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Gujarat Kidney IPO Explained: Hospital Network, Expansion Strategy & What Investors Should Know
Gujarat Kidney & Super Speciality Ltd is entering the capital markets with a ₹250.80 crore fresh IPO focused on hospital expansion, acquisitions, and advanced medical technology. Here’s a simplified breakdown of the IPO structure, growth strategy, and key investor takeaways.
Written by: SERNET Research Team
Table of Content
Gujarat Kidney & Super Speciality Ltd
Gujarat Kidney & Super Speciality Ltd is a super speciality hospital with focus on kidney related ailments including diagnosis, treatment, secondary and tertiary care etc. The healthcare outfit is spread across various centres in the state of Gujarat. It has a total 7 multispecialty hospitals and 4 pharmacies as part of its healthcare portfolio. It has total capacity of 490 beds with operating capacity of 340 beds as of date. Some of its main multispecialty hospitals are located across Vadodara, Godhra, Bharuch, Borsad, and Anand. These centres undertake general treatments, surgical treatments as well as super speciality surgical procedures. The company has adopted an asset-light business model.
The IPO will entirely be a fresh issue of shares with no offer for sale component. The fresh issue funds will be used for the proposed acquisition of Parekh Hospital, part payment for Ashwini Medical Care, capex for setting up new hospital at Vadodara, Robotic equipment purchases and part prepayment of some of its borrowings. The promoters of the company are Dr Pragnesh Bharpoda, Dr Bharatben Bharpoda, Dr Yashwantsingh Bharpoda, and Anitaben Bharpoda. The issue is being lead-managed by Nirbhay Capital Private Ltd; while MUFG Intime India Private Ltd will be the registrars to the IPO.
Highlights of the IPO Issue
Here are the key highlights of the public issue of Gujarat Kidney & Super Speciality Ltd.
- The IPO of will be open from December 22nd, 2025 to December 24th, 2025. It has a face value of ₹2 per share and IPO price band is set in range of ₹108 to ₹114 per share.
- The IPO of Gujarat Kidney & Super Speciality Ltd will be entirely a fresh issue of shares with no offer for sale component in the IPO
- The fresh IPO portion comprises the issue of 2,20,00,000 shares (220.00 lakh shares), which at the upper price band of ₹114 per share translates into ₹250.80 crore.
- Since there is no OFS component, the overall IPO will also comprise of the fresh issue of 2,20,00,000 shares (220.00 lakh shares), which at the upper price band of ₹114 per share translates into total issue size of ₹250.80 crore.
The IPO of Gujarat Kidney & Super Speciality Ltd will be listed on the NSE and the BSE on the IPO mainboard. The anchor allocation happened a day ahead of IPO opening.
Key Dates, Investor Allocation, And Lot Sizes
Here are the key dates pertaining to the IPO of Gujarat Kidney & Super Speciality Ltd
| Event | Tentative Date |
| IPO Open Date | Monday, 22 December, 2025 |
| IPO Close Date | Wednesday, 24 December, 2025 |
| Basis of Allotment | Friday, 26 December, 2025 |
| Initiation of Refunds to non-allottees | Monday, 29 December, 2025 |
| Credit of Shares to Demat | Monday, 29 December, 2025 |
| Listing Date on NSE and BSE | Tuesday, 30 December, 2025 |
Data Source: Company RHP
Investors can apply either through their existing trading account or the ASBA application can be directly logged through the internet banking account. This can only be done through the authorized list of self-certified syndicate banks (SCSB).
The table below captures the gist of the allocation to various categories.
| Category of Investors | Allocation of shares | % Share |
| Reservation for Employees | Nil Shares | Not Applicable |
| Anchor Allocation | 87,73,120 shares | 39.88% of total IPO size |
| QIB Shares Offered | 77,26,880 shares | 35.12% of total IPO size |
| NII (HNI) Shares Offered | 33,00,000 shares | 15.00% of total IPO size |
| Retail Shares Offered | 22,00,000 shares | 10.00% of total IPO size |
| Total Shares Offered | 2,20,00,000 shares | 100.00% of Total IPO size |
Data Source: Security Parameters Filing (NSE)
The anchor portion, is carved out of the QIB portion and the QIB portion available in the IPO offer has been reduced proportionately. Please note that the above shares are final and may differ marginally from the original announcement, on account of last-minute adjustments based on demand. Here is a quick look at the lot sizes applicable for the IPO of Gujarat Kidney & Super Speciality Ltd for various categories of investors.
| Application | Lots | Shares | Amount |
| Retail (Min) | 1 | 128 | ₹ 14,592 |
| Retail (Max) | 13 | 1,664 | ₹ 1,89,696 |
| S-HNI (Min) | 14 | 1,792 | ₹ 2,04,288 |
| S-HNI (Max) | 68 | 8,704 | ₹ 9,92,256 |
| B-HNI (Min) | 69 | 8,832 | ₹ 10,06,848 |
It may be noted here that for the B-HNI category and for the QIB (qualified institutional buyer) category, there are no upper limits applicable. (1 Lot = 128 shares)
Financial Highlights
The table captures the key financials of Gujarat Kidney & Super Speciality Ltd for last 3 financial years.
| Particulars | FY25 | FY24 | FY23 |
| Net Revenues (₹ in crore) | 40.24 | 4.77 | 0.00 |
| Sales Growth (%) | 742.89% | N.A. | |
| Profit after Tax (₹ in crore) | 9.41 | 1.71 | 0.00 |
| PAT Margins (%) | 23.39% | 35.90% | N.A. |
| Total Equity (₹ in crore) | 25.94 | 10.80 | 0.37 |
| Total Assets (₹ in crore) | 55.34 | 20.53 | 3.87 |
| Return on Equity (%) | 36.29% | 15.86% | 0.00% |
| Return on Assets (%) | 17.01% | 8.35% | 0.00% |
| Asset Turnover Ratio (X) | 0.73 | 0.23 | 0.00 |
| Earnings per share (₹) | 1.85 | 0.49 | 0.00 |
| EBITDA (₹ in crore) | 16.55 | 1.95 | -0.63 |
| EBITDA Margins (%) | 41.12% | 40.86% | N.A. |
Data Source: Company RHP filed with SEBI (FY refers to Apr-Mar period)
The company, Gujarat Kidney & Super Speciality Ltd, has shown robust growth in the latest year, but that is the limited history that the company has in terms of financials. EBITDA margins and PAT margins are robust but we need to see how these margins when there is scale in the operations. Capacity utilization is quite low, as evident in the asset turnover.
Valuation Metrics
At the IPO price of ₹114 per share, the indicative P/E will work out to 61.6X at the latest year EPS of ₹1.85 per share. This is actually much higher than the average valuations of the peer group. Gujarat Kidney & Super Speciality Ltd does bring some advantages to the table. It has an asset light model, although that is not too evident in the asset turnover ratio of the company. Renal services is a huge demand area and that is likely to be the positive. However, the hospital will have to improve its capacity utilization and asset turnover to boost profits on a higher scale of business. Investors must look at scalability before investing.
A Brief on the Anchor Allocation
The anchor issue of Gujarat Kidney & Super Speciality Ltd saw a strong response on 19th December 2025 with 39.88% of the IPO size absorbed by anchors. Out of 2,20,00,000 shares (220.00 lakh shares) on offer in the IPO, anchors picked up 87,73,120 shares (87.73 lakh shares) accounting for 39.88% of the total IPO size. The entire anchor allocation was made at the upper end of the price band of ₹114 per share. This includes the face value of ₹2 per share plus a share premium of ₹112 per share. The anchor bidding process opened and closed on 19th December 2025.
Key Points to Note in the Anchor Allocation Process
Here are the key details pertaining to the anchor bidding of Gujarat Kidney & Super Speciality Ltd
| Bid Date | December 19, 2025 |
| Shares Offered | 87,73,120 shares |
| Anchor Portion Size (₹ in crore) | ₹100.01 crore |
| Anchor lock-in period end date for 50% shares (30 Days) | January 25, 2026 |
| Anchor lock-in period end date for remaining shares (90 Days) | March 24, 2026 |
An anchor investor in an IPO is a qualified institutional buyer (QIB) like a foreign portfolio investor or mutual fund or insurance company or a sovereign fund which invests before the IPO is made available to the public as per SEBI regulations. It helps in price discovery.
Anchor Allocation Investors
On 19th December 2025, Gujarat Kidney & Super Speciality Ltd allotted 87,73,120 shares to 10 anchor investors. The allocation was done at the upper IPO price band of ₹114 per share which resulted in overall anchor allocation of ₹100.01 crore. The anchors have already absorbed 39.88% of the total issue size of ₹250.80 crore. Listed below are the Top 10 IPO anchor investors who accounted for anchor collection of ₹100.01 crores, or, 100.00% of the overall anchor allocation of shares, one trading day ahead of the IPO of Gujarat Kidney & Super Speciality Ltd. The anchor bidding opened and closed on December 19, 2025.
| Anchor Investors |
No. of Shares |
% of Anchor Portion |
Value Allocated |
|
| 01 | Craft EM Fund – Citadel Fund | 30,70,464 | 35.00% | ₹ 35.00 |
| 02 | Khandelwal Finance Private Ltd | 13,16,096 | 15.00% | ₹ 15.00 |
| 03 | Venus Investments VCC | 8,77,312 | 10.00% | ₹ 10.00 |
| 04 | Craft EM Fund – Elite Capital | 8,77,312 | 10.00% | ₹ 10.00 |
| 05 | Nexus Global Opportunities Fund | 4,38,656 | 5.00% | ₹ 5.00 |
| 06 | Arnesta Global Opportunities Fund | 4,38,656 | 5.00% | ₹ 5.00 |
| 07 | Zeta Global Funds PCC | 4,38,656 | 5.00% | ₹ 5.00 |
| 08 | Religo Commodities Ventures | 4,38,656 | 5.00% | ₹ 5.00 |
| 09 | Sunrise Investment Trust | 4,38,656 | 5.00% | ₹ 5.00 |
| 10 | Innovative Vision Fund | 4,38,656 | 5.00% | ₹ 5.00 |
| Grand Total | 87,73,120 | 100.00% | ₹ 100.01 |
Data Source: BSE Filings (Value Allocated in ₹ in Crore)
The detailed and comprehensive report on the anchor allocation with the mutual fund portion separated can be accessed on BSE by clicking on the link below.
Out of the 87,73,120 shares allocated to the anchors in the IPO, there were NIL shares allocated to mutual funds registered with SEBI. AIFs and P-Notes were the most active in participating in the anchor allocation of Gujarat Kidney & Super Speciality Ltd.
Next Step in the IPO
Post the closure of the IPO subscription on 24th December 2025, the basis of allotment will be finalized on 26th December 2025 and the refunds will be initiated on 29th December 2025. In addition, the demat credits are expected to also happen on 29th December 2025 and the stock will list on 30th December 2025 on the NSE and the BSE. The credits to the demat account to the extent of shares allotted will happen by the close of 29th December 2025 under ISIN (INE0V0W01025).
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