Credent Connect IPO: Issue opens today; check price band, rating, review, fresh GMP & more

Credent Connect N Care launched its initial public offering (IPO) on Thursday, August 13, 2026, and the public issue closed on August 17, 2026. The healthcare logistics and last-mile phlebotomy company offered its shares in the price band of Rs 179-189 apiece, with a lot size of 600 equity shares.

The company aimed to raise Rs 94 crore through the IPO, entirely through a fresh issue of 49,68,000 equity shares. The net proceeds will be utilised for investment in subsidiaries, debt repayment, working capital requirements and general corporate purposes.

Incorporated in June 2015, New Delhi-based Credent Connect N Care is an integrated healthcare services and logistics provider offering technology-enabled operational, workforce and supply chain solutions to healthcare institutions across India. It operates on a B2B model, serving diagnostic laboratories, IVD companies, pharmaceutical companies, hospitals, clinics and other healthcare businesses.

Ahead of its IPO, Credent Connect raised Rs 26.53 crore from anchor investors after allotting 14.04 lakh equity shares at Rs 189 apiece. Its anchor investors included Sunil Singhania's Abakkus Venture Opportunities Fund, Motilal Oswal Finvest, Hem Growth Opportunities Fund, Mint Focussed Growth Fund, 360 ONE LVF Treasury Solutions Fund, LRSD Securities and others.

With more than 14 years of operational experience, the company has built a nationwide healthcare logistics network serving diagnostic laboratories, hospitals and healthcare enterprises. It is associated with more than 2,500 laboratories and has a field force of over 6,500 professionals across India for its last-mile healthcare services.

Hem Securities is the sole book-running lead manager, while Kfin Technologies is the registrar to the issue. Hem Finlease is the market maker, with 2.52 lakh equity shares reserved for it. The company's shares are scheduled to be listed on the NSE Emerge platform on Thursday, August 20.

As an SME IPO, retail investors were required to apply for a minimum of two lots, or 1,200 equity shares, amounting to Rs 2,26,800 at the upper end of the price band. HNI investors were required to apply for at least three lots, or 1,800 equity shares, worth Rs 3,40,200. Big HNI investors needed to apply for a minimum of nine lots, or 5,400 equity shares, amounting to Rs 10,20,600.

For the financial year ended March 31, 2026, the company reported a net profit of Rs 18.45 crore on revenue of Rs 214.43 crore. Its EBITDA stood at Rs 28.46 crore. At the IPO valuation, the company commands a market capitalisation of around Rs 345 crore. The stock was last commanding a grey market premium (GMP) of Rs 50 apiece, suggesting a potential listing gain of around 26 per cent over the upper end of the issue price.

The company's FY26 revenue from operations surged 174.77 per cent to Rs 214.16 crore, driven by strong growth in operations and supply chain management and healthcare services. Logistics revenue grew modestly, while marketing, IT services and software sales also contributed to the overall expansion. EBITDA rose to Rs 28.46 crore from Rs 4.99 crore, while profit after tax increased to Rs 18.45 crore, with margins improving, according to Equivision.

However, the growth was largely supported by subsidiary expansion and consolidation, raising concerns over its organic nature. The business also remains working-capital intensive, with high receivables and negative operating cash flow. Customer concentration is another key risk, with the top 10 customers accounting for 81.76 per cent of FY26 revenue. Equivision has assigned a 'neutral' rating to the issue.