Gujarat Kidney IPO Day 3: Today is the last day to subscribe to the initial public offering (IPO) of Gujarat Kidney & Super Speciality.
The mainboard public offering, which opened on December 22, has set its price band in the range of ₹108-114 per share.
The ₹250.80 crore IPO of the multispeciality healthcare service provider is entirely a fresh issuance of 2.20 crore shares with no offer-for-sale (OFS) component.
The allotment of the issue is expected to be finalised on Friday, December 26, 2025, while successful applicants are likely to receive their shares in their Demat accounts on Monday, December 29. Refunds for non-allottees will also be processed on the same day. Gujarat Kidney share is scheduled to debut on the BSE and NSE with a tentative listing date of December 30, 2025.
Gujarat Kidney IPO GMP Today
Investor sentiment toward the IPO is muted, as Gujarat Kidney grey market premium (GMP) has fallen to ₹2.5 as of December 24 from ₹3.5 in the previous session. This GMP indicates that the stock will likely debut at ₹116.5, a premium of 2.19% over the IPO price of ₹114.
‘Grey market premium’ indicates investors’ readiness to pay more than the issue price.
Gujarat Kidney IPO subscription status
The IPO was subscribed 2.72x by the end of Day 2. The retail portion was subscribed 10.70x, and NII portion was booked 2.97x. Meanwhile, the Qualified Institutional Buyers (QIBs) portion had received 0.34x bids.
The company has received bids for 3.59 crore shares against 1.32 crore shares on offer.
Gujarat Kidney IPO: Should you subscribe?
Brokerage firms have offered a mixed view on the Gujarat Kidney & Super Speciality IPO, with recommendations ranging from neutral to subscribe, as they weigh the company’s sharp growth against valuation concerns.
In its note, SBI Securities said Gujarat Kidney & Super Speciality is a mid-sized multispeciality hospital chain with operations concentrated in central Gujarat. The company runs seven multispeciality hospitals and four in-house pharmacies, providing both secondary care and tertiary, super-speciality surgical services. SBI Securities highlighted the company’s expansion plans, noting, “It is planning to acquire Parekh’s Hospital in Ahmedabad, which has a capacity of 49 beds.”
The brokerage also pointed to the company’s strong financial performance in FY25. During the year, Gujarat Kidney reported revenue of ₹40.2 crore, EBITDA of ₹16.5 crore and profit after tax of ₹9.4 crore, reflecting year-on-year growth of 742.9%, 748.2% and 449.2%, respectively. However, SBI Securities remained cautious on valuation and said, “We believe the company is fairly valued and hence assign a neutral rating to the issue.”
BP Equities, on the other hand, struck a more positive tone on the IPO. The brokerage said Gujarat Kidney’s outlook is supported by rising demand for chronic and speciality healthcare, planned expansion in bed capacity and services, growing insurance penetration and continued government support for healthcare in Gujarat. Commenting on valuations, BP Equities noted, “The issue is valued at a P/E multiple of 61.6 times FY25 earnings. We, thus, recommend a subscribe rating for this issue.”
Gujarat Kidney IPO: Lot Size, Objectives and other details
As outlined in the RHP, the company has detailed multiple uses for the IPO proceeds. Gujarat Kidney said it plans to allocate ₹77 crore towards the acquisition of Parekhs Hospital in Ahmedabad, while ₹12.40 crore will be utilised as part payment for the purchase of Ashwini Medical Centre.
The RHP further stated that ₹10.78 crore is proposed to be invested in acquiring additional equity in its subsidiary, Harmony Medicare Pvt. Ltd. Separately, the company has earmarked ₹30.09 crore to fund capital expenditure for setting up a new hospital in Vadodara. The issue proceeds will also be used to acquire robotics equipment valued at ₹6.82 crore and to repay borrowings amounting to ₹1.20 crore. Any remaining funds will be deployed for general corporate purposes.
Moreover, the lot size for the issue is 128 equity shares, this means a retail investor will have to invest a minimum of ₹14,592 for 1 lot at the upper end of the price band.
Ahead of the public issue opening, Gujarat Kidney disclosed that it mobilised more than ₹100 crore from anchor investors. Exchange data showed that the company allotted 87,73,120 equity shares to anchor participants at an issue price of ₹114 per share.
The anchor segment attracted a wide set of institutional investors, including Venus Investments VCC – Venus Stellar Fund, Khandelwal Finance Private Limited, Craft Emerging Market Fund PCC Citadel Capital Fund, Nexus Global Opportunities Fund, Arnesta Global Opportunities Fund PCC – Arnesta Global Fund 1, Zeta Global Funds – Zeta Series C Fund PC, Innovative Vision Fund, Religo Commodities Ventures Trust and Sunrise Investment Trust.
According to the issue structure, at least 75% of the net offer has been earmarked for Qualified Institutional Buyers, while up to 15% has been reserved for Non-Institutional Investors. Retail investors have been allocated up to 10% of the net issue.
Nirbhay Capital Services has been appointed as the book-running lead manager for the IPO, while MUFG Intime India Pvt. Ltd, earlier known as Link Intime India, will act as the registrar to the issue.
About Gujarat Kidney
The Gujarat-based healthcare company operates as a secondary and tertiary care provider with a presence across multiple locations in the state. Gujarat Kidney runs a network of seven multispeciality hospitals along with four pharmacies, together offering close to 490 beds.
Financially, the RHP showed that the company reported a net profit of ₹5.40 crore in the April-June quarter of FY26. For the full year, profit rose sharply to ₹9.49 crore in FY25, compared with ₹1.71 crore recorded in FY24. Revenue from operations stood at ₹15.26 crore in the April-June quarter of FY26. On an annual basis, the company reported revenue of ₹40.24 crore in FY25, a significant jump from ₹4.77 crore in FY24.