Nephrocare Health Services544647Routine SEBI update

Crisil monitoring agency report on IPO proceeds: no deviation from stated objects

Nephrocare Health Services has shared the Monitoring Agency Report from Crisil Ratings for the quarter ended September 30, 2026, on the use of its IPO proceeds.

By ScoutQuest · Tue 3 Nov 2026, 7:22 PM IST · 2 min read

Issue size: Rs 3,534.05 million
Gross proceeds / Issue expenses / Net proceeds: Gross proceeds: Rs 3,534.05 million; issue expenses Rs 282.52 million; net proceeds Rs 3,251.53 million
Deviation from objects: Not applicable

Routine quarterly check on IPO money

Nephrocare Health Services Ltd has disclosed the Monitoring Agency Report prepared by Crisil Ratings for the quarter ended September 30, 2026. The report covers how the money raised in the company's Initial Public Offer (IPO) has been used. It was reviewed by the Audit Committee and taken on record by the Board of Directors at their meetings held on November 3, 2026.

What a monitoring agency does

It is an independent agency appointed for an IPO to track whether the issue proceeds are being applied for the purposes stated at the time of the offer.
Here the monitoring agency is Crisil Ratings Ltd, working under a monitoring agency agreement dated December 01, 2025 and reporting as per Schedule XI of the SEBI ICDR Regulations.

The IPO at a glance

Type of issue: Initial Public Offer (IPO) of Equity Shares
Issue period: December 10, 2025 to December 12, 2025
Issue size: Rs 3,534.05 million

Where the money stands

Gross proceeds: Rs 3,534.05 million — the amount Crisil Ratings monitors
Less issue expenses: Rs 282.52 million
Net proceeds: Rs 3,251.53 million

No deviation reported

Deviation from the objects: Not applicable
Range of deviation: Not applicable

In simple terms, for this quarter the agency has not flagged any departure in the way the IPO money is being applied against the stated objects.

Points to keep in mind

The report is based on information provided by the company and on information from sources the agency believes to be accurate and reliable.
Crisil Ratings states that it does not perform an audit and does not independently verify the information or certifications it receives.
The agency also notes that sections titled "Comments of the Board of Directors" are to be filled in by the company's management or audit committee after the agency submits its report, and that the agency has not reviewed those comments.

What it means for a retail investor

This is a periodic disclosure that lets shareholders follow whether IPO proceeds stay on the stated track. For the quarter ended September 30, 2026, the agency has recorded no deviation from the objects.
The figures above are the reference points: the size of the issue, and how much of the gross proceeds went towards issue expenses versus the net amount available for the objects.
The company belongs to the healthcare service provider sector.

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