Investors have one final opportunity today, December 24, to subscribe to the initial public offering (IPO) of Gujarat Kidney & Super Speciality. The mainboard public offering, which commenced on December 22, will close its subscription window at the end of trading hours. The company has fixed a price band of ₹108 to ₹114 per share for its ₹250.80 crore issue.
IPO Details and Timeline
The IPO is entirely a fresh issue of 2.20 crore shares with no offer-for-sale component. The allotment process is expected to be finalized on Friday, December 26, 2025. Successful applicants will likely see shares credited to their Demat accounts on Monday, December 29. Refunds for those not allotted shares will also be processed on the same day. The stock is tentatively scheduled to make its debut on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) on Tuesday, December 30, 2025.
For retail investors, the lot size is set at 128 equity shares. This translates to a minimum investment of ₹14,592 at the upper price band of ₹114 per share.
Investor Sentiment and Subscription Status
Market sentiment appears cautious. The grey market premium (GMP), which reflects the premium investors are willing to pay over the issue price, has declined. As of December 24, the GMP stood at ₹2.5, down from ₹3.5 in the previous session. This suggests a potential listing price of around ₹116.5, a modest premium of 2.19% over the upper price band.
Regarding subscription, the issue was subscribed 2.72 times overall by the end of the second day. Demand has been strongest from retail investors, with their portion subscribed 10.70 times. The Non-Institutional Investors (NII) category was booked 2.97 times, while Qualified Institutional Buyers (QIBs) showed muted interest with their portion receiving only 0.34 times bids. In total, the company has received bids for 3.59 crore shares against the 1.32 crore shares on offer.
Ahead of the public issue, the company secured over ₹100 crore from anchor investors. A total of 87,73,120 equity shares were allotted to anchors at ₹114 per share. Notable anchor investors included Venus Stellar Fund, Khandelwal Finance, and Nexus Global Opportunities Fund, among others.
Brokerage Views: A Mixed Bag
Leading brokerage firms have offered divergent opinions on the IPO, ranging from neutral to subscribe.
SBI Securities adopted a cautious stance, assigning a 'neutral' rating. The brokerage acknowledged Gujarat Kidney's position as a mid-sized multispeciality hospital chain in central Gujarat, operating seven hospitals and four pharmacies. It highlighted the company's impressive financial growth in FY25, where revenue surged 742.9% to ₹40.2 crore, EBITDA jumped 748.2% to ₹16.5 crore, and profit after tax grew 449.2% to ₹9.4 crore. However, SBI Securities expressed concerns about valuation, concluding the company is fairly valued.
In contrast, BP Equities recommended a 'subscribe' rating. The brokerage is optimistic about the company's prospects, citing rising demand for chronic and specialty healthcare, planned expansion, and growing insurance penetration. BP Equities noted the issue is valued at a P/E multiple of 61.6 times its FY25 earnings but believes the growth outlook supports this valuation.
Use of Proceeds and Company Overview
The company has outlined clear objectives for the IPO proceeds in its Red Herring Prospectus (RHP). The funds will be utilized for strategic expansion and strengthening its balance sheet.
- ₹77 crore allocated for the acquisition of Parekhs Hospital in Ahmedabad.
- ₹12.40 crore earmarked as part payment for Ashwini Medical Centre.
- ₹10.78 crore proposed for acquiring additional equity in subsidiary Harmony Medicare Pvt. Ltd.
- ₹30.09 crore to fund a new hospital in Vadodara.
- ₹6.82 crore for purchasing robotics equipment.
- ₹1.20 crore for repayment of borrowings.
Any remaining amount will be used for general corporate purposes. Gujarat Kidney & Super Speciality is a Gujarat-based healthcare provider with a network offering close to 490 beds. For the April-June quarter of FY26, the company reported a net profit of ₹5.40 crore. Its financial performance showed significant improvement in FY25, with revenue climbing to ₹40.24 crore from ₹4.77 crore in FY24.
The book-running lead manager for the IPO is Nirbhay Capital Services, and the registrar is MUFG Intime India Pvt. Ltd. Investors are advised to consult certified experts before making any final investment decisions.
