Dialysis services provider Nephrocare Health Services has secured SEBI approval to raise funds through an initial public offering. The Hyderabad-based company’s proposed IPO is a combination of an offer for sale of 1. 27 crore equity shares by selling shareholders and a fresh issue of ₹353.

4 crore, according to the draft red herring prospectus (DRHP). The company proposes to use the net proceeds of the new issue to fund capital expenditure of ₹129. 1 crore to open new dialysis clinics in India; ₹136 crore was for pre-payment or scheduled repayment of certain borrowings taken and the rest for general corporate purposes.

Incorporated in 2009, NephroPlus has recently crossed 500 dialysis centers globally. The company said it has operations in India, the Philippines, Uzbekistan and Nepal and serves more than 33,000 patients annually.