Nureca Limited
Mainboard₹100 Cr issue
+58.74%
Listing gain over issue price
Issue size
₹100 Cr
1 lot at cut-off
₹14,000
Lot size
35shares
Open
15 Feb 2021
Close
17 Feb 2021
Allotment
23 Feb 2021
Listing
25 Feb 2021
Listing performance
Issue price
₹400
Listed at
₹634.95
Listing-day close
₹666.65
Latest price
₹316.70
Close on 23 Oct 2026
Listing gain
+58.74%
Return since issue
-20.83%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 15 Feb 2021 – 17 Feb 2021
- Listing date
- 25 Feb 2021
- Face value
- ₹10 per share
- Issue price
- ₹400 per share
- Lot size
- 35 shares
- Total issue size
- ₹100 Cr
- Market cap at offer price
- ₹400 Cr
- Promoter holding
- 93.33% → 70.00% pre-issue → post-issue
- ISIN
- INE0DSF01015
- Registrar
- MUFG Intime India Pvt.Ltd.
- Lead managers
- ITI Capital Ltd.
- Registered office
- 128 Gala Number Udyog Bhavan, 1st Floor Sonawala Lane, Goregaon (East), Maharashtra
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 11,13,750 | — | — |
| Market maker | 0 | — | — |
Application size
Minimum 35 shares per lot, in multiples, at ₹400
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 35 | ₹14,000 |
| Retail (max) | 14 | 490 | ₹1,96,000 |
| S-HNI (min) | 15 | 525 | ₹2,10,000 |
| S-HNI (max) | 71 | 2,485 | ₹9,94,000 |
| B-HNI (min) | 72 | 2,520 | ₹10,08,000 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Shares allocated
11,13,750
Anchor portion
₹44.55 Cr
at ₹400 per share
Valuation and performance
Valuation at offer price
₹400 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| Market cap | — | ₹400 Cr |
About Nureca Limited
Nureca Limited was incorporated on November 2, 2016 and converted to a public limited company on July 8, 2020. The company is a digital-first B2C business that enables customers with tools to monitor chronic ailments and other diseases to improve their lifestyle. It operates in the home healthcare and wellness products sector, selling through e-commerce players, distributors, retailers, and its own website drtrust.in. The company believes in innovation and catering new products to the growing needs of the home healthcare sector. Pursuant to a Scheme of Arrangement under section 230 to 232 of the Companies Act, 2013, the company acquired the specified undertaking from Nectar Biopharma Private Limited, which expanded its product portfolio and operations.
Company Analysis
from RHPNureca Limited is a B2C company engaged in the business of home healthcare and wellness products, offering quality, durability, and innovative designs across the home health market.
Nureca Limited was incorporated on November 2, 2016 and converted to a public limited company on July 8, 2020. The company is a digital-first B2C business that enables customers with tools to monitor chronic ailments and other diseases to improve their lifestyle. It operates in the home healthcare and wellness products sector, selling through e-commerce players, distributors, retailers, and its own website drtrust.in. The company believes in innovation and catering new products to the growing needs of the home healthcare sector. Pursuant to a Scheme of Arrangement under section 230 to 232 of the Companies Act, 2013, the company acquired the specified undertaking from Nectar Biopharma Private Limited, which expanded its product portfolio and operations.
home healthcarewellness productsmedical devices
Objects of the Issue
- Funding incremental working capital requirements of our Company ₹750.00 million p.21
- General corporate purposes p.21
- Funding incremental working capital requirements of our Company ₹750.00 million p.73
- General corporate purposes [●] million (not to exceed 25% of Gross Proceeds) p.75
Issue Structure
- Total Issue
- Up to ₹1,000.00 million
- Face Value
- ₹10
Business Model
Nureca operates as a B2C company in home healthcare and wellness products. It sells its products through online channel partners such as e-commerce players, distributors and retailers, as well as through its own website drtrust.in. The company does not manufacture products itself but obtains all products from third-party manufacturers. The company primarily relies on digital and online distribution channels for reaching its customers.
Business Segments
The company offers quality, durability, functionality, usability and innovative designs in home healthcare and wellness products. It enables customers with tools to help them monitor chronic ailments and other diseases, to improve their lifestyle. The company sells through online channel partners such as e-commerce players, distributors and retailers and through its own website drtrust.in.
Marketing of products such as BP monitor, nebulizer, pulse oximeter, thermometer, glucometer and portable ECG machine that enable users to effectively monitor chronic ailments
Products under Orthopedic category such as electric massagers, wheelchairs and walkers that offer restorative, wellbeing and personal care products
Products under Mother and Child Care category which offers mother care and child care products to enhance the parenthood experience
Products such as fish oil, multivitamins, probiotics, biotin, apple cider and vinegar
Products such as smart scales, aroma diffusers and fitness tracker
Detects oxygen level in blood with audio-visual indications and instant results on large display for individual and professional users
Markets variety of accurate thermometers and infrared temperature guns including temporal artery, forehead, infrared and non-contact thermometers for children and adults
Provides blood-sugar monitoring solutions including glucose meters, lancets and other items designed for easy use and accurate checking of blood-sugar level at home
Device that directly measures electrical activity of the heart as waveforms with FDA clearance; includes the Dr. Trust Smart ECG Pen with advanced sensor requiring no patches or wires
Provides user-friendly rehabilitation and support products including immobilizers, walkers, wheelchairs, lumbar support, tailbone support and other products to aid recovery from injuries and accidents
Engaged in marketing of foot massagers, neck massagers and body massagers that provide relief and help soothe sore muscles and joint pain
Engaged in marketing of products such as breast pumps, mother care and child care products including sterilizers, bottle warmers, car seats and carry cots
Provides dietary products including vitamins, minerals, health and nutritional supplements such as fish oil, probiotics, vitamins, proteins, mass gainers, immunity boosters and collagen peptides
Provides weighing scales with error-free measurements and smart composition scales using Biometric Impedance Analysis technology that connect to phones via Bluetooth
Provides premium quality humidifiers and steamers in different designs, colors and sizes that help manage dry skin, sinus, asthma and respiratory issues
Provides fitness trackers that track activities and body composition, display steps, calories, distance and activity time; also markets fitness equipment for home workout including exercise mats, AB wheels and foam rollers
Products such as blood pressure monitors, pulse oximeters, thermometers, nebulizers, self monitoring glucose devices, humidifier and steamers
Rehabilitation products such as wheelchairs, walkers, lumbar and tailbone supports and physiotherapy electric massagers
Products such as breast pumps, bottle sterilizers, bottle warmers, car seats and baby carry cots
Products such as fish oil, multivitamins, probiotics, botin, apple cider and vinegar
Products such as smart scales, aroma diffusers and fitness tracker
Designs, manufactures, and markets chronic device products, orthopedic products, mother and child products, nutrition supplements, and lifestyle products
SWOT Analysis
Strengths
- • Digital-first business model with online distribution channels(p.21)
- • Strong revenue growth trajectory(p.32)
- • Established intellectual property portfolio(p.33)
- • Established brand recognition across multiple categories(p.35)
- • Strong portfolio with focus on quality and innovation(p.109)
- • Asset light business model enabling scalability(p.109)
- • Technical expertise combined with understanding of Indian consumer preference(p.109)
- • Experienced Promoter and management team with domain expertise(p.109)
- • Rapid revenue growth trajectory(p.108)
- • Digital-first business model with 95% e-commerce revenue(p.117)
- • ISO 9001:2015 certification for quality management(p.118)
- • Diversified product portfolio across multiple health and wellness categories(p.113)
- • In-house manufacturing facility with quality control capabilities(p.115)
- • Recognized brand with industry appreciation(p.126)
- • 64 trademark registrations and strong IP portfolio(p.119)
- • Diversified product portfolio across home healthcare segments(p.214)
- • Strong revenue growth trajectory with consistent CAGR(p.215)
- • Profit growth demonstrating operational efficiency and profitability(p.215)
- • Significant profitability in recent period demonstrating strong execution(p.215)
- • Digital-first business model with multiple distribution channels(p.214)
- • Innovative product development capabilities(p.215)
Weaknesses
- • Heavy dependence on limited channel partners for revenue(p.28)
- • Single-source vendor risk for key products(p.27)
- • Negative cash flows in certain periods(p.30)
- • Unsecured loans subject to recall(p.30)
- • Limited operating and financial history(p.32)
- • Income tax department search and seizure operations on Promoter and family(p.28)
- • Significant working capital requirements(p.32)
- • Dependence on few customers and concentrated revenue through online channels(p.106)
- • Reliance on third-party vendors for product manufacturing(p.109)
- • Limited distribution footprint outside eCommerce(p.110)
- • Low manufacturing capacity utilization at only 20% of installed capacity(p.116)
- • Heavy dependence on outsourced manufacturing(p.116)
- • Limited number of employees with only 74 full-time staff as of December 2020(p.119)
- • Reliance on third-party logistics providers(p.118)
- • Limited in-house product development with reliance on contracted manufacturers(p.116)
- • High dependence on third-party distribution channels with limited control(p.216)
- • Exposure to significant unsecured borrowings(p.213)
- • Vulnerability to inventory management and demand fluctuations(p.216)
- • Recent corporate restructuring and related party transactions creating complexity(p.203)
- • Provident fund compliance delays(p.248)
Opportunities
- • Large and growing home health market in India(p.21)
- • Expansion of product portfolio into new complementary categories(p.35)
- • Geographic market saturation and expansion(p.35)
- • Increased demand for home healthcare during health crises(p.32)
- • Massive addressable market with strong growth trajectory(p.108)
- • Expansion into offline retail channel(p.106)
- • COVID-19 driven acceleration in home healthcare adoption(p.108)
- • Product innovation and new app-based connected device offerings(p.110)
- • Expansion into Lifestyle and Nutrition segments(p.106)
- • Diversification into new geographies beyond current focus(p.110)
- • Expansion into offline distribution channels from current 95% online revenue base(p.117)
- • Growing market for home healthcare and wellness products(p.113)
- • Product diversification across mother and child care, nutritional supplements, and lifestyle products(p.114)
- • Scaling manufacturing capacity without significant capital investment through outsourcing(p.116)
- • Expansion of smart and connected wellness products(p.114)
- • Large and growing home healthcare market with substantial CAGR(p.215)
- • Rising healthcare awareness and increasing consumer spending(p.215)
- • Expansion into under-penetrated geographies with growing distribution network(p.216)
- • Opportunity to enhance product portfolio and market presence(p.215)
- • Digital marketing and brand awareness expansion potential(p.215)
Threats
- • Supply chain disruption risk from third-party manufacturers(p.27)
- • Intense competition in home healthcare devices market(p.35)
- • Regulatory changes and approval uncertainties(p.36)
- • COVID-19 pandemic impact on operations and supply chain(p.37)
- • Counterfeiting and brand imitation risk(p.35)
- • Foreign exchange rate fluctuations(p.38)
- • Macroeconomic slowdown and recession risk(p.46)
- • Highly fragmented and competitive market with low barriers to entry(p.90)
- • Uncertainty about accuracy of consumer-grade products(p.91)
- • Absence of insurance coverage for home health products(p.91)
- • Economic and industry cyclicality affecting consumer spending(p.87)
- • Dependence on effective regulatory compliance and approvals(p.109)
- • Intense competition from larger global and local players with greater resources(p.118)
- • Fragmented market with over 50 competitors, mostly generic products(p.118)
- • Risk of new market entrants with established distribution networks(p.118)
- • Regulatory compliance requirements in pharmaceuticals and medical devices(p.120)
- • Product liability and consumer protection exposure(p.121)
- • Currency and commodity price fluctuations affecting input costs(p.117)
- • COVID-19 pandemic and its continued economic impact(p.215)
- • Vulnerability to technology disruption and changing industry landscape(p.216)
- • Dependence on new product investments which may not be profitable(p.216)
- • Risk of supply chain disruptions beyond company control(p.217)
- • Income tax search and seizure operations against promoters(p.203)
- • Income tax search and seizure operations against promoter(p.251)
- • Income tax search and seizure operations against director(p.252)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Saurabh Goyal | Promoter | 46.67% | — |
| Payal Goyal | Promoter Group | 46.67% | — |
| Aryan Goyal | Promoter Group | 0.00% | — |
| Smita Goyal | Promoter Group | 0.00% | — |
| Nectar Biopharma Private Limited | Promoter Group | 0.00% | — |
| Saurabh Goyal | Promoter | 46.67% | — |
| Payal Goyal | Promoter Group | 46.67% | — |
| Saurabh Goyal | Promoter | 46.67% | — |
| Payal Goyal | Promoter Group | 46.67% | — |
| Saurabh Goyal | Promoter/Managing Director | 50.00% | — |
| Payal Goyal | Promoter | 50.00% | — |
| Saurabh Goyal | Promoter | — | — |
| Aryan Goyal | Promoter Group | — | — |
| Payal Goyal | Promoter Group | — | — |
| Smita Goyal | Promoter Group | — | — |
Leadership
Saurabh Goyal · Chairman and Managing Director
Aryan Goyal · Chief Executive Officer
Sakshi Mittal · Chief Financial Officer
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.
Nureca Limited IPO FAQs
What is the lot size of Nureca Limited IPO?
The minimum lot size of Nureca Limited IPO is 35 shares. One lot costs ₹14,000 at the cut-off price.
When does Nureca Limited IPO open and close?
Nureca Limited IPO opened for subscription on 15 Feb 2021 and closed on 17 Feb 2021.
What is the listing date of Nureca Limited IPO?
Nureca Limited IPO listed on 25 Feb 2021.