Gujarat Kidney and Super Speciality IPO

 Gujarat Kidney and Super Speciality IPO Subscribed 1.47 times on Day 1; Retail Portion Booked 4.70x

The Initial Public Offering of Gujarat Kidney and Super Speciality Limited was subscribed 1.47 times on the first day of bidding, demonstrating strong demand from retail and non-institutional investors for this IPO.

The issue received bids of 1,94,73,280 equity shares against the offered 1,32,26,880 equity shares, according to data available on the stock exchanges.

Retail Portion and Non-institutional portion were subscribed 4.7 and 1.97 times respectively. Qualified Institutional Investors was subscribed 0.34 times.

The issue kicked off for subscription on Monday, December 22, 2025 and will close for subscription on Wednesday, December 24, 2025.

A day before the opening of the issue, Gujarat Kidney and Super Speciality had raised Rs 100 crore from anchor investors. 

Some of the marquee institutions that participated in the anchor include 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.

Leading brokerage firms like Adroit Financial, BP Wealth, Lakshmishree and Stoxbox have given a “Subscribe” rating to the issue highlighting the company has a strong presence across central, north and south Gujarat and, on a consolidated basis, operates seven hospitals and four in-hospital pharmacies, with a total bed capacity of approximately 490 beds, approved beds of nearly 445, and operational beds of approximately 340 as of June 30, 2025. The integrated care model, supported by in-house diagnostics, ICUs, HDUs and pharmacies, enables improved clinical outcomes, higher patient retention and operational efficiencies.

The company has strategically focused on under-penetrated healthcare markets within Gujarat, leveraging its deep understanding of regional patient behaviour and the medical ecosystem.

On the valuation front, at the upper end of the price band at Rs. 114, the company is valued at a P/E multiple of 61.6 times of FY25 earnings, and we recommend a subscribe rating.

Company Information
Gujarat Kidney and Super Speciality is a regional healthcare provider based in central Gujarat, operating a chain of mid-sized, multi-specialty hospitals that deliver integrated healthcare services with a focus on secondary and tertiary care. 

The company operates seven multi-specialty hospitals and four in-hospital pharmacies, including Gujarat Kidney and Superspeciality Hospital (Vadodara), Gujarat Multispeciality Hospital (Godhra), Raj Palmland Hospital Private Limited (Bharuch), Surya Hospital and ICU (Borsad), Gujarat Surgical Hospital (Vadodara), Ashwini Medical Centre and Ashwini Medical Store (Anand), and Apex Multispeciality & Trauma Center (Bharuch). 

Collectively, these facilities have a total bed capacity of 490 beds, with an approved bed capacity of 445 beds and an operational bed capacity of 340 beds. The company classifies its offerings into secondary care services, comprising surgical procedures, and tertiary care services, which include super-specialty surgical treatments. 

Its hospitals provide integrated diagnostic services, primarily in-house, along with pharmacy services catering to patients. The company has strategically focused on relatively underpenetrated healthcare markets in Gujarat, with a presence across four cities, enabling it to develop a strong understanding of regional dynamics, patient preferences, and medical practitioner practices, while addressing the shortage of quality and affordable healthcare services in these regions.

Nirbhay Capital Services Private Limited is the book-running lead manager and MUFG Intime India Limited is the registrar of the offer.

The table below shows subscription data for all the categories of investors:

Gujarat Kidney and Super Speciality Limited Last updated on 22 Dec 2025 | 05:00:00 PM Sr.No. Category No.of shares offered / reserved No. of shares bid for No. of times of total meant for the category 1 Qualified Institutional Buyers (QIBs) 77,26,880 26,40,768 0.34 1(a) Foreign Institutional Investors (FIIs) - 17,56,288 - 1(b) Domestic Financial Institutions(Banks/ Financial Institutions(FIs)/ Insurance Companies) - - - 1(c) Mutual Funds - - - 1(D) Others - 8,84,480 - 2 Non Institutional Investors(NIIS) 33,00,000 64,86,400 1.97 2.1 Non Institutional Investors(Bid amount of more than Ten Lakh Rupees) 22,00,000 54,47,424 2.48 2.1(a) Corporates - 17,664 - 2.1(b) Individuals (Other than RIIs) - 52,79,616 - 2.1(c) Others - 1,50,144 - 2.2 Non Institutional Investors(Bid amount of more than Two Lakh Rupees and upto 10 lakh rupees) 11,00,000 10,38,976 0.94 2.2(a) Corporates - 8,064 - 2.2(b) Individuals (Other than RIIs) - 10,12,480 - 2.2(c) Others - 18,432 - 3 Retail Individual Investors (RIIs) 22,00,000 1,03,46,112 4.70 3(a) Cut Off - 90,01,472 - 3(b) Price Bids - 13,44,640 - 4 Employee Reserved - - - 4(a) Employee (Cut off) - - - 4(b) Employee (Price) - - - 5 Reservation PortionShareholder - - - 5(a) RPS (Cut off) - - - 5(b) RPS (Price) - - - Total 1,32,26,880 1,94,73,280 1.47