million remaining unutilized. Issue expenses utilized amounted to Rs 241.40 million.
The report also addresses potential delays in the implementation of certain objects, specifically the capital expenditure for new dialysis clinics. While the offer document projected utilization for FY 2026, actual utilization as of September 30, 2026, stands at Rs 187.39 million. This is attributed to the finalization stages of new dialysis centers, which did not materialize as planned by the end of FY 2026. The company notes that remaining net proceeds can be utilized in subsequent periods as per applicable laws.
The company has confirmed that it has not entered into any definitive agreements with contractors/vendors that would irrevocably bind them, allowing for flexibility as outlined in the prospectus.
The report is available on the company’s website, www.nephroplus.com, for public access.
Source: BSE
