Gujarat Kidney IPO is a book-built issue worth ₹250.80 crore. The issue is entirely a fresh issue of 2.20 crore shares aggregating to ₹250.80 crore. The IPO will open for subscription on December 22, 2025, and close on December 24, 2025.
The basis of allotment is expected to be finalised on December 26, 2025, with tentative listing scheduled on BSE and NSE for December 29, 2025. The price band for the Gujarat Kidney IPO has been fixed at ₹108 to ₹114 per share.
Investors can bid for the Gujarat Kidney IPO with a minimum of 1 lot, having 128 shares. For retail investors, the minimum investment required is ₹14,592. For high-net-worth investors (bHNI), the lot size stands at 69 lots, equal to 8,832 shares, amounting to ₹10,06,848.
Nirbhay Capital Services Pvt Ltd is the book running lead manager (BRLM), and MUFG Intime India Pvt Ltd is the registrar of the issue. Detailed information is available at the Gujarat Kidney IPO RHP.
Gujarat Kidney IPO Objectives
Gujarat Kidney & Super Speciality will use the funds raised from the public issue for the following:
- Proposed acquisition of Parekhs Hospital at Ahmedabad.
- Part-payment of purchase consideration for the already acquired “Ashwini Medical Centre”.
- Funding of capital expenditure requirements of the Company towards setting up of a new hospital in Vadodara.
- Buying robotics equipment for our hospital, Gujarat Kidney & Super Speciality hospital in Vadodara location.
- Full or part repayment and/or prepayment of certain outstanding secured borrowings availed by the Company.
- Funding inorganic growth through unidentified acquisitions and General Corporate Purposes.
- Acquisition of additional shareholding in the subsidiary, namely “Harmony Medicare Private Limited” at Bharuch.
About Gujarat Kidney & Super Speciality Limited
Incorporated in 2019, Gujarat Kidney and Super Speciality Limited (GKASSL) is a growing healthcare provider delivering comprehensive multi-speciality medical services across Gujarat, India. The company offers a wide spectrum of secondary and tertiary care services through its expanding hospital network.
GKASSL currently operates seven multi-speciality hospitals and four retail pharmacies, with an aggregate bed capacity of 490 beds. Of these, 455 beds are approved, and 340 beds are presently operational.
The company’s hospital portfolio includes Gujarat Kidney and Super Speciality Hospital (Vadodara), Gujarat Multi Speciality Hospital (Godhra), Raj Palmland Hospital Private Limited (Bharuch), Surya Hospital and ICU (Borsad), Gujarat Surgical Hospital (Vadodara), and Ashwini Medical Centre (Anand). In addition, GKASSL operates the Ashwini Medical Store in Anand.
Gujarat Kidney and Super Speciality Hospital offers a broad range of clinical services, including internal medicine, general and minimally invasive surgery, orthopaedics and trauma care, joint replacement procedures, obstetrics and gynaecology, respiratory critical care, non-interventional cardiology, diabetology, and anaesthesiology.
Industry Outlook
- The Indian healthcare delivery market reached approximately ₹6.9–7.0 trillion in FY 2025, driven by rising demand for routine treatments, elective surgeries, and OPD services.
- The hospital sector remains the largest and most critical segment of the Indian healthcare industry, forming the core of healthcare delivery alongside allied segments such as medical devices, telemedicine, health insurance, and medical tourism.
- Industry margins are projected to improve by 50–100 basis points to 18–19% in FY 2025, supported by higher ARPOB, enhanced operational efficiencies, and increased high-value medical tourism.
- Gujarat faces a notable shortage of hospital beds compared to the ideal benchmark of 5 beds per 1,000 population, creating strong demand for expansion of hospital infrastructure in both public and private sectors.
How To Apply for the Gujarat Kidney IPO Online?
- Login to Your Angel One Account: Open the Angel One app or website and log in with your credentials.
- Locate the IPO Section: Navigate to the 'IPO' section on the platform.
- Select IPO: Find and select the Gujarat Kidney IPO from the list of open IPOs.
- Enter the Lot Size: Specify the number of lots you want to bid for.
- Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application.
- Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN.
How To Check the Allotment Status of theGujarat Kidney IPO?
Steps to check IPO allotment status on Angel One’s app:
- Log in to the Angel One app.
- Go to the IPO Section and then to IPO Orders.
- Select the individual IPO that you had applied for and check the allotment status.
- Angel One will notify you of your IPO allotment status via push notification and email.
Contact Details of Gujarat Kidney IPO
Plot No. 1, City Sarve No. 1537/A, Jetalpur Road, Gokak Mill Compound, Alkapuri, Vadodara – 390 020, Gujarat, India
Phone:+91 265 298 4800
E-mail:info@gujaratsuperspecialityhospital.com
Gujarat Kidney IPO Reservation
| Investor Category | Shares Offered |
| QIB Shares Offered | Not less than 75% of the Offer |
| Retail Shares Offered | Not more than 10% of the Offer |
| NII Shares Offered | Not more than 15% of the Offer |
Gujarat Kidney IPO Lot Size Details
| 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 |
Gujarat Kidney IPO Promoter Holding
Dr. Pragnesh Yashwant Singh Bharpoda, Dr. Bhartiben Pragnesh Bharpoda, Dr. Yashwant Singh Moti Singh Bharpoda and Anitaben Yashwant Singh Bharpoda are the promoters of the company.
| Share Holding Pre-Issue | 99.10% |
| Share Holding Post Issue | 71.45% |
Note: Equity dilution will be determined by subtracting the Shareholding Post Issue from the Shareholding Pre Issue.
Key Performance Indicators for Gujarat Kidney IPO
| KPI | Value |
| ROE (%) | 36.61 |
| ROCE (%) | 37.65 |
| RoNW (%) | 36.61 |
| PAT Margin (%) | 23.61 |
| EBITDA Margin (%) | 41.12 |
Gujarat Kidney IPO Registrar and Lead Managers
Gujarat Kidney IPO Lead Managers
Nirbhay Capital Services Pvt Ltd
Registrar for Gujarat Kidney IPO
MUFG Intime India Pvt Ltd
Contact Number:+91 810 811 4949
Email Address:gujaratkidney.ipoo@in.mpms.mufg.com
Financial Performance of Gujarat Kidney & Super Speciality Limited
| Particulars | Period Ended on June 30, 2025 | Year ending on March 31, 2025 | Year ending on March 31, 2024 | Year ending on March 31, 2023 |
| Revenue from Operations (in ₹ Mn) | 1,526.02 | 4,024.21 | 477.43 | - |
| EBITDA (in ₹ Mn) | 862.56 | 1,654.70 | 195.09 | -0.63 |
| EBITDA Margin (%) | 56.52 | 41.12 | 40.86 | NA |
| Profit/loss After Tax (in ₹ lakhs) | 540.32 | 949.94 | 171.40 | -0.62 |
| PAT Margin (%) | 35.41 | 23.61 | 35.90 | NA |
| Debt to Equity Ratio (x) | 0.13 | 0.15 | 0.18 | - |
| Net Worth (in ₹ lakhs) | 3,056.28 | 2,570.96 | 1080.43 | 37.02 |
Gujarat Kidney & Super Speciality Limited Peer Comparison
Here is the data converted into a clean, readable table:
| Name of the Company | CMP (₹) | Face Value per Equity Share (₹) | EPS (Basic & Diluted) (₹) | P/E Ratio | RoNW (%) |
| Gujarat Kidney & Super Speciality Limited | — | 2 | 2.89 | — | 38.38 |
| Peer Group | |||||
| Yatharth Hospital & Trauma Care Services Limited | 822 | 10 | 14.72 | 55.84 | 8.13 |
| GPT Healthcare Limited | 149 | 10 | 6.08 | 24.51 | 20.14 |
| KMC Speciality Hospitals (India) Ltd | 69 | 1 | 1.31 | 52.60 | 13.04 |
Strengths and Opportunities of Gujarat Kidney & Super Speciality Limited
- Strong leadership in renal sciences with well-established sub-supers pecialities in urology.
- Reputed clinical capabilities position the company to capture the rising demand for tertiary healthcare in India.
- Asset-light operating model with leased hospitals enhances capital efficiency and scalability in central Gujarat.
- Proven ability to attract and retain skilled doctors, nurses, and paramedical professionals ensures quality care.
- Consistent operational and financial growth supported by a diversified, super-speciality revenue mix.
- Focus on strategic inorganic acquisitions that are complementary, value-accretive, and growth-oriented.
- Continuous improvement of operational efficiencies to drive profitability and seamless integration of acquisitions.
- Ongoing strengthening of existing hospitals by expanding speciality offerings and adding new capabilities.
Risks and Threats of Gujarat Kidney & Super Speciality Limited
- Potential delays or failure in completing the acquisition of Parekhs Hospital could disrupt growth plans and future operations.
- Any delay in raising issue proceeds may affect timely payment for the acquisition of Ashwini Medical Centre.
- New hospital expansion plans face risks of regulatory approval delays and execution challenges.
- Uncertainty in the timely procurement of capital equipment at acceptable costs could impact expansion timelines.
- Dependence on leased land for the proposed hospital exposes the company to lease-related and tenure risks.
- Delays or failure in executing expansion plans in Gujarat could adversely affect business performance and financials.
- Post-acquisition integration risks and non-comparability of past and future financial statements may affect performance assessment.
- Limited operating history may constrain competitive positioning and reduce the predictability of future results.
