Credent Connect N Care launches a ₹94 crore IPO, attracting strong grey market premiums and signalling investor confidence despite reliance on top clients and working capital challenges.
Credent Connect N Care opened its ₹94 crore initial public offering on Thursday, 13 August 2026, with the healthcare logistics and last-mile phlebotomy company setting a price band of ₹179 to ₹189 a share. The SME issue comprises 49.68 lakh new equity shares and will run until 17 August, with a proposed listing on NSE Emerge on 20 August, according to the company’s offer details.
The issue size is being directed towards investment in subsidiaries, repayment of borrowings, working capital needs and general corporate purposes. In the run-up to the offer, the company raised ₹26.53 crore from anchor investors at ₹189 a share, with participation from Abakkus Venture Opportunities Fund, Motilal Oswal Finvest, Hem Growth Opportunities Fund and 360 ONE LVF Treasury Solutions Fund, among others.
For retail investors, the minimum application is two lots, or 1,200 shares, requiring an outlay of ₹2,26,800 at the top end of the band. High net worth investors must apply for at least three lots, or 1,800 shares, which works out to ₹3,40,200.
Founded in June 2015, Credent Connect N Care provides technology-enabled operational, workforce and supply-chain services to diagnostic laboratories, IVD companies, drugmakers, hospitals and clinics. The company says its network spans more than 2,500 laboratories and over 6,500 field professionals, while Kotak Neo noted that it owned and operated 94 commercial vehicles for sample transport as of 30 September 2025.
The company reported a sharp jump in FY26 performance, posting revenue of ₹214.43 crore and net profit of ₹18.45 crore. EBITDA rose to ₹28.46 crore from ₹4.99 crore a year earlier, but analysts have pointed to the company’s dependence on working capital, negative operating cash flow and a heavy concentration of revenue among its top 10 customers, which accounted for 81.76% of sales in FY26. Equivision has assigned the issue a “Neutral” rating.
In the grey market, the latest premium seen for the shares was ₹50 a share, implying a potential listing gain of about 26% over the upper price band. That figure reflects market sentiment rather than a guaranteed debut price, and SME IPO outcomes can differ materially from grey-market indications.
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