IPO Overview
Incorporated in June 2015, Credent Connect N Care Limited is an integrated healthcare services and logistics provider offering technology-enabled operational, workforce, and supply chain solutions to healthcare institutions across India. The company primarily follows a B2B model, serving diagnostic laboratories, IVD companies, pharmaceutical companies, hospitals, clinics, and other healthcare enterprises. It offers end-to-end healthcare support services including temperature-controlled transportation of diagnostic samples, reagent movement, home sample collection through trained phlebotomists, laboratory staffing, and healthcare workforce deployment. The company also operates its corporate wellness vertical under the “C3 Wellness” brand, providing health camps, vaccination programs, preventive health check-ups, radiology and diagnostic services, and on-ground healthcare manpower. The company has expanded its capabilities through strategic acquisitions, including Credent Healthcare Private Limited, Credent Team Private Limited, and Alltrak Technologies Private Limited.
The company is now launching its SME IPO on the NSE SME platform to raise ₹93.90 crore through a fresh issue of 49.68 lakh equity shares. The price band is ₹179–₹189 per share, and the lot size is 600 shares, making the minimum retail investment approximately ₹2,26,800. The IPO opens on 13 August 2026 and closes on 17 August 2026, with listing expected on 20 August 2026.
IPO Detailed Information
Issue Details
| Parameter | Details |
| IPO Type | Book Built – SME |
| Listing Exchange | NSE SME |
| IPO Open Date | 13 August 2026 |
| IPO Close Date | 17 August 2026 |
| Allotment Date | 18 August 2026 (Expected) |
| Refund Initiation | 19 August 2026 |
| Credit to Demat | 19 August 2026 |
| Listing Date | 20 August 2026 (Tentative) |
| Price Band | ₹179 – ₹189 per share |
| Face Value | ₹10 per share |
| Lot Size | 600 shares |
| Minimum Investment (Retail) | ₹2,26,800 (2 lots = 1,200 shares) |
| Issue Size | ₹93.90 crore |
| Fresh Issue | 49,68,000 shares (₹93.90 crore) |
| Offer For Sale (OFS) | Nil |
Note: The entire IPO is a fresh issue — no offer-for-sale component. All proceeds go directly to the company.
Issue Break-up
| Category | Allocation |
| Qualified Institutional Buyers (QIB) | ~50% |
| Non-Institutional Investors (NII/HNI) | ~15% |
| Retail Individual Investors (RII) | ~35% |
| Market Maker | Reserved Portion |
OFS / Selling Shareholders
There is no Offer For Sale (OFS) in this IPO. The IPO consists entirely of fresh shares, meaning no money will go to selling shareholders — all proceeds flow directly into the company.
Objects of the Issue (Fund Utilization)
The company plans to use the IPO proceeds for the following purposes:
- Investment in wholly owned subsidiary Credent Healthcare Pvt. Ltd. — for working capital requirements
- Investment in wholly owned subsidiary Credent Healthcare Pvt. Ltd. — for capital expenditure towards machinery
- Meeting working capital requirements of the company
- Repayment / prepayment of existing borrowings
- General corporate purposes
Lead Managers & Registrar
- Book Running Lead Manager: Hem Securities Ltd.
- Registrar to the Issue: KFin Technologies Ltd.
Promoters & Management
The promoters of the company are Ashok Kumar Sharma, Karan Sharma, Tarun Sharma, Dimple Sharma, and Tanveen. The promoters bring extensive experience in healthcare logistics, workforce solutions, and technology-enabled service delivery across India.
Company Details
Credent Connect N Care Limited is a healthcare services provider engaged in integrated logistics, workforce solutions, and technology-enabled support for healthcare institutions across India. It serves diagnostic laboratories, In Vitro Diagnostics companies, pharmaceutical companies, clinics, and hospitals through end-to-end operational and logistics services.
Sectors Served:
- Diagnostic Laboratories
- IVD (In Vitro Diagnostics) Companies
- Pharmaceutical Companies
- Hospitals & Clinics
- Corporate Wellness
Key Services:
- Temperature-controlled transportation of diagnostic samples & reagents
- Home sample collection via trained phlebotomists
- Laboratory staffing & paramedical workforce solutions
- Healthcare supply chain & warehouse management
- Corporate wellness (C3 Wellness brand) — health camps, vaccinations, preventive check-ups
- C3 Post — smart courier aggregation platform for bulk, COD, and cold-chain logistics
Operational Presence:
The company operates across seven Indian states including Maharashtra, Uttar Pradesh, Delhi, Karnataka, Haryana, Telangana, and Rajasthan. It runs two warehouses and four branch offices in Mumbai, Pune, Chennai, and Varanasi, supported by a fleet of 94 commercial vehicles and 2,039 riders as of September 30, 2025.
Workforce:
As of March 31, 2026, the company had a workforce of 6,338 employees, comprising 4,052 payroll and 2,286 contractual employees across various functions.
Financial Snapshot
| Period | Total Income (₹ Cr) | PAT (₹ Cr) | EBITDA (₹ Cr) |
| FY23 | ₹59.93 | ₹2.70 | ₹4.23 |
| FY24 | ₹76.02 | ₹2.66 | ₹4.63 |
| FY25 | ₹78.23 | ₹2.25 | ₹5.33 |
| 9M FY26 (Dec 2025) | ₹236.50 | ₹38.69 | — |
Key Financial Metrics
- For the last two fiscals, the company reported an average EPS of ₹25.00 and an average RoNW of 23.17%.
- PAT margins: 17.56% (FY23), 16.92% (FY24), 8.97% (FY25), and 16.65% (9M FY26).
- Post-issue market capitalisation at ₹189 per share is approximately ₹344.40 crore. Based on FY25 PAT, the implied P/E is approximately 153x — which appears highly expensive.
- Overall borrowings stood at ₹242.57 crore as of December 31, 2025, which is a notable concern.
Company Strengths
- Comprehensive healthcare ecosystem and logistics platform with well-established relationships with clients and widespread reach in domestic markets.
- End-to-end B2B healthcare services — logistics, workforce, supply chain, and corporate wellness under one integrated platform
- Pan-India operational reach with end-to-end healthcare logistics including cold-chain and time-sensitive transportation capabilities.
- Capabilities strengthened through strategic acquisitions — Credent Healthcare Pvt. Ltd., Credent Team Pvt. Ltd., and Alltrak Technologies Pvt. Ltd.
- Entire IPO is a fresh issue — no promoter exit; all capital directed into business expansion
- Revenue segmentation across healthcare services (45.82%), logistics services (29.17%), and operations & supply chain management (21.60%) — indicating healthy diversification within the healthcare domain.
Key Risks & Challenges
- Valuation is the biggest concern — at ₹189 per share, the post-issue P/E stands at approximately 153x based on FY25 PAT of ₹2.25 crore, which appears highly expensive for a company of this size and profitability.
- PAT declined from ₹2.70 crore in FY23 to ₹2.25 crore in FY25, reflecting bottom-line inconsistency. The bumper profit of ₹38.69 crore in 9M FY26 raises concerns over sustainability in a post-IPO period.
- Significant portion of revenue is derived from top 10 customers with no firm commitments — loss of any major customer would materially impact business, cash flows, and financial condition.
- Total borrowings of ₹242.57 crore as of December 31, 2025, are substantial relative to the company’s profitability levels.
- Healthcare logistics requires strict temperature control and timely delivery — any operational failure or cold-chain breakdown can impact client relationships and reputation.
- SME IPO liquidity risk — limited secondary market trading volumes on the NSE SME platform
Disclaimer:
This document is for informational purposes only and should not be considered as investment advice. Investors should read the Red Herring Prospectus (RHP) carefully and consult a financial advisor before investing in any IPO. Market investments are subject to risk.
