Credent Connect N Care IPO was a book-built SME public issue of Credent Connect N Care Limited. The company raised ₹93.90 crore through a fresh issue of 49,68,000 equity shares with a face value of ₹10 each. The price band was fixed at ₹179 to ₹189 per share, with the final issue price at ₹189. The shares were listed on the NSE SME platform on August 20, 2026.
The IPO opened for subscription on August 13, 2026, and closed on August 17, 2026. The basis of allotment was finalised on August 18, refunds and demat credit were completed on August 19, and the shares were listed on August 20, 2026.
Credent Connect N Care is a healthcare services company providing integrated logistics, workforce and technology-enabled support to diagnostic laboratories, hospitals, clinics, pharmaceutical companies and other healthcare institutions. Its services include diagnostic sample collection, phlebotomy workforce deployment, healthcare logistics, cold-chain transportation and supply-chain support.
The company has developed a healthcare logistics network covering multiple cities and uses personnel, vehicles, warehouses and technology to support healthcare supply chains. As of June 30, 2026, the company had 2,589 riders and a fleet of 97 commercial vehicles. It also operated two warehouses and four branch offices.
For FY2026, the company reported revenue from operations of ₹214.16 crore and profit after tax of ₹18.45 crore, compared with revenue of ₹77.94 crore and PAT of ₹2.25 crore in FY2025.
Credent Connect N Care IPO Details
| Information | Details |
|---|---|
| IPO Name | Credent Connect N Care IPO |
| Company Name | Credent Connect N Care Limited |
| IPO Type | Book Building Issue |
| IPO Category | SME IPO |
| Face Value | ₹10 Per Equity Share |
| Price Band | ₹179 to ₹189 Per Share |
| Final Issue Price | ₹189 Per Share |
| Issue Size | Approx. ₹93.90 Crore |
| Fresh Issue | 49,68,000 Equity Shares |
| Offer for Sale | Nil |
| Total Shares Offered | 49,68,000 Equity Shares |
| IPO Open Date | 13 August 2026 |
| IPO Close Date | 17 August 2026 |
| Basis of Allotment | 18 August 2026 |
| Refund Date | 19 August 2026 |
| Demat Credit | 19 August 2026 |
| Listing Date | 20 August 2026 |
| Listing Exchange | NSE SME |
| Lot Size | 600 Shares |
| Minimum Retail Application | 2 Lots / 1,200 Shares |
| Minimum Investment | ₹2,26,800 |
| Registrar | KFin Technologies Limited |
| Lead Manager | Hem Securities Limited |
| Legal Advisor | Zenith India Lawyers |
The issue consisted entirely of a fresh issue. The company intended to use the proceeds for investment in its wholly owned subsidiary, working capital requirements, repayment of borrowings and general corporate purposes.
Credent Connect N Care IPO Dates
| IPO Event | Date |
|---|---|
| Anchor Investor Bidding | 12 August 2026 |
| IPO Opening Date | 13 August 2026 |
| IPO Closing Date | 17 August 2026 |
| Basis of Allotment | 18 August 2026 |
| Refund Initiation | 19 August 2026 |
| Shares Credited to Demat | 19 August 2026 |
| Listing Date | 20 August 2026 |
The IPO followed the standard SME issue schedule, with anchor bidding taking place one day before the public issue opened.
Credent Connect N Care IPO Reservation
The issue had reservations for qualified institutional buyers, non-institutional investors and retail individual investors.
| Investor Category | Shares Offered | Approx. Allocation |
|---|---|---|
| Anchor Investors | 14,04,000 | 28.26% |
| QIB – Excluding Anchor | 9,48,000 | 19.08% |
| Non-Institutional Investors | 7,08,000 | 14.25% |
| Retail Individual Investors | 16,56,000 | 33.33% |
| Market Maker | 2,52,000 | 5.07% |
| Total | 49,68,000 | 100% |
The anchor portion represented 14.04 lakh shares and raised approximately ₹26.53 crore at the upper end of the price band.
Credent Connect N Care IPO Lot Size
The market lot was 600 shares. Retail investors were required to apply for a minimum of two lots, representing 1,200 shares. At the upper price band of ₹189, the minimum retail application amount was ₹2,26,800.
| Application | Lots | Shares | Amount at ₹189 |
|---|---|---|---|
| Retail Minimum | 2 Lots | 1,200 Shares | ₹2,26,800 |
| Retail Maximum | 2 Lots | 1,200 Shares | ₹2,26,800 |
| S-HNI Minimum | 3 Lots | 1,800 Shares | ₹3,40,200 |
| S-HNI Maximum | 8 Lots | 4,800 Shares | ₹9,07,200 |
| B-HNI Minimum | 9 Lots | 5,400 Shares | ₹10,20,600 |
Credent Connect N Care IPO Anchor Investors
Credent Connect N Care completed its anchor-investor bidding on August 12, 2026, one day before the public issue opened. The company raised approximately ₹26.53 crore from anchor investors.
| Particular | Details |
|---|---|
| Anchor Bidding Date | 12 August 2026 |
| Anchor Shares | 14,04,000 Shares |
| Anchor Amount | Approx. ₹26.53 Crore |
| Price Per Share | ₹189 |
| 50% Lock-in End Date | 11 September 2026 |
| Remaining 50% Lock-in End Date | 10 November 2026 |
Institutional participation included Abakkus Asset Manager and other investors.
About Credent Connect N Care Limited
Credent Connect N Care Limited was established in 2015 and operates in the healthcare services and logistics sector. The company provides integrated logistics, workforce and technology-enabled services to healthcare institutions and businesses.
Its activities include healthcare logistics, diagnostic sample collection, home collection services, phlebotomy workforce deployment and transportation of diagnostic samples and healthcare products.
The company serves diagnostic laboratories, in-vitro diagnostics companies, hospitals, clinics, pharmaceutical companies and other healthcare institutions.
Its operating model combines physical logistics infrastructure with technology and trained healthcare personnel to facilitate the movement of samples, medical products and other healthcare-related materials.
Business Operations
Credent Connect N Care operates across several healthcare-support services:
- Diagnostic Sample Collection: Collection and transportation of diagnostic samples.
- Home Collection Services: Healthcare sample collection from patients’ homes.
- Phlebotomy Services: Deployment of trained phlebotomists and healthcare personnel.
- Healthcare Logistics: Transportation and movement of healthcare-related materials.
- Cold-Chain Logistics: Temperature-controlled transportation for products requiring controlled conditions.
- Reagent Transportation: Movement of IVD reagents from C&F locations to laboratories.
- Workforce Solutions: Deployment of healthcare and paramedical personnel.
- Warehousing: Storage and logistics support through warehouses.
- Technology Support: Technology-enabled management of healthcare logistics and operations.
- Supply-Chain Services: Integrated supply-chain support for healthcare institutions.
Industry Overview
Healthcare logistics is an important supporting segment of India’s expanding healthcare ecosystem. Diagnostic laboratories, hospitals, pharmaceutical companies and medical institutions require reliable transportation, sample collection, cold-chain systems and workforce support.
The increasing use of diagnostic testing and home sample collection has created additional demand for last-mile healthcare logistics.
Healthcare logistics differs from conventional logistics because diagnostic samples and temperature-sensitive healthcare products can require specialised handling, tracking and transportation.
The sector is also becoming increasingly technology-driven. Digital route management, tracking systems, workforce management and operational analytics can help companies improve efficiency.
At the same time, healthcare logistics providers face challenges relating to service quality, regulatory requirements, employee availability, fuel costs, vehicle maintenance and the handling of sensitive healthcare materials.
Business Strategy
Credent Connect N Care’s strategy focuses on expanding its healthcare logistics infrastructure and strengthening its presence across India’s healthcare supply chain.
The company plans to invest part of the IPO proceeds into its wholly owned subsidiary, Credent Healthcare Private Limited. The investment is intended to support the subsidiary’s working capital and capital expenditure requirements.
The company also plans to use funds for its own working capital requirements. Working capital is important for a logistics business because operations involve employee costs, vehicle expenses, fuel, receivables and other day-to-day requirements.
A portion of the IPO proceeds is also intended for repayment or partial repayment of borrowings. This can help reduce outstanding financial obligations.
The company aims to continue expanding its healthcare logistics capabilities and supporting customers across diagnostic and healthcare networks.
Credent Connect N Care IPO Financial Information
Credent Connect N Care reported a substantial increase in revenue and profitability during FY2026.
Revenue from operations increased from ₹75.73 crore in FY2024 to ₹77.94 crore in FY2025 and ₹214.16 crore in FY2026.
Profit after tax increased from ₹2.66 crore in FY2024 to ₹2.25 crore in FY2025 before rising sharply to ₹18.45 crore in FY2026.
Total income increased from ₹76.02 crore in FY2024 to ₹78.23 crore in FY2025 and ₹214.43 crore in FY2026.
Credent Connect N Care Financial Summary
| Particulars | FY2024 | FY2025 | FY2026 |
|---|---|---|---|
| Revenue from Operations | ₹75.73 Crore | ₹77.94 Crore | ₹214.16 Crore |
| Other Income | ₹0.28 Crore | ₹0.29 Crore | ₹0.27 Crore |
| Total Income | ₹76.02 Crore | ₹78.23 Crore | ₹214.43 Crore |
| Total Expenses | ₹72.43 Crore | ₹75.23 Crore | ₹189.83 Crore |
| Profit Before Tax | ₹3.59 Crore | ₹3.01 Crore | ₹24.60 Crore |
| Profit After Tax | ₹2.66 Crore | ₹2.25 Crore | ₹18.45 Crore |
| Total Assets | ₹26.41 Crore | ₹29.50 Crore | ₹81.57 Crore |
| Net Worth | ₹13.65 Crore | ₹15.90 Crore | ₹43.79 Crore |
| Total Debt | ₹6.83 Crore | ₹7.41 Crore | ₹21.93 Crore |
The FY2026 figures show a sharp increase in the company’s scale, assets, net worth and profitability. Debt also increased alongside the expansion in business operations.
Credent Connect N Care IPO Key Performance Indicators
| KPI | FY2026 |
|---|---|
| Revenue from Operations | ₹214.16 Crore |
| EBITDA | ₹28.46 Crore |
| PAT | ₹18.45 Crore |
| Basic EPS | ₹13.95 |
| NAV | ₹33.12 |
| ROE | 40.00% |
| ROCE | 61.81% |
| EBITDA Margin | 13.29% |
| PAT Margin | 8.61% |
| RoNW | 42.13% |
The FY2026 numbers indicate a substantial improvement in profitability compared with FY2025, with ROE of 40% and ROCE of 61.81%.
Credent Connect N Care IPO Valuation
The IPO price band was ₹179 to ₹189 per share, with the final issue price fixed at ₹189.
Based on FY2026 basic EPS of ₹13.95, the issue price represents a P/E multiple of approximately 13.55 times at the upper price band. Based on the reported NAV of ₹33.12, the price-to-book ratio at ₹189 is approximately 5.71 times.
| Particular | Details |
|---|---|
| Price Band | ₹179 – ₹189 |
| Final Issue Price | ₹189 |
| Face Value | ₹10 |
| FY2026 Basic EPS | ₹13.95 |
| Approx. P/E at ₹189 | 13.55x |
| FY2026 NAV | ₹33.12 |
| Approx. Price-to-Book | 5.71x |
| ROE | 40.00% |
| ROCE | 61.81% |
Valuation should be considered along with the company’s rapid FY2026 growth, operating model, debt levels, customer concentration, competitive environment and execution requirements.
Objects of the Credent Connect N Care IPO
The company proposed to deploy the fresh issue proceeds across its subsidiary investment, working capital, debt repayment and general corporate requirements.
| Purpose | Amount |
|---|---|
| Investment in Credent Healthcare Private Limited for Working Capital | ₹17.89 Crore |
| Investment in Credent Healthcare Private Limited for Machinery/Capital Expenditure | ₹2.05 Crore |
| Working Capital Requirements | ₹26.30 Crore |
| Repayment/Pre-payment of Borrowings | ₹4.12 Crore |
| General Corporate Purposes | As specified in the offer documents |
The largest identified allocation was toward working capital, followed by investment in the wholly owned subsidiary.
Credent Connect N Care IPO GMP
Grey Market Premium is an unofficial market indicator and is not regulated by the stock exchanges. It should not be considered a guaranteed listing price or investment return.
Credent Connect N Care IPO GMP increased substantially during the issue period. IPO Watch reported a high of ₹75 on August 14 and a low of ₹10 on August 11. The reported GMP reached ₹85 on August 20 before listing.
| Date | GMP |
|---|---|
| 10 August 2026 | N.A. |
| 11 August 2026 | ₹10 |
| 12 August 2026 | ₹35 |
| 13 August 2026 | ₹62 |
| 14 August 2026 | ₹75 |
| 17 August 2026 | ₹55 |
| 18 August 2026 | ₹45 |
| 19 August 2026 | ₹63 |
| 20 August 2026 | ₹85 |
The actual listing price was ₹359.10, significantly above the issue price of ₹189. This demonstrates that GMP estimates can differ materially from actual exchange prices.
Credent Connect N Care IPO Subscription Status
The IPO received exceptionally strong demand and was subscribed approximately 153.13 times overall.
| Investor Category | Subscription |
|---|---|
| Qualified Institutional Buyers | 130.40x |
| Non-Institutional Investors | 216.97x |
| Retail Individual Investors | 138.86x |
| Total Subscription | 153.13x |
The NII category recorded the highest subscription at 216.97 times, followed by retail investors at 138.86 times and QIBs at 130.40 times.
Credent Connect N Care IPO Listing Performance
Credent Connect N Care shares were listed on the NSE SME platform on August 20, 2026.
The final issue price was ₹189 per share. The shares debuted at ₹359.10, representing a premium of approximately 90% over the issue price. The stock subsequently touched ₹377.05, its upper price limit at the time.
| Particular | Value |
|---|---|
| Listing Exchange | NSE SME |
| Listing Date | 20 August 2026 |
| Issue Price | ₹189 Per Share |
| Listing Price | ₹359.10 Per Share |
| Listing Gain | ₹170.10 Per Share |
| Listing Gain (%) | Approx. 90.00% |
| Listing-Day High | ₹377.05 |
The strong debut followed exceptionally high subscription demand of 153.13 times.
Credent Connect N Care IPO Review
Credent Connect N Care operates in a specialised part of the healthcare ecosystem, providing logistics, workforce and technology-enabled services to diagnostic laboratories, hospitals, clinics and other healthcare businesses.
The company’s service portfolio covers diagnostic sample collection, home collection, phlebotomy workforce deployment, cold-chain transportation, healthcare logistics and supply-chain support. This gives the business exposure to multiple healthcare activities rather than relying on a single service.
The financial performance in FY2026 was particularly strong. Revenue from operations increased to ₹214.16 crore from ₹77.94 crore in FY2025, while PAT increased to ₹18.45 crore from ₹2.25 crore. Total assets also increased sharply to ₹81.57 crore.
The company intends to use IPO proceeds for working capital, investment in its wholly owned subsidiary, machinery-related capital expenditure and repayment of borrowings. These investments are designed to support operational expansion and strengthen its healthcare logistics infrastructure.
However, investors should also consider the risks associated with rapid expansion. The increase in debt from ₹7.41 crore in FY2025 to ₹21.93 crore in FY2026 means that financial management will remain important as the business grows.
Healthcare logistics also depends heavily on service reliability, trained personnel, fleet availability, technology infrastructure and customer relationships. Any disruption in these areas could affect operations.
The IPO attracted very strong demand, with 153.13x overall subscription, and the shares listed at ₹359.10 against the ₹189 issue price. While this reflects strong market demand, investors evaluating the company after listing should focus on operating performance and valuation rather than relying solely on listing gains.
Overall, Credent Connect N Care combines exposure to healthcare logistics with strong FY2026 financial growth and an expanding operational network. Its future performance will depend on maintaining growth, managing working capital, controlling debt and successfully scaling its healthcare-support infrastructure.
Credent Connect N Care IPO Strengths
- Established healthcare services business operating since 2015.
- Provides integrated healthcare logistics and workforce solutions.
- Serves diagnostic laboratories, hospitals, clinics and pharmaceutical companies.
- Provides diagnostic sample collection and home collection services.
- Offers phlebotomy and healthcare workforce solutions.
- Provides cold-chain and healthcare transportation services.
- Operates across a broad healthcare supply-chain network.
- Had 2,589 riders as of June 30, 2026.
- Had a fleet of 97 commercial vehicles as of June 30, 2026.
- Operated two warehouses and four branch offices.
- Revenue increased sharply to ₹214.16 crore in FY2026.
- PAT increased to ₹18.45 crore in FY2026.
- FY2026 ROE stood at 40%.
- FY2026 ROCE stood at 61.81%.
- IPO proceeds are intended to support working capital and expansion.
- The company is investing in its wholly owned subsidiary for further growth.
Credent Connect N Care IPO Risk Factors
- Healthcare logistics is an operationally intensive business.
- The company depends on trained personnel and field workforce.
- Vehicle availability and transportation costs can affect operations.
- Cold-chain logistics requires specialised handling and monitoring.
- Rapid revenue growth may increase working-capital requirements.
- Total debt increased significantly in FY2026.
- Expansion into additional locations involves execution risks.
- Customer relationships are important to maintaining revenue growth.
- Technology infrastructure needs continuous investment and maintenance.
- The healthcare sector is subject to regulatory requirements.
- Competition exists across healthcare logistics and support services.
- SME-listed shares can experience high price volatility and liquidity fluctuations.
- A high post-listing valuation can increase downside risk if earnings growth slows.
Credent Connect N Care IPO Promoters
The promoters of Credent Connect N Care Limited include Sandeep Aggarwal, Nikunj Aggarwal and Esha Gupta. The promoter and promoter-group holding was approximately 87.52% before the issue and reduced to approximately 63.67% after the IPO.
| Promoter | Status |
|---|---|
| Sandeep Aggarwal | Promoter |
| Nikunj Aggarwal | Promoter |
| Esha Gupta | Promoter |
The reduction in promoter holding reflects the dilution resulting from the fresh equity issue.
Credent Connect N Care IPO Management Team
The company’s management and board include executive and non-executive directors along with independent directors and a company secretary and compliance officer.
| Name | Position |
|---|---|
| Tarun Sharma | Chairman & Managing Director |
| Karan Sharma | Whole-Time Director & CFO |
| Ashok Kumar Sharma | Non-Executive Director |
| Dimple Sharma | Non-Executive Director |
| Tejpal Singh | Independent Director |
| Vanita Yadav | Independent Director |
| Arpita Abhilasha | Company Secretary & Compliance Officer |
The management team is responsible for overseeing the company’s healthcare logistics, workforce solutions and expansion activities.
Credent Connect N Care IPO Registrar Details
| Particular | Details |
|---|---|
| Registrar | KFin Technologies Limited |
| Role | Registrar to the Issue |
| IPO Type | SME IPO |
| Listing Exchange | NSE SME |
KFin Technologies Limited acted as the registrar to the issue and handled IPO application and allotment-related processes.
Credent Connect N Care IPO Lead Manager Details
| Particular | Details |
|---|---|
| Lead Manager | Hem Securities Limited |
| Role | Book Running Lead Manager |
| Legal Advisor | Zenith India Lawyers |
| Listing Platform | NSE SME |
Hem Securities Limited acted as the book running lead manager for the issue.
Credent Connect N Care Limited Contact Details
| Particular | Details |
|---|---|
| Company Name | Credent Connect N Care Limited |
| Registered Office | B-3, Second Floor, Nimri Commercial Complex, Ashok Vihar, Phase-4, New Delhi – 110052 |
| [email protected] | |
| Website | c3logistics.co.in |
The company operates under the C3 logistics healthcare-support model and provides services to healthcare institutions across India.
How to Check Credent Connect N Care IPO Allotment Status
Investors who applied for the Credent Connect N Care IPO can check the allotment status through the registrar or the relevant stock exchange facility.
Through KFin Technologies
- Open the IPO allotment facility.
- Select Credent Connect N Care Limited.
- Choose the appropriate search option.
- Enter the PAN, application number or demat details.
- Complete the required verification.
- Submit the information to view the allotment status.
Through NSE
Investors can also verify their IPO bid and allotment information through the NSE IPO verification facility using their application details. NSE provides an IPO bid-verification facility where investors can check application information uploaded by their bank or broker.
The basis of allotment was finalised on August 18, 2026, followed by refunds and demat credit on August 19. The shares were listed on August 20, 2026.
Credent Connect N Care IPO Conclusion
Credent Connect N Care IPO offered investors exposure to a healthcare-support business operating across logistics, sample collection, workforce deployment, cold-chain transportation and technology-enabled services.
The company’s business model is positioned around the growing need for reliable healthcare supply-chain infrastructure. It serves diagnostic laboratories, hospitals, clinics, pharmaceutical companies and other healthcare institutions.
The company delivered strong financial growth in FY2026. Revenue from operations increased to ₹214.16 crore from ₹77.94 crore in FY2025, while PAT increased to ₹18.45 crore from ₹2.25 crore. ROE and ROCE were reported at 40% and 61.81%, respectively.
The IPO proceeds are intended for investment in Credent Healthcare Private Limited, working capital requirements, machinery-related capital expenditure and repayment of borrowings. Effective utilisation of these funds will be important for the company’s future growth.
The IPO received exceptionally strong investor demand, with overall subscription of 153.13 times. The shares listed at ₹359.10 against the issue price of ₹189, delivering a listing premium of approximately 90%.
Despite the strong financial growth and market response, investors should continue to evaluate the company’s debt levels, working-capital requirements, operational execution, competitive environment and ability to sustain its rapid growth.
Credent Connect N Care IPO FAQs
What is Credent Connect N Care IPO?
Credent Connect N Care IPO was a book-built SME public issue of Credent Connect N Care Limited comprising 49,68,000 fresh equity shares.
What was the Credent Connect N Care IPO price?
The IPO price band was ₹179 to ₹189 per share, with the final issue price fixed at ₹189 per share.
What was the Credent Connect N Care IPO issue size?
The total issue size was approximately ₹93.90 crore through a fresh issue of 49.68 lakh equity shares.
What was the Credent Connect N Care IPO lot size?
The lot size was 600 shares. Retail investors were required to apply for at least two lots, or 1,200 shares, requiring ₹2,26,800 at the upper price band.
When was the Credent Connect N Care IPO allotment date?
The basis of allotment was finalised on August 18, 2026.
When was the Credent Connect N Care IPO listing date?
Credent Connect N Care shares were listed on the NSE SME platform on August 20, 2026.
What was the Credent Connect N Care IPO listing price?
The shares listed at ₹359.10 per share against the issue price of ₹189.
What was the Credent Connect N Care IPO subscription status?
The IPO was subscribed approximately 153.13 times overall. QIBs subscribed 130.40x, NIIs 216.97x and retail investors 138.86x.
What was the Credent Connect N Care IPO GMP?
The reported GMP reached ₹85 on August 20, 2026. GMP is unofficial and should not be considered a guaranteed indicator of listing performance.
What does Credent Connect N Care Limited do?
Credent Connect N Care provides healthcare logistics, diagnostic sample collection, phlebotomy workforce, cold-chain transportation and technology-enabled support services to diagnostic laboratories, hospitals, clinics, pharmaceutical companies and other healthcare institutions.
