New IPOs Around the Corner: Lenskart Eyes $10 Bn Valuation in ₹2,150 Cr IPO; NephroPlus Seeks ₹353 Cr via DRHP

Two major Indian firms—Nephrocare Health Services (operating as NephroPlus) and eyewear giant Lenskart—are rapidly advancing their public listing plans, marking key developments in India’s IPO pipeline.

Nephrocare Health Services Ltd (NephroPlus) Files DRHP

Nephrocare Health Services, widely known by its brand name NephroPlus, has submitted its Draft Red Herring Prospectus (DRHP) to SEBI with intentions to raise approximately ₹353.4 crore through a fresh issue of equity shares. In addition, the offer will include an offer-for-sale (OFS) of up to 1.27 crore shares from existing shareholders.

NephroPlus is India’s largest organised dialysis services chain, with 447 clinics across 269 cities in 21 states, plus operations in the Philippines, Nepal, Uzbekistan and Saudi Arabia. The fresh proceeds are earmarked for expanding the dialysis network (₹129.1 crore), repaying borrowings (₹136 crore), and general corporate use. Key capital markets intermediaries have been appointed, including ICICI Securities, Nomura, Ambit, IIFL, and KFin Technologies as the registrar.

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Lenskart Shares Approve ₹2,150 Crore IPO Plans

At its recent Annual General Meeting (AGM), Lenskart shareholders approved a proposal to raise ₹2,150 crore via an IPO (Lenskart's IPO) when the company converts to a public entity. This move follows the firm’s formal transition from a private to a public limited company, a necessary compliance step ahead of filing DRHP.

Lenskart is expected to target a total IPO size of up to U.S.$1 billion, valuing the company as high as $10 billion, doubling its last funding round valuation of $5 billion. This would position it among the largest IPOs in India by a consumer‑tech startup. Notably, the company reduced its losses by 84% in FY2024, strengthening its financial credentials.

The shareholders also formalised annual fixed salaries for the founders—Peyush Bansal, Neha Bansal, and Amit Chaudhary—totalling ₹12 crore for governance alignment before public listing.

Strategic Significance & Market Outlook

NephroPlus’s proposed IPO aims to accelerate its growth in India’s dialysis segment, which remains underserved despite rising kidney-related health needs. The expansion plan includes setting up new clinics and strengthening its geographical footprint across India and abroad.

Meanwhile, Lenskart’s planned listing reflects India’s growing appetite for tech-driven consumer brands tapping public markets. The eyewear major has built a presence of over 2,500 stores globally, expanded internationally across Asia, and secured strong backing from investors like Temasek and Fidelity.

Conclusion

Both NephroPlus and Lenskart are advancing towards major IPO milestones this year. NephroPlus seeks fresh capital to fund network expansion and debt reduction, while Lenskart prepares to scale as a publicly listed entity at a multibillion-dollar valuation. Their IPOs could attract strong investor interest and signal broader momentum in India’s healthcare and consumer-tech IPO space.