Credent Connect N Care Ltd IPO
Healthcare
Price Band
₹179 – ₹189
Lot Size
600
Minimum Bid Quantity
1200
Minimum Investment
₹226800
Issue Size
₹93.9Cr
Opens
2026-08-13
Closes
2026-08-17
Listing
20-08-2026
Subscription Status
Qualified Institutional Buyers
131.39 x
Non-Institutional Investor
160.22 x
Retail Individual Investor
138.09 x
Total
142.01 x
IPO Details
Issue Type
EQUITY
Face Value
₹10
Tick Size
1
ISIN
INE1KPX01025
Pre-Apply Available
No
Daily Bidding Time
10:00:00 - 17:00:00
About the Company
Credent Connect N Care Limited is a healthcare services provider engaged in logistics, workforce solutions and technology-enabled support for healthcare institutions across India. Its services include home sample collection through trained phlebotomists, deployment of phlebotomy teams and laboratory technicians, paramedical staffing, and inter-state and intra-state logistics for diagnostic samples, medical products and reagents. The company also provides corporate wellness programs through its C3 Wellness vertical, including vaccination programs, diagnostic services, health camps, and deployment of healthcare personnel. Its C3 Post platform provides courier aggregation, cash-on-delivery reconciliation, and cold-chain logistics for healthcare-related consignments. As of June 30, 2026, the company employed 2,589 riders and owned 97 commercial vehicles. It is headquartered in Ashok Vihar, Delhi, and operates through two warehouses and four branch offices in Mumbai, Pune, Chennai, and Varanasi. The company has also acquired Credent Healthcare Private Limited, Credent Team Private Limited, and Alltrak Technologies Private Limited. Use of proceeds: This is a fresh issue of shares. Therefore, the net proceeds from the fresh issue will go to the company. They will be utilised for the following purposes: Investment in our wholly owned subsidiary, Credent Healthcare Private Limited, to meet its working capital requirement — Rs 26.80 crore Investment in our wholly owned subsidiary, Credent Healthcare Private Limited, to finance its capital expenditure requirements for machinery — Rs 3 crore To meet working capital requirements — Rs 37 crore Repayment and/or repayment, in full or part, of borrowing availed by the company — Rs 6 crore
Pros
- • The company operates across multiple healthcare service segments, including diagnostic laboratories, IVD companies, hospitals, clinics, pharmaceutical companies, and other healthcare enterprises. Its services cover healthcare logistics, home sample collection, phlebotomy, medical staffing, corporate wellness, and courier aggregation.
- • The company has a geographically diversified domestic presence. In FY2026, it generated revenue from multiple states, with Maharashtra contributing 29.40% of revenue, followed by Uttar Pradesh at 26.83%, Delhi at 10.93%, Karnataka at 10.55% and Haryana at 9.67%.
- • The company had around 280 domestic customers in FY2026, including 38 customers that had been associated with it for three consecutive years. This indicates that a portion of its business comes from customers with an established relationship with the company.
Cons
- • The company derives a significant portion of its revenue from its top 10 customers, which contributed Rs 175.09 crore (81.76%), Rs 64.93 crore (83.31%), and Rs 66.58 crore (87.92%) of total revenue in FY26, FY25, and FY24, respectively. Loss of one or more major customers, reduction, delay or cancellation of orders, failure to renew contracts, or migration of customers to competitors could adversely affect the company’s business, cash flows, financial condition and results of operations.
- • The company’s business is working capital intensive, with trade receivables amounting to Rs 58.83 crore, Rs 17.90 crore, and Rs 19.02 crore as of March 31, 2026, March 31, 2025, and March 31, 2024, respectively. Delay or failure in realising these receivables due to client approval processes, billing disputes, reconciliation issues or financial stress could increase working capital requirements and borrowing costs, adversely affecting the company’s liquidity, cash flows, financial condition and profitability.
- • The company’s healthcare logistics and diagnostic sample transportation operations depend on the continuous availability of specialised packaging materials and consumables, which are procured from third-party suppliers. Purchases of goods amounted to Rs 4.39 crore (2.31% of total expenses), Rs 5.70 crore (7.58%), and Rs 1.58 crore (2.18%) in FY26, FY25, and FY24, respectively. Any prolonged supply disruption, quality issue or significant increase in the cost of these materials could disrupt service delivery, compress margins and adversely affect the company’s business, financial condition, cash flows and results of operations.
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