Gujarat Kidney & Super Speciality IPO

About Gujarat Kidney and Super Speciality IPO

The IPO of Gujarat Kidney and Super Speciality comprise a fresh issue of up to 2,20,00,000 equity shares. There’s no offer for sale in this IPO, which is a 100% book-built issue. The price band is ₹108 to ₹114 per share.

Gujarat Kidney and Super Speciality IPO opens on December 22, 2025 and closes on December 24, 2025. The allotment of shares will take place on December 26, 2025. The credit of shares to the Demat account will take place on December 29, 2025. The initiation of refunds will take place on December 29, 2025. The listing of shares will take place on December 30, 2025.

The lot size of shares in the IPO is 128. The minimum number of lots in the IPO for retail investors is 1. The minimum investment amount required by a retail investor is ₹14,592 based on the upper price.

Gujarat Kidney and Super Speciality is one of the regional healthcare companies located in Gujarat and operates a chain of mid-sized multi-speciality hospitals, providing integrated healthcare services, with a focus on secondary and tertiary care.

Objectives of Gujarat Kidney and Super Speciality IPO

The company proposes to utilise the IPO proceeds for funding:

• Proposed acquisition of “Parekhs Hospital” at Ahmedabad
• Part payment of purchase consideration for the already acquired hospital i.e. “Ashwini Medical Centre”
• Acquisition of additional shareholding in its subsidiary namely “Harmony Medicare” at Bharuch
• Funding of capital expenditure requirements of the company towards setting up of a new hospital exclusively for women’s health care in Vadodara
• Buying robotics equipment for its hospital Gujarat Kidney & Super Speciality hospital at Vadodara
• Full or part repayment and/or prepayment of certain outstanding secured borrowings availed by the company
• Funding inorganic growth through unidentified acquisitions
• General corporate purposes

Industry Outlook

The hospital sector forms the core part of the Indian healthcare industry, which also includes medical devices, clinical trials, medical tourism, telemedicine, health insurance and medical equipment. Hospitals are the largest segment in the total healthcare market. The Indian hospital industry witnessed significant growth, increasing from ₹2,400 billion in FY 2016 to ₹5,800 billion in FY 2023. Further, it is estimated to have risen by 12% in FY 2024, reaching approximately ₹6,496 billion.

India's healthcare system is characterised by a harmonious coexistence of public and private hospital sectors, each wielding substantial influence. The expansive hospital infrastructure in the country encompasses a diverse array of 1,63,841 establishments, with an estimated 37% classified as government institutions, and a majority, constituting 63%, falling under the private sector umbrella.

Growth in the patient base due to changes in lifestyle, increase in noncommunicable diseases, growing elderly population, high discretionary income, and increasing penetration of health insurance schemes is expected to propel the healthcare delivery sector in the country during the coming decade.

Gujarat Kidney & Super Speciality Company Information

Gujarat Kidney and Super Speciality is one of the regional healthcare companies located in Gujarat and operates a chain of mid-sized multispeciality hospitals, providing integrated healthcare services, with a focus on secondary and tertiary care.

On a consolidated basis, it operates 7 multi-speciality hospitals and 4 pharmacies operating within its hospitals, Gujarat Kidney and Super-speciality Hospital (Vadodara), Gujarat Multi-speciality Hospital (Godhra), Raj Palmland Hospital (Bharuch), M/s. Surya Hospital and ICU (Borsad), Gujarat Surgical Hospital (Vadodara), Ashwini Medical Centre (Anand), Ashwini Medical Store (Anand) and Apex Multi-speciality & Trauma Centre (Bharuch) with a total bed capacity of 490 beds.

Strengths of Gujarat Kidney and Super Speciality

• Pre-eminence in renal sciences, with established sub-superspecialities in urology
• Asset light business model with focus in central region of Gujarat
• Ability to attract, retain skilled and experienced quality medical professionals
• Track record of operating and financial performance and growth

Risks of Gujarat Kidney and Super Speciality

• Any difficulty in completing the acquisition of Parekhs Hospital on the agreed terms could adversely impact the company’s future plans and prospects
• Any delay in raising funds from the issue could create difficulties in paying the agreed consideration towards making part payment for acquisition of Ashwini Medical Centre the sellers
• As a result of narrow operating history, it may not be able to compete successfully, and it may be difficult to evaluate business and future operating results on the basis of past performance
• No expertise to monitor the construction of a new hospital and rely on the third-party vendors for executing such projects
• Little experience with greenfield projects
• Impact on the revenues of Gujarat Kidney Hospital or any change in the economic or political circumstances of western India and in or around Vadodara or Central Gujarat, could materially affect business
• Insurance coverage may not adequately cover all damages arising out of the claims against hospitals
• Highly dependent on healthcare professionals including doctors and nurses, and any future inability to attract/ retain such professionals will adversely affect business
• Highly regulated industry that requires obtaining, renewing and maintaining statutory and regulatory permits, accreditations, licenses and comply with applicable safety, health, environmental, labour and other governmental regulations
• Inability to obtain favourable pricing from suppliers or negotiate compensation of healthcare professionals effectively, it could affect profitability

**Anchor Investor Bidding Date **

Anchor portion of the IPO opens for bidding on December 19, 2025.

IPO Registrar and Book Running Lead Manager

• IPO Registrar: MUFG Intime India
  
• Book Running Lead Manager: Nirbhay Capital Services
  

Gujarat Kidney & Super Speciality Business Model

On a consolidated basis, Gujarat Kidney and Super Speciality operates 7 multispeciality hospitals and 4 pharmacies operating within its hospitals, Gujarat Kidney and Superspeciality Hospital (Vadodara), Gujarat Multispeciality Hospital (Godhra), Raj Palmland Hospital (Bharuch), M/s. Surya Hospital and ICU (Borsad), Gujarat Surgical Hospital (Vadodara), Ashwini Medical Centre (Anand), Ashwini Medical Store (Anand) and Apex Multispeciality & Trauma Centre (Bharuch) with a total bed capacity of 490 beds. It offers a range of healthcare services such as:

• General medicine
• General surgery
• Laparoscopic surgery
• Ortho

Gujarat Kidney & Super Speciality Growth Trajectory

The revenue from operations of Gujarat Kidney and Super Speciality grew from ₹4.7743 crores in FY 24 to ₹40.2421 crores in FY 25. Its EBITDA margin increased from 40.86% in FY 24 to 41.12% in FY 25. An asset light business model and the ability to attract, retain skilled and experienced quality medical professionals have helped the company grow over the years.

Gujarat Kidney & Super Speciality Market Position

Gujarat Kidney and Super Speciality Hospital operates through leased property in Gujarat Multispeciality Hospital in Godhra and Gujarat Kidney and Super speciality Hospital in Vadodara. In the past, it had acquired operational control in Raj Palmland Hospital in Bharuch, M/s Surya Hospital and ICU in Borsad, Gujarat Surgical Hospital in Vadodara and Harmony Medicare in Bharuch through acquisition of 51%, 90%, 90% and 51% holding respectively.

Such acquisition of holding had allowed it to operate hospitals without investing in land and building, medical equipment and necessary furniture and fixtures.

How to Apply for the Gujarat Kidney and Super Speciality IPO?

• Log in to your Kotak Neo Demat account - Log in to your Demat account to access IPO investments. Next, select the current IPO section.
• Specify IPO details - Enter the number of lots and the price you wish to apply for.
• Enter UPI ID - After entering your UPI ID, click submit. This will place your bid with the exchange.
• Mandate Notification - Your UPI app will receive a mandate notification to block funds.
• Approve Request - Your funds will be blocked once you approve the mandate request on your UPI.