Credent Connect N Care has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI), marking a significant step towards its public listing. The company aims to raise funds through this initial public offering, with a maximum issue size of 500,000. While specific business operations are not detailed in the current filing data, the IPO structure provides investors with key parameters including price band and lot size.

Company Overview

Credent Connect N Care is preparing for its debut on the stock exchanges. The company’s DRHP filing outlines the fundamental structure of the issue. As per the available data, the company is seeking to list its shares to raise capital, though detailed operational metrics and competitive strengths are not specified in the current dataset.

Offer Details

The IPO features a defined price band and issue size. The floor price is set at ₹179, while the ceiling price stands at ₹189. The minimum bid quantity for applicants is 1,200 shares. The issue size ranges from a minimum of 322,200 to a maximum of 500,000.

Financial Highlights

Specific financial figures such as revenue, profit trends, or key ratios are not provided in the current DRHP data extract. Investors should refer to the full DRHP document filed with SEBI for comprehensive financial statements.

Risk Factors

Material risk factors are typically outlined in the DRHP. However, specific risks are not listed in the provided data snippet. Standard IPO risks include market volatility, regulatory changes, and execution risks associated with the company's business model.

Valuation & Peer Comparison

Valuation metrics such as P/E ratios compared to peers are not available in the current data. The price band of ₹179-₹189 will determine the initial valuation upon listing.

Bottom Line

Credent Connect N Care’s IPO is in the DRHP stage with a price band of ₹179-₹189. With no subscription data yet reported (0x across QIB, Retail, and Non-Institutional categories), investors await further updates on the issue timeline and allotment process.

Credent Connect N Care Limited, a New Delhi-based provider of integrated healthcare logistics and workforce solutions, has filed its Draft Red Herring Prospectus (DRHP) with SEBI. The company, which employs 2,589 riders and serves diagnostic laboratories, IVD companies, and hospitals, aims to raise funds through a fresh issue to support working capital and subsidiary investments. While the price band is yet to be announced, the IPO is scheduled to open on 13-Aug-2026.

Company Overview

Credent Connect N Care operates at the intersection of healthcare logistics, diagnostics support, and workforce management. The company provides end-to-end solutions including home sample collection via trained phlebotomists, operations and supply chain services, and specialized cold chain-enabled logistics for time-sensitive samples.

Key operational strengths include:

• Geographic Reach: Operations across 7 states, with Maharashtra (29.40%) and Uttar Pradesh (26.83%) being the top contributors.
• Client Base: Serves approximately 280 domestic customers, with 38 maintaining continuous association for over three years.
• Workforce: A total of 6,338 employees, including a specialized network of phlebotomists and lab technicians.

Offer Details

The company has structured the offer as a fresh issue with no Offer for Sale (OFS). The proceeds are primarily earmarked for working capital requirements of both the parent company and its wholly owned subsidiary, Credent Healthcare Private Limited.

Objects of Issue

Key Dates

Financial Highlights

The company reported significant growth in FY2026, shifting from standalone to consolidated reporting. Consolidated revenue surged to ₹214.16 Crore in FY2026 compared to standalone revenue of ₹77.94 Crore in FY2025. Profit After Tax (PAT) also increased substantially to ₹18.45 Crore in FY2026.

Note: FY2026 figures are on a consolidated basis, while FY2025 and FY2024 are standalone. Direct year-over-year comparisons should account for this change in reporting scope.

Risk Factors

Investors should consider several material risks highlighted in the DRHP:

1. High Customer Concentration: Top 10 customers contributed 81.76% of revenue in FY2026 without firm long-term commitments.
2. Negative Operating Cash Flow: Despite a PAT of ₹18.45 Crore, operating cash flow was negative at ₹6.62 Crore in FY2026, indicating working capital pressure.
3. Workforce Attrition: The company faces an attrition rate of 19.16% in FY2026 among its specialized workforce.
4. Subsidiary Losses: Credent Team Private Limited, a subsidiary, has incurred losses and shows negative net worth.
5. Sample Transportation Risks: Potential for loss, damage, or contamination of diagnostic samples during transit.

Valuation & Peer Comparison

As the price band and total issue size are not yet disclosed, precise valuation multiples cannot be calculated. However, with a consolidated PAT of ₹18.45 Crore and Total Equity of ₹43.79 Crore, investors will need to assess the offer price against peers in the healthcare logistics and staffing sector once the price band is announced.

Bottom Line

Credent Connect N Care presents a niche play in India’s growing healthcare logistics sector with strong revenue scale and profitability margins. However, the divergence between profits and operating cash flow, coupled with high customer concentration, warrants careful scrutiny. Investors should wait for the price band announcement to evaluate valuation attractiveness.