The initial public offering (IPO) of Gujarat Kidney & Super Speciality, a multispeciality healthcare provider, opened for public subscription on Monday, December 22, 2025. The three-day offer will close on Wednesday, December 24. This marks a significant step for the Gujarat-based hospital chain as it seeks to tap the capital markets for expansion funding.
IPO Details, Price Band, and Key Dates
The company has set a price band of ₹108 to ₹114 per share for its public issue. This is entirely a fresh issue of 2.20 crore equity shares, with no offer for sale component from existing promoters or shareholders. Through this offering, Gujarat Kidney aims to raise ₹250.80 crore.
For retail investors, the lot size is set at 128 shares. This means the minimum investment required is ₹13,824 at the lower price band and ₹14,592 at the upper end.
The allotment of shares is tentatively scheduled for Friday, December 26, 2025. Successful allottees can expect the shares to be credited to their demat accounts by Monday, December 29. Refunds for those who do not receive an allotment will also be initiated on the same day. The stock is expected to make its trading debut on both the BSE and NSE on Tuesday, December 30, 2025.
Use of Proceeds and Financial Snapshot
The company has outlined specific plans for the capital raised from the IPO. A significant portion, ₹77 crore, is earmarked for the acquisition of Parekhs Hospital located in Ahmedabad. Another ₹12.40 crore will be used for part-payment towards purchasing Ashwini Medical Centre.
Furthermore, ₹10.78 crore is proposed for acquiring additional equity in its subsidiary, Harmony Medicare Pvt. Ltd. The company has also allocated ₹30.09 crore for capital expenditure on a new hospital project in Vadodara. Other planned uses include purchasing robotics equipment worth ₹6.82 crore, repaying borrowings of ₹1.20 crore, with the remaining funds reserved for general corporate purposes.
Financially, the company has shown robust growth. For the full year FY25, it reported a net profit of ₹9.49 crore, a substantial jump from ₹1.71 crore in FY24. Revenue from operations stood at ₹40.24 crore in FY25, compared to just ₹4.77 crore in the previous fiscal. In the first quarter of FY26 (April-June), it posted a net profit of ₹5.40 crore on revenue of ₹15.26 crore.
Anchor Investment, Allocation, and Market Sentiment
Ahead of the public issue, Gujarat Kidney secured strong backing from institutional investors. It raised over ₹100 crore from anchor investors by allotting 87,73,120 shares at ₹114 apiece. The anchor book featured prominent names like Venus Investments, Nexus Global Opportunities Fund, Arnesta Global Opportunities Fund, and Religo Commodities Ventures Trust.
In terms of quota allocation, not less than 75% of the net issue is reserved for Qualified Institutional Buyers (QIBs). Up to 15% is set aside for Non-Institutional Investors (NIIs), and the remaining 10% is for retail individual investors.
Market sentiment appears positive, as indicated by the grey market premium (GMP). On the opening day, the Gujarat Kidney IPO GMP was ₹7. This suggests the shares are expected to list at around ₹121, which would be a premium of approximately 6.14% over the upper price band of ₹114.
Should You Subscribe? Analysts Advise Caution
While the GMP indicates short-term bullishness, brokerage firm Swastika Investmart has urged investors to be cautious. In its IPO note, it highlighted that the valuation appears aggressive at around 61 times price-to-earnings (P/E), which is notably higher than most listed hospital peers.
The brokerage pointed out that the company's smaller scale increases operational risk, and any delays in execution or challenges in integrating the proposed acquisitions could significantly impact earnings. It suggested that conservative and medium-term investors might consider waiting for clearer price discovery after the stock lists before taking any exposure.
Nirbhay Capital Services is the book-running lead manager for the issue, and MUFG Intime India Pvt. Ltd. is the registrar. Gujarat Kidney currently operates seven multispeciality hospitals and four pharmacies with nearly 490 beds across multiple locations in Gujarat.
