Credent Connect N Care
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Subscription
- Qualified institutionalQIB
- 100.16×
- Big non-institutionalbNII · above ₹10 lakh
- 242.28×
- Small non-institutionalsNII · ₹2–10 lakh
- 126.14×
- Retail individualRII · up to ₹2 lakh
- 122.51×
Grey market premium
Unofficial and indicative — not a forecast
Day-wise premium · 11 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 20 Aug 2026 | ₹92 | +48.68% | ₹42,000 | ₹281 | ₹55,200 |
| 19 Aug 2026 | ₹92 | +48.68% | ₹42,000 | ₹281 | ₹55,200 |
| 18 Aug 2026 | ₹63 | +33.33% | ₹28,700 | ₹252 | ₹37,800 |
| 17 Aug 2026 | ₹45 | +23.81% | ₹20,500 | ₹234 | ₹27,000 |
| 16 Aug 2026 | ₹55 | +29.10% | ₹25,100 | ₹244 | ₹33,000 |
| 15 Aug 2026 | ₹55 | +29.10% | ₹25,100 | ₹244 | ₹33,000 |
| 14 Aug 2026 | ₹65 | +34.39% | ₹29,600 | ₹254 | ₹39,000 |
| 13 Aug 2026 | ₹75 | +39.68% | ₹34,200 | ₹264 | ₹45,000 |
| 12 Aug 2026 | ₹50 | +26.46% | ₹22,800 | ₹239 | ₹30,000 |
| 11 Aug 2026 | ₹35 | +18.52% | ₹16,000 | ₹224 | ₹21,000 |
| 10 Aug 2026 | ₹0 | 0.00% | ₹0 | ₹189 | ₹0 |
Gain per lot assumes the premium holds to listing and that the application is allotted — allotment in an oversubscribed issue is a lottery, so it is indicative, not expected. Sauda is the rate paid for a submitted application itself.
Issue details
- IPO date
- 13 Aug 2026 – 17 Aug 2026
- Listing date
- 20 Aug 2026
- Face value
- ₹10 per share
- Price band
- ₹179 – ₹189
- Lot size
- 600 shares
- Sale type
- Fresh capital
- Issue type
- Book Building issue
- Listing at
- NSE
- Total issue size
- ₹93.9 Cr
- Fresh issue
- ₹89.13 Cr 47,16,000 shares
- Offer for sale
- ₹0 Cr 0 shares
- Market cap at offer price
- ₹344 Cr
- Promoter holding
- 87.64% → 63.75% pre-issue → post-issue
- ISIN
- INE1KPX01025
- CIN
- U63000DL2015PLC281994
- Registrar
- Kfin Technologies Ltd.
- Lead managers
- Hem Securities Ltd.
- Registered office
- B-3, Second Floor, Nimri Commercial Complex, Ashok Vihar, Phase-4, New Delhi – 110 052, Delhi, India
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| QIB | 9,48,000 | 28.62% | 26.60% |
| Anchor investor · within QIB | 14,04,000 | — | 39.39% |
| NII (HNI) | 7,08,000 | 21.38% | 19.87% |
| bNII > ₹10L · within NII | 4,70,400 | — | 13.20% |
| sNII < ₹10L · within NII | 2,37,600 | — | 6.67% |
| Retail (RII) | 16,56,000 | 50.00% | 46.46% |
| Employee | 0 | — | 0.00% |
| Market maker | 2,52,000 | — | 7.07% |
| Total issue | 35,64,000 | — | 100.00% |
Net offer to the public of 33,12,000 shares, out of a total issue of 35,64,000. Indented rows sit inside the category above them and are not added to it.
Application size
Minimum 600 shares per lot, in multiples, at ₹189
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 600 | ₹1,13,400 |
| S-HNI (min) | 2 | 1,200 | ₹2,26,800 |
| S-HNI (max) | 8 | 4,800 | ₹9,07,200 |
| B-HNI (min) | 9 | 5,400 | ₹10,20,600 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Valuation and performance
Valuation at offer price
₹189 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 13.92 | 10.12 |
| P/E (×) | 13.58 | 18.68 |
| Price to book (×) | 12.12 | — |
| Market cap | — | ₹344 Cr |
Key performance indicators
Latest reported period, consolidated
- Return on net worth
- 14.13%
- ROCE
- 16.96%
- Debt / equity
- 0.47
- PAT margin
- 2.88%
- EBITDA margin
- 6.41%
- NAV per share
- ₹15.59
- Price to book
- 12.12
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
Company financials
Consolidated ·₹ crore unless a row shows % or ×, as reported in the offer document
| Period ended | FY26 | FY25 | FY24 |
|---|---|---|---|
| Profit and loss | |||
| Total income | 214.43 | 78.23 | 76.02 |
| Revenue from operations | 214.16 | 77.94 | 75.73 |
| Other income | 0.27 | 0.29 | 0.28 |
| Total expenses | 189.83 | 75.23 | 72.43 |
| Operating profit | 24.6 | 3 | 3.59 |
| Operating margin | 11.47% | 3.83% | 4.72% |
| Profit before tax | 24.59 | 3.01 | 3.59 |
| Profit after tax | 18.45 | 2.25 | 2.66 |
| PAT margin | 8.60% | 2.88% | 3.50% |
| Balance sheet | |||
| Total assets | 81.57 | 29.5 | 26.41 |
| Current assets | 63.05 | 19.36 | 22.14 |
| Current liabilities | 30.63 | 12.32 | 10.62 |
| Total liabilities | 37.78 | 13.59 | 12.76 |
| Net worth | 43.79 | 15.9 | 13.66 |
| Current ratio | 2.06× | 1.57× | 2.08× |
| Return on equity | 42.13% | 14.15% | 19.47% |
| Cash flow | |||
| Operating cash flow | -6.62 | 5.48 | 0.81 |
| Investing cash flow | -10.78 | -6.19 | -1.13 |
| Financing cash flow | 18.66 | -0.38 | 2.16 |
| Net cash flow | 1.25 | -1.09 | 1.84 |
Objects of the issue
Stated use of the net proceeds— open a row for the issuer's full explanation
1 Investment in wholly owned subsidiary for working capital requirement ₹26.8 Cr
The company proposes to invest in Credent Healthcare Private Limited to meet its working capital requirements, primarily for trade receivables and funding day-to-day operations.
2 Investment in wholly owned subsidiary for capital expenditure requirements for machinery ₹3 Cr
The company plans to invest in Credent Healthcare Private Limited to finance capital expenditure for procuring sonography machines and digital X-ray machines for diagnostic services.
3 To meet Working Capital Requirements ₹37 Cr
The company proposes to utilize funds towards funding long-term working capital requirements for executing increased order volumes, high inventory levels, high debtors, and advance payments to suppliers.
4 Repayment and/or prepayment of borrowings ₹6 Cr
The company intends to repay in part or full certain borrowings availed from lenders to reduce outstanding indebtedness and debt servicing costs.
5 General corporate purposes —
The company will utilize funds for general corporate purposes including meeting operating expenses, initial development costs, strengthening business development and marketing capabilities, and meeting exigencies.
1 of 5 objects carry no stated amount — typically general corporate purposes, funded from whatever remains — so the total above is the quantified portion only, not the whole issue.
About Credent Connect N Care
Credent Connect N Care Limited, formerly known as Credent Cold Chain Logistics Private Limited, was incorporated in June 2015 and recently converted to a public limited company in October 2025. The company operates a comprehensive healthcare ecosystem delivering specialized logistics services (including temperature-controlled transportation for diagnostic samples), home sample collection through trained phlebotomists, stationed phlebotomy services at laboratories and hospitals, corporate wellness programs, and paramedical staffing solutions. As of September 30, 2025, the company employed 5,720 personnel across multiple states including Delhi, Maharashtra, Uttar Pradesh, Karnataka, Haryana, Telangana, and Rajasthan, operating from its headquarters in Ashok Vihar, Delhi, with 2 warehouses and 4 branch offices. The company holds ISO 9001:2015 and ISO 15189:2022 certifications and operates a fleet of 94 commercial vehicles. It has recently acquired three wholly owned subsidiaries—Credent Healthcare Private Limited, Credent Team Private Limited, and Alltrak Technologies Private Limited—to expand service capabilities and develop technology platforms.
Management
Tarun Sharma
MD
Karan Sharma
CFO
Ashok Kumar Sharma
Director
Dimple Sharma
Director
Vanita Yadav
Director
Tejpal Singh
Director
Amit Gupta
COO
Arpita Abhilasha
Director
Strengths
As stated in the offer document
Comprehensive Healthcare Ecosystem and Logistics Platform
The company operates a comprehensive healthcare ecosystem catering to hospitals, clinics, diagnostic laboratories, IVD companies, and pharmaceutical companies. The company focuses on time-sensitive and compliance critical logistics, supported by cold chain enabled network and multimodal transportation including road, air, and onboard courier services with trained workforce across multiple cities.
Well established relationships with clients
The company has a client base providing repeated business with revenue generated from around 280 domestic customers including 38 customers who have associated with the company for the last three continuous years. The company maintains healthy relationships through regular communication and flexible logistics solutions ensuring samples reach destinations on time and in optimal condition.
Leveraging the experience of our Promoters and Directors
The company's promoters, Chairman and Managing Director Tarun Sharma and Whole Time Director & Chief Financial Officer Karan Sharma have over 12 years and 9 years of experience each in the logistics industry. Their expertise lies in strategic planning, team management, business development, business strategy, sales management and competitive analysis.
Widespread reach in domestic markets
The company has operations across multiple states in India with presence spanning Maharashtra (29.40% of total revenue), Uttar Pradesh (26.83%), Delhi (10.93%), Karnataka (10.55%), Haryana (9.67%), Telangana (3.19%), and Rajasthan (3.23%) for the year ended March 31, 2026. This geographic coverage allows delivery of healthcare services and logistics solutions across a wide range of locations.
Risk factors
As stated in the offer document
High Customer Concentration Risk
The company derives a significant portion of revenue from its top 10 customers (81.76% in Fiscal 2026) without firm commitments. The loss of any major customers could materially affect business operations and financial performance.
Dependence on Healthcare Industry Volumes
The company's business is dependent on diagnostic and healthcare companies' testing volumes and outsourcing requirements. Any reduction in testing volumes or adverse sector developments could materially affect business and results of operations.
Sample Transportation and Contamination Risk
The company is exposed to risks of loss, damage, contamination or delay in transportation of diagnostic samples. Such incidents could result in client claims, financial liabilities and reputational harm affecting business operations.
Working Capital Intensive Operations
The company's business requires significant working capital with trade receivables of ₹5,882.73 lakhs as of March 31, 2026. Any delay in receivables realization could adversely affect cash flows and liquidity.
Large Workforce Management Risk
The company depends on a large, skilled workforce of 6,338 employees with attrition rates of 19.16% in 2026. High attrition and staffing gaps could affect service quality and client relationships.
Contract Renewal and Termination Risk
The company's operations depend on service-level contracts subject to renewal and termination. Inability to maintain or renew contracts on favorable terms could materially affect business operations.
Financial Indebtedness and Financing Risk
The company had total outstanding financial indebtedness of ₹2,301.24 lakhs as of June 30, 2026. Inability to obtain additional financing on favorable terms could adversely impact financial condition and growth plans.
Seasonal Revenue Fluctuations
The company experiences seasonal fluctuations with 57.91% of revenue generated in the second half of fiscal 2026. Fixed operating costs during lower revenue periods may adversely affect profitability.
Subsidiary Losses and Negative Net Worth
The company's subsidiaries have incurred losses in the past, with Credent Team Private Limited showing negative net worth. Continued losses may require financial support and affect consolidated results.
Regulatory Compliance and Legal Proceedings
The company faces outstanding legal proceedings and contingent liabilities of ₹62.11 lakhs. Past non-compliances with corporate laws could result in penalties and regulatory scrutiny affecting operations.
Company Analysis
from DRHPCredent Connect N Care Limited is a healthcare services company providing integrated logistics, phlebotomy, workforce deployment, and technology-enabled support to diagnostic laboratories, hospitals, and healthcare institutions across India.
Credent Connect N Care Limited, formerly known as Credent Cold Chain Logistics Private Limited, was incorporated in June 2015 and recently converted to a public limited company in October 2025. The company operates a comprehensive healthcare ecosystem delivering specialized logistics services (including temperature-controlled transportation for diagnostic samples), home sample collection through trained phlebotomists, stationed phlebotomy services at laboratories and hospitals, corporate wellness programs, and paramedical staffing solutions. As of September 30, 2025, the company employed 5,720 personnel across multiple states including Delhi, Maharashtra, Uttar Pradesh, Karnataka, Haryana, Telangana, and Rajasthan, operating from its headquarters in Ashok Vihar, Delhi, with 2 warehouses and 4 branch offices. The company holds ISO 9001:2015 and ISO 15189:2022 certifications and operates a fleet of 94 commercial vehicles. It has recently acquired three wholly owned subsidiaries—Credent Healthcare Private Limited, Credent Team Private Limited, and Alltrak Technologies Private Limited—to expand service capabilities and develop technology platforms.
Objects of the Issue
- Investment in wholly owned subsidiary, Credent Healthcare Private Limited to meet its working capital requirement ₹1,788.75 lakhs p.95
- Investment in wholly owned subsidiary, Credent Healthcare Private Limited to finance its capital expenditure requirements for machinery ₹205.08 lakhs p.95
- To meet working capital requirements of our Company ₹2,630.00 lakhs p.95
- Repayment and/or prepayment, in full or part, of borrowing availed by our Company ₹411.87 lakhs p.95
- General corporate purposes [●] p.94
Issue Structure
- Total Issue
- Up to ₹[●] lakhs (49,68,000 equity shares at issue price of ₹[●] per share)
- Fresh Issue
- Up to 49,68,000 Equity Shares aggregating up to ₹[●] lakhs
- Offer for Sale
- Nil (100% Fresh Issue)
- Price Band
- ₹[●] to ₹[●] (to be determined)
- Lot Size
- [●] equity shares and multiples thereafter
- Face Value
- ₹10 per equity share
Business Model
The company generates revenue through five main channels: (1) Healthcare Logistics Services—providing intra-city and inter-city transportation of diagnostic samples, pharmaceuticals, and medical devices with cold-chain capabilities; (2) Operations & Supply Chain Management—deploying trained phlebotomists and paramedical staff at diagnostic facilities and hospitals; (3) Healthcare Services—offering home sample collection, diagnostic support, and preventive health checkups through the brand C3 Wellness; (4) C3 Post—a courier aggregation platform providing pan-India shipping and cold-chain logistics; and (5) Marketing and IT services. For the six months ended September 30, 2025, consolidated revenue from operations was ₹9,002.96 lakhs with Healthcare Services contributing 45.82%, Logistics Services 29.17%, Operations & Supply Chain Management 21.60%, and other services 3.41%.
Business Segments
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Ashok Kumar Sharma | Promoter | 34.20% | — |
| Karan Sharma | Promoter | 16.96% | — |
| Tarun Sharma | Promoter | 15.27% | — |
| Dimple Sharma | Promoter | 1.00% | — |
| Tanveen | Promoter | 26.69% | — |
Leadership
Auto-extracted from the company's DRHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official DRHP before relying on it.