Minerva Capital Research Solutions

Credent Connect N Care

ListedListed 20 Aug 2026NSE SMENSE: CREDENT-SMCheck allotment
Current price₹ 348.45+84.37% since issue
Listing day+90%
Issue price
₹ 189
Issue size
₹ 93.9 Cr.
Min. investment
₹ 1,13,400
Listing price
₹ 359.1
Subscribed
142.38x
Lot size
600 shares
P/E
18.68
RoNW
14.13%
RoCE
16.96%
PAT margin
2.88%
EPS
₹ 10.12
Promoter stake
63.75%

About

Credent Connect N Care Limited was started in June 2015 as Credent Cold Chain Logistics Private Limited. The company provides healthcare support services and healthcare logistics. It works mainly on a B2B basis, that is it serves other businesses such as diagnostic laboratories, IVD companies, pharma companies, hospitals and clinics, and not patients directly. Its services include home sample collection through trained phlebotomists, supplying laboratory and phlebotomy manpower to hospitals, diagnostic and paramedical services, healthcare logistics, and corporate wellness programmes. Its logistics work covers movement of test samples, medical supplies and reagents in temperature controlled and time bound conditions, including cold chain transport. It also runs a courier aggregation platform called C3 Post and a corporate wellness business under the C3 Wellness brand which does health camps, vaccination drives and preventive health check ups. The company works across India through warehouses, branch offices, its own vehicles and field staff. It has grown partly through acquisitions, including Credent Healthcare Private Limited, Credent Team Private Limited and Alltrak Technologies Private Limited. It holds ISO 9001:2015 and ISO 15189:2022 certification. As on 31 March 2026 it had 6,338 people working with it, of which 4,052 were on its payroll and 2,286 were on contract.

Timeline

  1. Opens
    13 Aug
    done
  2. Closes
    17 Aug
    done
  3. Allotment
    18 Aug
    done
  4. Refunds
    19 Aug
    done
  5. Demat credit
    19 Aug
    done
  6. Listing
    20 Aug
    done

Grey market premium (GMP)

GMP is an unofficial premium from the unregulated grey market. It is not published, verified or regulated by SEBI, NSE or BSE, grey market deals are not legally enforceable, and it is not a reliable indicator of the listing price. Do not apply for an IPO on the basis of GMP. It is not a recommendation of Minerva Capital Research Solutions.

Highest
₹ 92 on 20 Aug 2026
Lowest
₹ 35 on 11 Aug 2026
First quoted
₹ 35 on 11 Aug 2026

Subscription

How many times each investor group bid for its share, as of 26 Aug 2026, 08:58 PM IST.

How much to apply for

The smallest and largest bids for each kind of investor at the upper price band.

Lots and amounts by investor type
Retail (Min)1600₹ 1,13,400
Retail (Max)1600₹ 1,13,400
HNI (Min)21,200₹ 2,26,800

Company overview

Financials

Financials by year
Assets29.526.41
Total Income78.2376.02
Profit After Tax2.252.66
EBITDA4.994.3
NET Worth15.913.66
Reserves and Surplus15.713.46
Total Borrowing7.426.85

Strengths

  • The company offers logistics, manpower, diagnostics support and wellness services together, so a hospital or lab can get several needs met from one vendor.
  • It works pan India through warehouses, branch offices, its own vehicles and field staff, which is difficult for a new competitor to build quickly.
  • Cold chain and time bound transport of test samples is a specialised job and needs proper systems, which acts as an entry barrier.
  • The B2B model with laboratories and hospitals gives repeat and contract based business rather than one time sales.
  • It has built technology platforms of its own such as C3 Post for courier aggregation and C3 HRMS for managing its large workforce.
  • The company holds ISO 9001:2015 and ISO 15189:2022 certification, the second one being specific to medical laboratories.
  • Net worth improved from Rs 13.66 crore to Rs 15.90 crore and EBITDA from Rs 4.30 crore to Rs 4.99 crore between FY2024 and FY2025.
  • Rs 29.80 crore of the issue money goes into its wholly owned subsidiary Credent Healthcare for working capital and machinery.

Risks

  • Profit fell in the latest year shown in the offer document. Profit after tax came down from Rs 2.66 crore in FY2024 to Rs 2.25 crore in FY2025, even though income rose slightly from Rs 76.02 crore to Rs 78.23 crore.
  • The margin is very thin. Profit after tax of Rs 2.25 crore on total income of Rs 78.23 crore works out to under 3%.
  • The issue size of Rs 93.90 crore is large compared to the size of the business. Net worth was only Rs 15.90 crore and profit only Rs 2.25 crore as on 31 March 2025.
  • This is a people heavy business. It runs with 6,338 workers for about Rs 78 crore of income, so any rise in wages directly eats into the small margin.
  • More than a third of the workforce, 2,286 out of 6,338, is on contract, which brings attrition and compliance risk.
  • The company has grown through acquisitions of three companies. Merging different businesses does not always work out as planned.
  • Rs 37.00 crore of the money is for its own working capital, which shows that a lot of money stays blocked in receivables from hospitals and labs.
  • This is an SME issue. One lot is 600 shares, which is about Rs 1.13 lakh at the upper band of Rs 189, and SME shares usually trade in low volume after listing.

What the money is for

Objects of the issue
Investment in the wholly owned subsidiary, Credent Healthcare Private Limited to meet its working capital requirement26.8
Investment in the wholly owned subsidiary, Credent Healthcare Private Limited to finance its capital expenditure requirements for machinery3
To meet Working Capital Requirements37
Repayment and/or repayment, in full or part, of borrowing availed by the Company6
General corporate purposes—

Promoters

  • Ashok Kumar Sharma
  • Karan Sharma
  • Tarun Sharma
  • Dimple Sharma
  • Tanveen
Promoter holding87.64%→63.75%before → after the issue · down 23.89 points

Registrar, lead managers and documents

Listing on
NSE SME
Face value
₹ 10 a share
Registrar
KFin Technologies Limited
Lead managers
Hem Securities Ltd.
Basis of allotment
Open

IPO dates, prices, grey market premium (GMP), subscription and the company overview: IPO Guru, updated three times a day. GMP is an unofficial premium from the unregulated grey market. It is not published, verified or regulated by SEBI, NSE or BSE, grey market deals are not legally enforceable, and it is not a reliable indicator of the listing price. Do not apply for an IPO on the basis of GMP. It is not a recommendation of Minerva Capital Research Solutions.

Our recommendations are research opinions, not investment advice. Read the offer document (RHP) and consult your financial adviser before investing.