Kolkata, Jul 3 (KNN) Kolkata-based Nephro Care India Ltd. has made history in the Indian stock market with its initial public offering (IPO) on the NSE-SME platform.

The Rs 41.26-crore offer became the first SME IPO to attract bids exceeding Rs 20,000 crore, achieving a remarkable oversubscription of 666.56 times.

The offer, which closed recently, saw overwhelming demand across all investor categories.

Against an offer size of 33.45 lakh shares (excluding the anchor portion), the IPO received bids for 223 crore shares.

The qualified institutional buyer segment was oversubscribed 245.14 times, while the high net-worth individual (HNI) quota saw a staggering 1,787.56 times oversubscription.

Retail investors' portion was oversubscribed 634.12 times, and the employee quota 20.44 times.

Priced in the band of Rs 85-90 per share, the IPO comprised a fresh issue of 45.84 lakh shares.

Prior to the public offer, Nephro Care raised Rs 11.14 crore from three anchor investors by allotting 12.38 lakh shares at Rs 90 each.

The company intends to utilise Rs 26.17 crore of the net proceeds to establish the Vivacity Multi Speciality Hospital in Madhyamgram, Kolkata, with the remaining funds earmarked for general corporate purposes.

Founded in 2014 by nephrologist Pratim Sengupta, Nephro Care India provides clinical and lifestyle solutions for renal insufficiency treatment.

The company operates on a 'hub-and-spoke' model, with independent clinics equipped with skilled healthcare professionals and advanced infrastructure.

Corporate Capital Ventures served as the sole book-running lead manager for the IPO, with Bigshare Services Private Limited acting as the registrar.

This record-breaking IPO follows a successful pre-IPO funding round in December 2023, which attracted notable investors including former HDFC Ltd chairman Deepak Parekh and HDFC Securities chairman Bharat Shah.

(KNN Bureau)