Severeconcentrationpage 26
Extreme customer concentration: top 10 = 81.76% of revenue
Top 10 Customer 17,509.03 81.76% 6,493.08 83.31% 6,658.53 87.92%
ListedSMEHospital & Healthcare ServicesCREDENT
Credent Connect N Care IPO
Credent Connect N Care IPO is an SME IPO raising ₹94 Cr at ₹179 – ₹189 a share. It listed on 20 Aug 2026 at ₹359, +90.0% against its issue price of ₹189, and trades at ₹362 today (+91.7% since issue). It was subscribed 178× in total.
₹189
Issue price
₹362
Price now
+91.7%
Since issue price
20 Aug 2026
Listed on
178×Subscribed (final) · all exchanges
178.1 times more demand than shares on offer
populated partly populated we hold nothing here — the tab says why
What the prospectus says could go wrong
Read from the 324-page prospectus. Indian prospectuses list hundreds of risk factors, most of them generic boilerplate. These are the 14 specific to this company; 254 generic ones were skipped. Every one is quoted verbatim with its page, so you can check it against the document.
Severepromoterpage 37
Promoter was on disqualified directors list for 5 years
Our Promoter & Non-Executive Director Ashok Kumar Sharma, was appearing in the list of disqualified directorships from November 01, 2016 to October 31, 2021 by Registrar of Companies, Delhi (ROC Delhi) under Section 164(2)(a)
Severeregulatorypage 41
Massive systemic statutory non-compliance (PF, ESIC, GST delays)
there have been instances in the past where certain statutory filings, including GST, EPF and ESIC returns, were delayed... 20 instances of PF delays, multiple ESIC delays across 20+ cities, GST-3B delays
Severefinancialpage 38
Trade receivables surged over 3x with rising overdue amounts
outstanding trade receivables of ₹ 5,882.73 lakhs, ₹ 1,790.55 lakhs and ₹ 1,901.68 lakhs respectively, of which ₹ 365.27 lakhs, ₹ 113.09 lakhs and ₹ 55.70 lakhs, respectively, represents due outstanding for more than six months
Highfinancialpage 36
PAT margin collapsed from 4.51% to 2.88% in FY25
Our PAT Margin decreased from 4.51% in Fiscal 2023 to 3.52% in Fiscal 2024 and further to 2.88% in Fiscal 2025
Highfinancialpage 34
Negative operating cash flow of ₹662.34 lakhs in FY26
Net Cash flow from/(used in) Operating Activities (662.34) 548.10 80.93
Highfinancialpage 29
Material subsidiary Alltrak posted ₹220.16L loss; Credent Team also loss-making
Alltrak Technologies Private Limited... Profit/(loss) after tax 199.64 (124.69) (220.16)
Highregulatorypage 37
Statutory auditor flagged internal financial controls weakness
The company needs to formally document the policies and procedure adopted for internal financial controls system over financial reporting
Highpromoterpage 37
Promoters gave personal guarantees securing company borrowings
Our Promoters Ashok Kumar Sharma & Dimple Sharma has provided personal guarantees to secure a significant portion of our existing borrowings
Highoperationalpage 26
Liability for loss/contamination of diagnostic samples in transit
samples may be exposed to risks such as loss in transit, leakage, breakage of containers, contamination, mislabelling, or temperature deviations
Highoperationalpage 28
Risk of fraud/misconduct by unsupervised field personnel at patient homes
we are exposed to risks arising from misconduct, fraud, negligence or theft by such personnel
Highfinancialpage 39
Nearly half of total debt is callable unsecured loans
the unsecured loans of our Company that may be recalled at any time by the lenders aggregated to ₹ 1,091.20 lakhs, which constituted approximately 47.42 % of the total indebtedness
Highoperationalpage 27
Large workforce of 6,338 with 2,286 contract employees and high attrition
we had an aggregate workforce of 6,338 employees (including employees of our material subsidiary), of whom 2,286 were contract employees engaged across our operations
Highfinancialpage 56
Significant goodwill from recent acquisitions creates impairment risk
Acquisition of subsidiary net of cash and cash equivalent (1,084.01)... Goodwill on Consolidation 234.62
Extracted from the issuer’s own prospectus and ranked by how specific and material each risk is to this company. Severity is our assessment of the disclosure, not a prediction — and nothing here is a recommendation to apply to this issue.
What’s in court
The issuer’s own summary of outstanding legal proceedings — SEBI requires this table in every prospectus. Counts and amounts are as disclosed; the disclosed aggregate at stake is ₹0.6 Cr.
| Against | Criminal | Tax | Other material | Amount at stake |
|---|---|---|---|---|
| The company | 0 | 2 | 0 | ₹0.6 Cr |
| Promoters | 0 | 0 | 0 | — |
| Directors | 0 | 0 | 0 | — |
| Subsidiaries | 0 | 0 | 0 | — |
| Group companies | 0 | 0 | 0 | — |
case₹0.6 Crpage 242
Company (Credent Connect N Care Ltd) vs Sales Tax Officer, Ward 102, Zone 9, Delhi – Appeal dated Feb 24, 2025 before Appellate Authority against GST demand order (Form GST DRC-07, Demand Ref. No. ZD070824085120I dated Aug 24, 2024) for FY 2019-20 alleging under-declaration of output tax, excess/ineligible ITC (incl. blocked credits under Section 17(5), ITC from cancelled dealers/defaulters); aggregate demand of ₹53.85 lakhs (tax ₹27.79L + interest ₹23.21L + penalty ₹2.86L); 10% pre-deposit of ₹2.78 lakhs paid.
Amounts converted from ₹ lakhs to ₹ crore (62.11 lakhs = 0.6211 crore). Promoters and Directors combined in same table showing zero cases. Subsidiaries listed (Credent Healthcare Pvt Ltd) but no litigation disclosed in this section. No Group Companies exist per p254. Only outstanding proceeding on the Company is the indirect-tax (GST) appeal aggregating 2 cases/₹62.11 lakhs.. Outstanding means unresolved — a listed case is an exposure, not a verdict.
Source documents
What the issuer and the exchanges published. Everything else on this tab is read out of these.
Prospectus on SEBI ↗
The full prospectus — business, financials, risk factors and litigation.
Anchor investor allocation ↗
Which institutions were allotted shares before bidding opened, and how many.
Basis of issue price (peer ratios) ↗
The issuer's own "basis of issue price": the earnings multiples it is asking for, and the peer companies it chose to compare itself against.
Red Herring Prospectus ↗
The full prospectus — business, financials, risk factors and litigation.